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