Annual Report 1997/1998 - Munich Re

Munich Re Group
Business development of the Munich Re Group
in DM m
Consolidated balance sheet as at 30th June 1994 1995 1996 1997 1998
Investments (including deposits
retained on assumed reinsurance) 102,425 111,008 120,279 148,288 208,845
Reinsurers 45,197 48,398 52,937 61,803 71,091
Direct insurers 57,228 62,610 67,342 86,485 137,754
Shareholders’ funds 4,274 4,442 5,378 6,604 9,962
Claims equalization provisions 1,846 2,614 3,736 4,816 6,956
Underwriting funds and provisions
(without equalization provisions) 92,863 97,548 104,047 130,643 182,929
Life 64,005 68,570 73,632 78,886 117,959
Non-life 28,858 28,978 30,415 51,757 64,970
Consolidated profit and loss account 1993/94 1994/95 1995/96 1996/97 1997/98
Gross premiums written 28,638 28,974 28,989 32,181 44,522
Life 10,445 10,898 11,177 11,538 13,691
Non-life 18,193 18,076 17,812 20,643 30,831
Net premiums written 25,490 25,937 26,232 28,934 40,477
Life 9,430 10,038 10,326 10,579 12,711
Non-life 16,060 15,899 15,906 18,355 27,766
Net earned premiums 24,981 25,802 26,220 28,665 40,485
Underwriting result* –264 –100 573 776 596
Life 502 329 489 404 400
Non-life –766 –429 84 372 196
Investment result* 7,112 7,322 7,935 9,362 13,252
Thereof included in
underwriting result 4,958 5,313 5,685 7,104 9,384
Unadjusted earnings 1,490 1,764 2,586 2,629 3,755
Special allocations to the provision
for outstanding claims –350 –250 –500 –200 –270
Change in claims equalization provisions –476 –788 –952 –1,216 –1,282
Operating result 664 726 1,134 1,213 2,203
Tax –364 –401 –539 –514 –1,054
Profit for the year 300 325 595 699 1,149
* The figures for 1993/94 are comparable only to some extent with those for the years
as from 1994/95 owing to the change in the allocation of the expenses for employees’
pensions and “other depreciation”.
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