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> Group Notes on the accounts<br />
Notes on the consolidated accounts<br />
The business year <strong>1997</strong>/98 covers the parent company’s underwriting<br />
business for the calendar year <strong>1997</strong> and the result of its investments<br />
plus all other income and expenditure for the period from 1st July<br />
<strong>1997</strong> to 30th June <strong>1998</strong>; in the case of the consolidated subsidiaries it<br />
covers their last full business year – mostly the calendar year <strong>1997</strong>.<br />
The <strong>1997</strong>/98 consolidated accounts were prepared in accordance<br />
with the provisions of the German Commercial Code and the German<br />
statutory order on insurance companies’ accounting.<br />
In accordance with the accounting regulations, all the underwriting<br />
business of the reinsurers (including life) and of the property-casualty<br />
insurers is contained in Part I of the profit and loss account, whilst<br />
Part II covers the underwriting business of the life and health insurers<br />
(including the result of their investments).<br />
Notes on consolidation<br />
Consolidated companies, In addition to the <strong>Munich</strong> <strong>Re</strong>insurance Company as the parent<br />
associated companies company, all the subsidiaries operating as reinsurers or direct insurers<br />
have been consolidated, plus all our significant holding and investment<br />
companies. A list of the consolidated companies and other important<br />
participations can be found on page 86 ff.<br />
Number of consolidated companies<br />
79<br />
Other<br />
Germany countries Total<br />
Consolidated as at 30.6.<strong>1997</strong> 24 55 79<br />
Consolidated for first time 14 32 46<br />
No longer consolidated – 2 2<br />
Consolidated as at 30.6.<strong>1998</strong> 38 85 123<br />
As a result of the merger of VICTORIA with Hamburg-Mannheimer/<br />
DKV to form the ERGO Insurance Group with effect from 1st August<br />
<strong>1997</strong>, there has been a significant change in the group of consolidated<br />
companies:<br />
The VICTORIA Group has been consolidated for the first time; its<br />
income and expenditure has been included on a pro rata basis as from<br />
August <strong>1997</strong>. The income and expenditure of DKV has been included<br />
for a full year for the first time.<br />
Great Lakes American <strong>Re</strong>insurance Company, New York, is no longer<br />
a Group company. Its income and expenditure have been included<br />
in the consolidated profit and loss account only up to the end of<br />
June <strong>1997</strong>.
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