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Munich Re Report of the Board of Management
The direct insurers’ operating result was a profit of DM 455 million
(previous year: DM 504 million).
The important figures for the direct insurers in DM million (consolidated):
1991 1992 1993 1994 1995
Gross premiums 8,209 8,874 9,579 10,126 10,482
Net premiums 7,479 8,095 8,740 9,406 9,706
Payments and bonuses
to policyholders* 8,535 9,693 10,567 11,448 12,004
Underwriting result of
the non-life insurers* 89 86 30 97 31
Investment result* 3,388 3,811 4,255 4,577 4,761
Operating result 294 384 440 504 455
* The figures for 1991 to 1993 are comparable only to some extent with those for the years
1994 and 1995 owing to the change in the allocation of the expenditure for employees’
pensions and “other depreciation”.
The most important subsidiaries developed as follows:
The new business of Hamburg-Mannheimer Versicherung, Hamburg, a life
insurance company, declined markedly in 1995. Gross premiums rose
by 2.2 % to DM 4,933 million. The in-force sums insured of business
written by the company increased slightly to DM 136.6 billion. A sum of
DM 1,313 million (previous year: DM 1,390 million) was allocated to
its provision for policyholders’ dividends. Its profit for the year totalled
DM 102.4 million (previous year: DM 123.9 million).
Hamburg-Mannheimer Sachversicherung, Hamburg, which writes non-life
insurance, recorded a gratifying overall development of new business,
managing to increase its gross premium income in 1995 by 6.6 % to
DM 1,255 million, more than half of which comes from personal accident
insurance. The company’s underwriting profit was markedly lower than in
the previous year, not least owing to the introduction of organizational
measures aimed at improving future efficiency. The profit for the year was
DM 46.4 million (previous year: DM 61.4 million).
In the case of the life insurer Karlsruher Lebensversicherung, Karlsruhe,
new business was less than in the previous year. Gross premiums rose
nevertheless by 1.4 % to DM 1,717 million. The in-force sums insured
increased by 1.0 % to DM 54.3 billion. The company was able to allocate
a sum of DM 442 million (previous year: DM 413 million) to its provision
for policyholders’ dividends. The profit for the year amounted to
DM 20.7 million (previous year: DM 19.7 million).
The gross premium income of Karlsruher Versicherung, Karlsruhe, which
writes non-life insurance, declined in 1995 by 2.0 % to DM 386 million;
this is attributable not least to the effects of the portfolio streamlining
measures initiated in 1994. Following a small deficit in the previous year,
the company was able to show a pleasing underwriting profit in 1995,
before allocations to claims equalization provisions. Its profit for the year
rose to DM 8.3 million (previous year: DM 6.0 million).
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