Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
Annual Report 1997/1998 - Munich Re
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<strong>Munich</strong> <strong>Re</strong>insurance Company<br />
Profit and loss account<br />
for the business year <strong>1997</strong>/98<br />
Items Previousb<br />
Notes TDM year TDM<br />
I. Technical account<br />
1. Earned premiums for own account (13) 17,507,289 16,087,981<br />
2. Interest income on premium funds for own account 1,439,964 1,301,834<br />
3. Other underwriting income for own account 3,270 5,200<br />
4. Claims incurred for own account (14) 11,432,701 10,281,748<br />
5. Change in other underwriting provisions<br />
for own account (15) –1,703,164 –1,909,211<br />
6. Expenditure for premium refunds for own account 20,540 21,240<br />
7. Operating expenses for own account (16, 17) 5,540,262 4,774,261<br />
8. Other underwriting expenditure for own account 61,135 63,930<br />
9. Subtotal 192,721 344,625<br />
10. Change in the claims equalization provision<br />
and similar provisions –1,199,319 –1,200,688<br />
11. Underwriting result for own account (12) –1,006,598 –856,063<br />
II. Non-technical account<br />
1. Investment income (18) 4,647,211 3,862,081<br />
2. Investment expenditure (17, 19) 911,697 511,945<br />
106<br />
3,735,514 3,350,136<br />
3. Interest income on premium funds and provisions 1,640,371 1,584,413<br />
2,095,143 1,765,723<br />
4. Other income 177,149 114,480<br />
5. Other expenditure (20) 548,971 413,678<br />
6. Operating result 716,723 610,462<br />
7. Taxes on profit and income 406,244 323,630<br />
8. Other taxes 7,551 5,774<br />
9. Profit for the year 302,928 281,058<br />
10. Transfer to revenue reserves 150,000 140,000<br />
11. Balance sheet profit 152,928 141,058
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