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Munich Re Group
Business development of the Munich Re Group
in DM million
Consolidated balance sheet as at 30th June 1992 1993 1994 1995 1996
Investments (including deposits
retained on assumed reinsurance) 84,256 91,644 102,425 111,008 120,279
– Reinsurers 36,140 39,092 45,197 48,398 52,937
– Direct insurers 48,116 52,552 57,228 62,610 67,342
Shareholders’ funds 3,412 3,630 4,274 4,442 5,378
Claims equalization provisions 1,341 1,370 1,846 2,614 3,736
Underwriting funds and provisions
(without equalization provisions) 76,945 84,174 92,863 97,548 104,047
Life 53,324 58,506 64,005 68,570 73,632
Non-life 23,621 25,668 28,858 28,978 30,415
Consolidated profit and loss account 1991/92 1992/93 1993/94 1994/95 1995/96
Gross premiums written 23,025 25,556 28,638 28,974 28,989
– Life 8,850 9,686 10,445 10,898 11,177
– Non-life 14,175 15,870 18,193 18,076 17,812
Net premiums written 20,209 22,480 25,490 25,937 26,232
– Life 7,965 8,676 9,430 10,038 10,326
– Non-life 12,244 13,804 16,060 15,899 15,906
Net earned premiums 19,847 22,222 24,981 25,802 26,220
Underwriting result* –1,086 –1,241 –264 –100 573
– Life 324 364 502 329 489
– Non-life –1,410 –1,605 –766 –429 84
Investment result* 6,001 6,949 7,112 7,322 7,935
Thereof included in underwriting result 3,959 4,448 4,958 5,313 5,685
Unadjusted earnings 693 1,044 1,490 1,764 2,586
Special allocations to the provision
for outstanding claims –125 –450 –350 –250 –500
Change in claims equalization provisions –60 –29 –476 –788 –952
Operating result 508 565 664 726 1,134
Taxes –229 –278 –364 –401 –539
Profit for the year 279 287 300 325 595
* The figures for the years 1991/92 to 1993/94 are comparable only to some extent with those
for the years 1994/95 and 1995/96 owing to the change in the allocation of the expenses for
employees’ pensions and “other depreciation“.
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