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<strong>Munich</strong> <strong>Re</strong> <strong>Re</strong>port of the Board of Management<br />
<strong>Re</strong>insurance underwriting result for 1995<br />
by class of business<br />
Personal<br />
accident/<br />
DM million Life health Liability Motor Marine<br />
Gross premiums written 3,539 1,209 2,092 3,267 683<br />
Net premiums written 3,054 1,113 1,943 2,933 666<br />
Net premiums earned 3,029 1,124 1,917 2,934 669<br />
Interest on premium<br />
funds and provisions 840 123 7 11 –<br />
Claims incurred 1,464 731 1,849 2,334 441<br />
Operating expenses 815 344 503 609 172<br />
Other income and expenditure –1,545 –116 –5 4 4<br />
Underwriting result 45 56 –433 6 60<br />
Change in the claims<br />
equalization provisions – – –4 –229 –49<br />
Underwriting result<br />
after change in claims<br />
equalization provisions 45 56 –437 –223 11<br />
Key figures in %<br />
Loss ratio 64.4 96.3 79.0 65.3<br />
Expense ratio 30.6 26.2 20.8 25.7<br />
Combined ratio 95.0 122.5 99.8 91.0<br />
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