Annual Report 1997/1998 - Munich Re

Munich Reinsurance Company Notes on the accounts
Pr. year
Other Non-life non-life Pr. year
Engineering classes combined Total combined total DM m
1,752 2,594 14,735 19,447 14,143 18,541 Gross premiums written
1,443 2,432 13,258 17,216 12,406 16,154 Net premiums written
1,512 2,457 13,548 17,507 12,345 16,088 Net premiums earned
Interest on premium funds
– – 123 1,440 118 1,302 and provisions
Claims incurred
940 1,440 9,672 11,938 8,092 10,129 – Payments
12 –19 –513 –505 136 153 – Change in provision
952 1,421 9,159 11,433 8,228 10,282
521 865 4,298 5,540 3,777 4,774 Operating expenses
–42 –28 –61 –1,781 –184 –1,989 Other income and expenditure
–3 143 153 193 274 345 Underwriting result
Change in claims
–135 –17 –1,199 –1,199 –1,201 –1,201 equalization provisions
Underwriting result after change
–138 126 –1,046 –1,006 –927 –856 in claims equalization provisions
119
Ratios in % – business year
65.7 59.0 67.1 Loss ratio
34.5 35.2 31.7 Expense ratio
100.2 94.2 98.8 Combined ratio
Ratios in % – previous year
58.8 60.5 67.2 Loss ratio
35.2 34.3 30.6 Expense ratio
94.0 94.8 97.8 Combined ratio