Annual Report 1997/1998 - Munich Re

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Munich Re Group 1995/96 1996/97 1997/98 DM m DM m DM m Gross premiums written 28,989 32,181 44,522 Reinsurers 18,507 19,329 24,944 Direct insurers 10,482 12,852 19,578 Investments 120,279 148,288 208,845 Reinsurers 52,937 61,803 71,091 Direct insurers 67,342 86,485 137,754 Net underwriting funds and provisions 107,783 135,459 189,885 Reinsurers 45,663 55,313 61,377 Direct insurers 62,120 80,146 128,508 Shareholders’ funds 5,378 6,604 9,962 Profit for the year 595 699 1,149 Earnings per share in DM 14.00 15.65 19.42 (according to DVFA/GDV) Dividend of the Munich Reinsurance Company 133 141 153 Dividend per share in DM 1.60 1.70 1.80
Earnings per share according to DVFA/GDV* Munich Re’s earnings per share are chiefly dependent on two factors: the Group result and the change in the claims equalization provisions. In the business year 1997/98 the Group earnings apportionable to minority interests also increased markedly owing to the formation of ERGO. * German Association of Financial Analysts and Investment Consultants/Association of German Insurers. Munich Re’s shareholders An important criterion for assessing a company’s shares is its shareholder profile. In the last few years the number of Munich Re registered shareholders has nearly doubled to over 24,000. We consider this a special mark of confidence in the company. The number of private investors in fact grew by more than 120% in this period, a reflection of the easier handling of our shares since their inclusion in the German giro transfer system and the stock split in August 1997. International investors are placing funds to an increasing extent in Europe. Shares in Munich Re, as a global player, are very much sought after in this connection. Foreign investors now hold more than 20% of our share capital. Allianz, traditionally the largest shareholder, holds 25%; Bayerische Hypo- und Vereinsbank has a stake of over 10%, and Deutsche Bank and Dresdner Bank around 10% each. Commercial Union, now CGU, London, has a longstanding interest of just under 5%. 1995/96 1996/97 1997/98 Group profit for the year DM m 595 699 1,149 Investment income/expenditure DM m 2 9 62 Change in claims equalization provisions DM m 655 696 541 Miscellaneous DM m –3 0 154 Minority interests (adjusted) DM m –89 –105 –256 Adjusted earnings DM m 1,160 1,299 1,650 Number of shares million units 83 83 85 Earnings per share DM 14.00 15.65 19.42 Rest of Europe 16% North America 5% Other regions 1% Germany 78% Investment companies 10% Private persons 3% Holders of bearer shares, other registered shareholders 6% Banks 45% Insurance companies 30% Other institutional investors 6% Investor and public relations More and more investors and analysts are showing an interest in us. We welcome this and have expanded existing contacts as well as making many new ones. In 1997 our investor relations team had more than 90 individual meetings with financial analysts and institutional investors. In addition, we further intensified our public relations work and held various press conferences on such topical subjects as cities at risk, the floods in Eastern and Central Europe, the third edition of our World Map of Natural Hazards and the 1998/99 measures relating to our share capital. On the back cover flap of this report you can find information on important dates and on persons to contact at Munich Re who will be glad to deal with any questions you may have.
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Annual Report 1997/1998 - Munich Re

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