<strong>Munich</strong> <strong>Re</strong> Group Notes on the accounts Book values <strong>Re</strong>allocations Disposals Depreciation 30.6.1996 TDM TDM TDM TDM – 110,544 27,210 122,795 – 53,184 259,929 6,574,822 – 189,603 5,145 247,621 5,608 50,397 – 64,368 – – – 97,347 250,180 93,275 33,182 6,062,984 –5,806 38,891 – 10,267 249,982 372,166 38,327 6,482,587 The intangible assets consist of purchased insurance portfolios and software. The book value of self-occupied real estate amounts to TDM 1,082,230. The shares in affiliated companies involve those subsidiaries that are not consolidated in the accounts because of their subordinate importance for assessing the Group’s assets, liabilities, financial position and results. These are mainly holding companies and service and management companies. Derivative financial products are used exclusively for hedging purposes in respect of parts of the portfolio and for implementing planned purchases and sales. In relation to the balance sheet total, the volume of open positions on the balance sheet date and all the transactions concluded in the period under review was negligible. 65
<strong>Munich</strong> <strong>Re</strong> Group Notes on the accounts (3) Affiliated companies, participations, other shareholdings Consolidated subsidiaries 66 % share Sharehold- <strong>Re</strong>sult for of ers’ funds the year capital TDM* TDM* <strong>Re</strong>insurance <strong>Re</strong>insurance companies Münchener Rück Italia S.p.A., Milan 100.0 77,491 1,323 <strong>Munich</strong> American <strong>Re</strong>assurance Company, Atlanta 100.0 74,296 –5,490 <strong>Munich</strong> American <strong>Re</strong>insurance Company, New York 50.0 465,998 57,187 <strong>Munich</strong> <strong>Re</strong>insurance Company of Australia Limited, Sydney 100.0 134,867 28,451 <strong>Munich</strong> <strong>Re</strong>insurance Company of Canada, Toronto 100.0 116,637 15,668 <strong>Munich</strong> <strong>Re</strong>insurance Company of Africa Limited, Johannesburg 100.0 58,759 13,772 The Great Lakes <strong>Re</strong>insurance Company, Toronto 100.0 117,290 35,869 Great Lakes American <strong>Re</strong>insurance Company, New York 100.0 145,168 1,463 Great Lakes <strong>Re</strong>insurance (UK) PLC, London 100.0 87,909 5,244 New <strong>Re</strong>insurance Company, Geneva 99.9 145,181 4,399 Holding companies <strong>Munich</strong> Holdings Ltd., Toronto 100.0 258,452 16,548 <strong>Munich</strong> Holdings of Australia Pty. Ltd., Sydney 100.0 27,954 5,203 Great Lakes <strong>Re</strong>insurance Holdings Ltd., Toronto 100.0 114,955 –37 European International Holding A/S, Copenhagen 100.0 35,847 –547 Investment companies <strong>Munich</strong>re of Australia Equity Investment Company Pty. Limited, Sydney 100.0 127,431 13,851 <strong>Munich</strong>re of Australia Property Company Pty. Limited, Sydney 100.0 –1,079 –198 Direct insurance Life insurance companies Berlinische Lebensversicherung AG, Berlin/Wiesbaden 64.6 80,414 2,457 Hamburger Lebensversicherung AG, Hamburg 48.5 10,984 421 Hamburg-Mannheimer Versicherungs-AG, Hamburg 80.0 766,339 102,399 Hamburg-Mannheimer N.V., Brussels 80.0 13,214 2,070 Karlsruher Lebensversicherung AG, Karlsruhe 54.0 174,447 20,720 Karlsruher Hinterbliebenenkasse AG, Karlsruhe 44.3 5,430 530 Non-life insurance companies Europäische <strong>Re</strong>iseversicherung AG, <strong>Munich</strong> 100.0 97,211 8,863 Compagnie Européenne d’Assurances S.A., Neuilly** 100.0 8,664 –21,541 Europeiska Försäkringsaktiebolaget, Stockholm 100.0 32,398 669 Europæiske <strong>Re</strong>jseforsikring A/S, Copenhagen 100.0 39,694 6,044 Evropská Cestovní Pojisˇt’ovna A.S., Prague 100.0 3,983 440 Európska Cestovná Poist’ovňa A.S., Bratislava** 100.0 1,440 – Hamburg-Mannheimer Sachversicherungs-AG, Hamburg 71.3 521,355 46,403 Hamburg-Mannheimer <strong>Re</strong>chtsschutzversicherungs-AG, Hamburg 71.3 11,578 1,388 Hermes Kreditversicherungs-AG, Berlin/Hamburg 50.3 204,885 11,938 Karlsruher Versicherung-AG, Karlsruhe 53.0 83,751 8,306 Karlsruher Beamten-Versicherung AG, Karlsruhe 52.2 2,840 348 Karlsruher <strong>Re</strong>chtsschutzversicherung AG, Karlsruhe 53.0 10,189 978