Quarterly Report 3/2008 (PDF, 308 KB) - Munich Re

Consolidated income statement
Consolidated income statement for the period
1 January to 30 September 2008
Items Q1–3 2008 Q1–3 2008 Q1–3 2008 Q1–3 2007 Change
€m €m €m €m €m %
Gross premiums written
1. Earned premiums
28,127 28,076 51 0.2
Gross 27,199 27,557 –358 –1.3
Ceded 1,095 1,134 –39 –3.4
Net
2. Investment result
26,104 26,423 –319 –1.2
Investment income 12,935 11,295 1,640 14.5
Investment expenses 8,998 3,659 5,339 145.9
Total
Thereof:
3,937 7,636 –3,699 –48.4
Income from associates 69 270 –201 –74.4
3. Other income 2,692 1,572 1,120 71.2
Total income (1 – 3)
4. Net expenses for claims and benefi ts
32,733 35,631 –2,898 –8.1
Gross 21,721 23,845 –2,124 –8.9
Ceded share 736 574 162 28.2
Net
5. Operating expenses
20,985 23,271 –2,286 –9.8
Gross 6,639 6,823 –184 –2.7
Ceded share 199 327 –128 –39.1
Net 6,440 6,496 –56 –0.9
6. Other expenses 2,874 1,884 990 52.5
Total expenses (4 – 6) 30,299 31,651 –1,352 –4.3
7. Result before impairment losses of goodwill 2,434 3,980 –1,546 –38.8
8. Impairment losses of goodwill – – – –
9. Operating result 2,434 3,980 –1,546 –38.8
10. Finance costs 272 238 34 14.3
11. Taxes on income 744 394 350 88.8
12. Consolidated result
Thereof:
1,418 3,348 –1,930 –57.6
Attributable to Munich Re equity holders 1,381 3,294 –1,913 –58.1
Attributable to minority interests 37 54 –17 –31.5
€ € € %
Earnings per share 6.82 15.15 –8.33 –55.0
26 Munich Re Group Quarterly Report 3/2008