Annual Report 1997/1998 - Munich Re

Munich Re Report of the Board of Management
Pr. year
Other Non-life non-life Pr. year
Engineering classes combined Total combined total DM m
1,948 2,841 20,727 24,944 15,469 19,329 Gross premiums written
1,716 2,583 18,186 21,715 13,575 16,775 Net premiums written
1,748 2,570 18,216 21,739 13,435 16,549 Net premiums earned
4 4 128 1,157 135 1,031 Interest on premium funds and provisions
Claims incurred
1,023 1,660 11,072 12,995 8,646 10,320 – Payments
83 –122 1,399 1,418 374 406 – Change in provision
1,106 1,538 12,471 14,413 9,020 10,726
603 913 5,858 6,972 4,151 5,037 Operating expenses
–44 –27 –16 –1,555 –165 –1,586 Other income and expenditure
–1 96 –1 –44 234 231 Underwriting result
Change in claims
–136 –17 –1,226 –1,226 –1,203 –1,203 equalization provisions
Underwriting result after change
–137 79 –1,227 –1,270 –969 –972 in claims equalization provisions
33
Ratios in % – business year
65.6 60.8 67.8 Loss ratio
34.5 35.5 32.2 Expense ratio
100.1 96.3 100.0 Combined ratio
Ratios in % – previous year
59.7 59.3 67.4 Loss ratio
34.9 34.3 30.9 Expense ratio
94.6 93.6 98.3 Combined ratio