Quarterly Report 1/2009 - Munich Re Group

Investment income by segment (before deduction of technical interest) 1, 2
1 After elimination of intra­Group transactions across segments.
2 Previous year’s figures adjusted owing to first­time application of IFRS 8.
3 Adjusted pursuant to IAS 8.
1 After elimination of intra­Group transactions across segments.
2 Previous year’s figures adjusted owing to first­time application of IFRS 8.
3 Adjusted pursuant to IAS 8.
1 After elimination of intra­Group transactions across segments.
Selected notes to the consolidated financial statements
Reinsurance Primary insurance Asset Total
management
Life and Property­ Life Health Property­
health casualty casualty
€m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
2009 2008 3 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Regular income 279 276 342 380 768 716 290 289 62 89 3 23 1,744 1,773
Thereof:
Income from interest 263 275 313 316 706 652 266 240 85 78 2 4 1,635 1,565
Income from write-ups 71 130 225 561 94 344 16 120 12 4 – – 418 1,159
Gains on the disposal
of investments 192 187 723 918 341 239 80 100 67 148 1 – 1,404 1,592
Other income – – – – 20 6 – – – – – – 20 6
Total 542 593 1,290 1,859 1,223 1,305 386 509 141 241 4 23 3,586 4,530
Investment expenses by segment (before deduction of technical interest) 1, 2
Other operating result 1
Reinsurance Primary insurance Asset Total
management
Life and Property­ Life Health Property­
health casualty casualty
€m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
2009 2008 3 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Write-downs of
investments
Losses on the disposal
129 184 352 791 390 463 31 171 58 57 – 1 960 1,667
of investments
Management expenses,
interest charges
115 95 495 411 333 141 61 173 41 30 – – 1,045 850
and other expenses
Thereof:
18 10 63 47 110 257 17 18 7 6 1 – 216 338
Interest charges 10 7 19 12 15 21 5 7 – – – – 49 47
Total 262 289 910 1,249 833 861 109 362 106 93 1 1 2,221 2,855
Reinsurance Primary insurance Asset Total
management
Life and Property­ Life Health Property­
health casualty casualty
€m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1
2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Other operating income 27 28 22 61 29 31 16 9 13 23 13 22 120 174
Other operating expenses 20 20 23 31 36 29 16 13 34 46 11 19 140 158
The other operating income mainly comprises income of €63m (74m) from
services rendered, interest and similar income of €24m (36m), income of
€20m (55m) from the release/reduction of miscellaneous provisions and
adjustments of values for receivables, and income of €9m (8m) from owneroccupied
property that is sometimes leased out.
In addition to expenses of €35m (71m) for services rendered, the other operating
expenses chiefly include interest charges and similar expenses of €37m
(34m), other write­downs of €13m (15m), and other tax of €7m (5m). They also
contain expenses of €7m (3m) for owner­occupied property that is sometimes
leased out.
Munich Re Group Quarterly Report 1/2009
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