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 Notes on the accounts<br />
(16) Operating expenses <strong>1997</strong> Previous year<br />
for own account TDM TDM<br />
Gross operating expenses 5,993,703 5,346,297<br />
Less commission received<br />
on retroceded business 453,441 572,036<br />
Total 5,540,262 4,774,261<br />
(17) Personnel costs The management expenses subsumed under operating expenses<br />
and under investment expenditure include the following personnel<br />
costs:<br />
120<br />
<strong>1997</strong>/98 Previous year<br />
TDM TDM<br />
Wages and salaries 271,858 247,662<br />
Social insurance contributions<br />
and voluntary assistance 66,998 66,506<br />
Expenses for employees’ pensions 34,270 20,858<br />
Total 373,126 335,026<br />
Taking into account the proposal for the distribution of the profit,<br />
the total emoluments of the members of the Board of Management<br />
amount to TDM 12,930 (11,813). Payments to retired members of the<br />
Board of Management or their surviving dependants amount to<br />
TDM 3,570 (3,247).<br />
Also taking into account the proposal for the distribution of the<br />
profit, the total emoluments of the members of the Supervisory<br />
Board amount to TDM 934 (893). This sum includes emoluments of<br />
TDM 808 (765) dependent on the dividend paid to the shareholders.
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