Annual Report 1997/1998 - Munich Re

Munich Re Group Notes on the accounts
Life and health insurers
96
1997 Pr. year
TDM TDM
– Acquisition expenses 1,981,782 1,333,736
– Management expenses 652,956 447,764
– Less commission received on
ceded business 264,781 218,683
Total 2,369,957 1,562,817
(19) Personnel costs Personnel costs totalled TDM 2,896,136 (1,938,283).
The total emoluments of the Board of Management of the Munich
Reinsurance Company for the performance of its duties in respect of
the parent and subsidiary companies amounted to TDM 13,523 (12,320)
and those of the Supervisory Board to TDM 958 (972). Payments to
former members of the Board of Management, including pension
payments for their surviving dependants, amounted to TDM 3,570
(3,305).
(20) Other underwriting The other underwriting expenditure consists mainly of fire brigade
expenditure tax, underwriting interest expenditure and expenses arising from the
reduction of not yet due amounts receivable on direct insurance
business from policyholders.
(21) Underwriting result by class Before changes in the claims equalization provision and similar
of business provisions, the underwriting result by class of business is as follows:
Reinsurers Direct insurers Total Total
1997 Pr. year 1997 Pr. year 1997 Pr. year
TDM TDM TDM TDM TDM TDM
– Life –42,916 –3,536 442,703 407,245 399,787 403,709
– Health – 1 – 143,458 100,046 143,458 100,046
– Personal accident –108,099 –19,326 143,682 157,085 35,583 137,759
– Liability –375,516 –176,832 –13,085 –17,126 –388,601 –193,958
– Motor –188,132 –159,996 –49,623 –68,982 –237,755 –228,978
– Marine/aviation 102,324 24,400 2,478 844 104,802 25,244
– Fire 473,340 329,414 4,573 1,668 477,913 331,082
– Engineering –1,025 86,977 2,452 210 1,427 87,187
– Other classes 95,924 149,932 –36,920 –35,804 59,004 114,128
Total –44,100 231,033 639,718 545,186 595,618 776,219
1 Shown for the reinsurers under personal accident.