Annual Report 1997/1998 - Munich Re

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Munich Re Group Notes on the accounts (23) Investment expenditure Reinsurers, Life and Total Total property-casualty health insurers insurers 1997/98 1997/98 1997/98 Pr. year TDM TDM TDM TDM Expenses for the management of investments, interest paid and other expenses for investments 331,563 265,224 596,787 443,598 Writedowns on investments 310,632 265,122 575,754 338,288 Realized losses on investments 145,406 12,963 158,369 91,279 Expenditure for assumption of losses 3,708 – 3,708 – Allocations to the special reserve 325,615 15,849 341,464 149,961 Total 1,116,924 559,158 1,676,082 1,023,126 Of the writedowns on investments, TDM 22,979 (51,714) comprised exceptional depreciations as per Article 253 para. 2 sentence 3 of the German Commercial Code. In the business year reinstatements of value amounting to TDM 137,680 were not made for tax reasons, in accordance with the option open to us. The posting of the special reserve as per Article 6 b of the German Income Tax Act affected the result for the year by an amount of TDM 341,464. The effects of the reinstatements of value not made for tax reasons in previous years are not significant for the result for the year. The effect that such measures in the business year and previous years will have on future business years is not significant either. (24) Other expenditure The other expenditure includes an amount of TDM 269,680 (200,000) for special allocations made to the provision for outstanding claims. (25) Profit for the year 1997/98 Previous year TDM TDM Profit for the year 1,148,702 698,506 Profit apportionable to minority interests 246,668 120,630 Loss apportionable to minority interests 9,144 16,375 Apportionable to Group 911,178 594,251 98
Munich Re Group Notes on the accounts Other information (26) Number of staff The number of staff employed by the consolidated companies averaged as follows: 99 1997/98 Previous year Reinsurance companies 4,307 3,489 Direct insurance companies 19,641 14,532 Total 23,948 18,021 (27) Other financial There are no other financial commitments of significance for the commitments assessment of the Group’s financial position. Munich, 1st September 1998 The Board of Management
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Earnings per share according to DVF
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Munich Re The Munich Re Group The c
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Munich Re Report of the Supervisory
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Munich Re At the AGM on 5th Decembe
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Annual Report 1997/1998 - Munich Re

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