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Munich Reinsurance Company Notes on the accounts
(7) Special reserve The special reserve has been posted as per Articles 6b and 7g of the
German Income Tax Act.
(8) Underwriting 30.6.1996 30.6.1996 30.6.1996 Pr. year Pr. year Pr. year
funds and provisions Gross Retro Net Gross Retro Net
TDM TDM TDM TDM TDM TDM
Unearned premiums 3,651,335 319,460 3,331,875 3,911,499 360,108 3,551,391
Premium funds 21,918,665 2,206,229 19,712,436 19,892,232 1,667,082 18,225,150
Provision for outstanding claims 22,482,990 1,571,701 20,911,289 21,380,164 1,643,901 19,736,263
Provision for premium refunds 32,489 6,441 26,048 31,750 6,026 25,724
Claims equalization provision
and similar provisions 3,327,476 – 3,327,476 2,356,961 – 2,356,961
Other 550,416 188 550,228 398,885 740 398,145
Total 51,963,371 4,104,019 47,859,352 47,971,491 3,677,857 44,293,634
Broken down by class of business, the net underwriting funds and
provisions are as follows (in DM million):
Unearned Premium Claims Equalization Others Total Reserves
premiums funds provision provision as % of
net premiums
Life 728 17,918 215 – 47 18,908 526.0
Personal accident/
health 147 1,794 702 – 14 2,657 233.9
Liability 345 – 8,852 82 91 9,370 541.6
Motor 281 – 5,327 229 49 5,886 205.4
Marine 85 – 641 159 2 887 149.3
Fire 543 – 1,554 1,645 294 4,036 157.1
Engineering 638 – 1,935 179 13 2,765 187.6
Other classes 565 – 1,685 1,034 66 3,350 150.8
Non-life combined 2,604 1,794 20,696 3,328 529 28,951 229.9
Total 3,332 19,712 20,911 3,328 576 47,859 295.7
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