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Munich Reinsurance Company
Business development of the Munich Reinsurance Company
in DM million
Balance sheet as at 30th June 1992 1993 1994 1995 1996
Investments (including deposits
retained on assumed reinsurance) 36,402 38,959 44,910 49,376 54,263
Shareholders’ funds 1,721 1,725 2,534 2,605 3,351
Claims equalization provisions 1,024 1,057 1,580 2,357 3,327
Underwriting funds and provisions
(without equalization provisions) 31,831 34,593 38,685 41,937 44,532
– Life 11,890 13,423 15,068 17,559 18,908
– Non-life 19,941 21,170 23,617 24,378 25,624
Profit and loss account 1991/92 1992/93 1993/94 1994/95 1995/96
Gross premiums written 14,574 16,033 18,159 18,258 18,014
– Life 3,065 3,415 3,695 3,974 4,069
– Non-life 11,509 12,618 14,464 14,284 13,945
Net premiums written 12,693 14,020 16,175 16,178 16,186
– Life 2,728 3,039 3,324 3,563 3,595
– Non-life 9,965 10,981 12,851 12,615 12,591
Net earned premiums 12,466 13,859 15,834 16,089 16,283
Underwriting result* –1,265 –1,458 –616 –318 132
– Life 62 68 91 98 114
– Non-life –1,327 –1,526 –707 –416 18
Investment result* 2,490 3,050 2,880 2,804 3,163
Thereof included in underwriting result 830 921 1,026 1,134 1,350
Unadjusted earnings 327 634 1,134 1,360 1,957
Special allocations to the provision
for outstanding claims –125 –450 –350 –250 –500
Change in claims equalization provisions –39 –32 –523 –798 –982
Operating result 163 152 261 312 475
Taxes –95 –80 –120 –150 –242
Profit for the year 68 72 141 162 233
* 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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