Quarterly Report 1/2009 - Munich Re Group

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Selected notes to the consolidated financial statements Other non-operating result, impairment losses of goodwill and finance costs 1 1 After elimination of intraGroup transactions across segments. 52 Munich Re Group Quarterly Report 1/2009 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 non-operating income 129 135 398 343 376 206 230 137 106 51 2 3 1,241 875 Other non-operating expenses Impairment losses 97 130 319 340 372 229 256 155 98 71 3 3 1,145 928 of goodwill – – – – 70 – – – 11 – – – 81 – Finance costs 25 26 50 53 1 – – – 6 6 – 1 82 86 The other nonoperating income is income unrelated to the conclusion, administration or settlement of insurance contracts or the administration of investments. Besides foreign currency exchange gains of €1,096m (846m), it contains other nontechnical income of €145m (29m). The other nonoperating expenses are expenses unrelated to the conclusion, administration or settlement of insurance contracts or the administration of investments. Besides foreign currency exchange losses of €1,059m (868m), they include writedowns of €28m (11m) on other intan gible assets, and other nontechnical expenses of €58m (49m), such as expenses unrelated to the accounting period, project costs and other amounts that cannot be allocated elsewhere or restructuring expenses. Non-current assets The property portfolio of HGE Haus und Grundbesitzgesellschaft Elsterwerda and disposal groups held for sale mbH was classified in disposal groups in the second quarter of 2007; the carrying amount of this property remains unchanged at the reporting date. The sale has been postponed to 2009 owing to the global financial crisis. In addition, ERGO Versicherungsgruppe AG plans to sell its stake in Vereinsbank Victoria Bauspar (VVB) in 2009. The participation, amounting to 30% of the shares, is shown as an associate and valued at equity. This asset and the portion of the provision for deferred premium refunds relating to it have been classified in a disposal group as “held for sale”. Subsequent valuation at the balance sheet date gave rise to a writedown of €5.7m. Related parties Transactions between Munich Re and subsidiaries that are to be deemed related parties have been eliminated in consolidation and are not disclosed in the notes. Business relations with unconsolidated subsidiaries are of subordinate importance as a whole; this also applies to business relations with associates. There were no notifiable transactions between Board members and the Munich Re Group.
Selected notes to the consolidated financial statements Number of staff The number of staff employed by the Group as at 31 March 2009 totalled 25,266 (25,437) in Germany and 21,954 (18,772) in other countries. Number of staff 1 1 Previous year’s figures adjusted owing to firsttime application of IFRS 8. The increase is mainly due to the acquisition of the HSB Group. Contingent liabilities, In comparison with the situation at 31 December 2008, financial commitments other financial commitments of significance for the assessment of the Group’s financial position show no significant changes. No contingent liabilities have been entered into for the benefit of Board members. Earnings per share The earnings per share figure is calculated by dividing the consolidated result for the reporting period by the weighted average number of shares. Events after the balance sheet date On 2 April 2009, Munich Reinsurance Company’s Board of Management resolved that 9,002,180 own shares acquired in the share buyback programme be retired in a simplified process, without reducing the share capital but merely by adjusting the proportion of the Company’s share capital represented by each of the remaining noparvalue shares. The 9,002,180 own shares are thereby retired. On 30 April 2009, we reduced our stake in Admiral Group Plc, Cardiff, from 15.1% to 10.2%. This involved selling 13 million shares with a market value of around €130m. The resulting gain of €107m will be recognised in the second quarter of 2009. Drawn up and released for publication, Munich, 5 May 2009 The Board of Management 31.3.2009 31.12.2008 Reinsurance companies 13,399 10,795 Primary insurance companies 33,016 32,606 Asset management 805 808 Total 47,220 44,209 Earnings per share Q1 2009 Q1 2008 Consolidated result attributable to Munich Re equity holders €m 415 767 Weighted average number of shares 195,347,079 204,688,259 Earnings per share € 2.12 3.75 Munich Re Group Quarterly Report 1/2009 53
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