Quarterly Report 1/2009 - Munich Re Group

Consolidated income statement
(quarterly breakdown) 1
Consolidated income statement
Items Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008
€m €m €m €m €m
Gross premiums written
1. Earned premiums
10,367 9,706 9,270 9,011 9,842
Gross 9,386 10,086 9,271 9,054 8,866
Ceded 389 459 414 357 323
Net 8,997 9,627 8,857 8,697 8,543
2. Income from technical interest
3. Expenses for claims and benefits
1,150 1,356 1,142 1,205 1,101
Gross 7,543 8,191 7,269 7,349 7,087
Ceded share 183 446 313 264 154
Net
4. Operating expenses
7,360 7,745 6,956 7,085 6,933
Gross 2,320 2,692 2,324 2,155 2,159
Ceded share 84 88 97 51 51
Net 2,236 2,604 2,227 2,104 2,108
5. Technical result (1– 4)
6. Investment result
551 634 816 713 603
Investment income 3,586 7,121 4,516 3,897 4,530
Investment expenses 2,221 5,198 3,854 2,311 2,855
Total
Thereof:
1,365 1,923 662 1,586 1,675
Income from associates –47 –48 16 6 47
7. Other operating income 120 179 229 126 174
8. Other operating expenses 140 259 192 132 158
9. Deduction of income from technical interest –1,150 –1,356 –1,142 –1,205 –1,101
10. Non-technical result (6– 9) 195 487 –443 375 590
11. Operating result 746 1,121 373 1,088 1,193
12. Other non-operating result 96 –110 –128 –55 –53
13. Impairment losses of goodwill 81 167 – – –
14. Finance costs 82 89 91 95 86
15. Taxes on income 259 634 152 310 277
16. Consolidated result
Thereof:
420 121 2 628 777
Attributable to Munich Re equity holders 415 133 –3 606 767
Attributable to minority interests 5 –12 5 22 10
€ € € € €
Earnings per share
1 Previous year’s figures adjusted owing to first-time application of IFRS 8.
2.12 0.68 –0.02 2.97 3.75
Munich Re Group Quarterly Report 1/2009
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