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Munich Re Through the acquisition agreed in mid-August of American Re, the third largest property/casualty reinsurer in the USA, we will ideally strengthen our position in the world’s largest reinsurance market, which in our opinion continues to offer attractive opportunities for future growth. In addition, however, we have been devoting particular attention for some time now to the growth markets of Asia. Our objective of making the best possible use of the Group’s capital resources was also served by our exchange of shareholdings with Allianz, decided on in July 1996. The complete acquisition of Deutsche Krankenversicherung in exchange for our participation in the more industrially and commercially oriented Hermes will have the effect of focusing the activities of the Munich Re’s direct insurance group even more closely on personal lines business. We want to be able to offer our shareholders a good overall long-term return on their Munich Re shares. The inclusion of the Munich Re in the DAX 30 share index will contribute to this, as will the changes planned for 1997: a stock split and the inclusion of our shares in the German giro transfer system. In order to meet the growing demand for information on the part of our shareholders, financial analysts and clients, we have taken the opportunity presented by the implementation of new accounting regulations this year to redesign our annual report. After more than 20 years, we have also changed its outer appearance. As a dynamic counterpoint to our Munich Re logo, we have added a stylized pictogram of the “Walking Man”, a 17-metre-high sculpture by the American artist Jonathan Borofsky, which stands outside one of our office buildings, on Munich’s Leopoldstrasse. This figure allows many interpretations. What we chiefly associate with it are presence, progress, vigour, strength and confidence – the very qualities that are important both to our clients and to our shareholders. 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Munich Re Report of the Board of Management Gross premiums in DM million 8,209 14,816 8,874 16,682 Direct insurers Reinsurers 9,579 19,059 1991 1992 1993 1994 1995 Earnings per share in DM 31.20 28.80 45.70 10,126 18,848 67.60 Previous years adjusted owing to 1995 capital increase 10,482 18,507 140.00 91/92 92/93 93/94 94/95 95/96 Board of Management’s report for the Munich Re Group and the Munich Reinsurance Company Seen as a whole, the business year 1995/96 was a very satisfactory one for the Munich Reinsurance Company and its subsidiaries. The companies consolidated in the Group accounts recorded a total premium income of DM 28,989 million. Of this, around two thirds was written by the reinsurance companies and one third by the direct insurance companies. The Group’s premium volume was almost the same as in the previous year. Whilst changes in exchange rates resulted in a decrease of DM 341 million in premiums from reinsurance business, the premiums from direct insurance business increased by DM 356 million. Net premiums rose by 1.1 %, amounting to DM 26,232 million as compared with DM 25,937 million in the previous year. The Group’s underwriting result again improved markedly, the Munich Reinsurance Company being largely responsible for this favourable development. Following a loss of DM 100 million in the previous year (figure before changes in the claims equalization provisions and adjusted to take account of the new accounting regulations) an underwriting profit of DM 573 million was achieved in the year under review. Owing to the much more favourable development of the Munich Reinsurance Company’s business, another very substantial addition was made to the claims equalization provisions and similar provisions. At DM 952 million, this sum even surpassed the previous year’s very large allocation of DM 788 million. In addition, the Munich Reinsurance Company was again able to make very substantial special allocations to its provision for outstanding claims, amounting to DM 500 million as compared with DM 250 million in the previous year. The profit from investments was again very satisfactory. Owing to the increase in the volume of investments, investment income rose further. Writedowns were appreciably lower than in the previous year. Altogether, our investment profit increased from DM 7,322 million to DM 7,935 million year on year. In accordance with accounting regulations, DM 5,685 million of this has been included in the underwriting result. The Group result before tax improved by DM 408 million, or 56 %, to DM 1,134 million. The Group’s profit for the year amounted to DM 595 million as compared with DM 325 million in the previous year. On account of the improved underwriting result, the earnings per share – calculated in accordance with the DVFA/GDV system – were more than double those of the business year 1994/95. They amounted to DM 140.00 as compared with DM 67.60 in the previous year. The Munich Reinsurance Company’s profit for the year is DM 233 million. After allocation of DM 100 million to the revenue reserves, the balance sheet profit remaining is DM 133 million. This has been earmarked for distribution to shareholders in the form of an increased dividend of DM 16 per share (previous year: DM 13.50). 13
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