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> <strong><strong>Re</strong>port</strong> of the Board of Management<br />
The reinsurance companies’ pre-tax profit for the year was up 54%<br />
to DM 1,102m (716m).<br />
The most important figures for the reinsurers in DM m:<br />
1993/94 1994/95 1995/96 1996/97 <strong>1997</strong>/98<br />
Gross premiums 19,059 18,848 18,507 19,329 24,944<br />
Net premiums 16,750 16,531 16,526 16,775 21,715<br />
Underwriting result* –746 –562 98 231 –44<br />
Investment result* 2,857 2,745 3,174 3,392 4,525<br />
Unadjusted earnings 1,097 1,270 2,163 2,119 2,598<br />
Special allocations to the provision for<br />
outstanding claims –350 –250 –500 –200 –270<br />
Change in the claims equalization<br />
provision and similar provisions –523 –798 –984 –1,203 –1,226<br />
Operating result before tax 224 222 679 716 1,102<br />
* The figures for 1993/94 are comparable only to some extent with those<br />
as from 1994/95 owing to the change in the allocation of the expenses for<br />
employees’ pensions and “other depreciation”.<br />
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