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