Munich Re Group Changing Gear gg

Backup: Financial reporting Q1–2 2008
Key figures Q1–2 2008 – Investment result: Write-downs/write-ups of investments
Impairments of equities partly offset by derivatives
Munich Re Group
€m Q1–2 2008 Q1–2 2007 Change
Afs fixed-interest –30 0 –30
Afs non-fixed-interest –2,163 47 –2,210
Derivatives 1,128 –407 1,535
Loans 0 –1 1
Real estate –93 –75 –18
Other –6 –4 –2
Total net write-downs/write-ups –1,164 –440 –724
Main effects in Q1 Q1–22
Afs non-fixed-interest
Strong impact from non-cash related impairments on listed shares, thereof:
Stocks hedged by derivatives ("hedge accounting"): ~ €1.0bn
Due to "once impaired always impaired": ~€0.7bn
Due to 20% or 6-month rule: ~€0.5bn
Derivatives
Impairments partly compensated for write-ups of derivatives
Backup: Financial reporting Q1–2 2008
Key figures Q1–2 2008 – Investment result: Gains/losses on the disposal of investments
Lower gains on disposal
€m Q1–2 2008 Q1–2 2007 Change
Afs fixed-interest 226 –274 500
Afs non-fixed-interest 137 1,753 –1,616
Derivatives 455 –23 478
Loans –3 –7 4
Real estate 33 582 –549
Other 28 –18 46
Total net realised gains 876 2,013 –1,137
Main effects in Q1 Q1–22
Afs non-fixed-interest/Derivatives
Lower gains on disposal from equities compared to 2007 due to careful policy and exceptionally high
gains in 2007
Partly offset by derivatives result
Real estate
Lower gains on disposal from real estate compared to exceptionally high gain in H1 2007
Munich Re Group – October 2008
50
Munich Re Group – October 2008
51