Annual Report 2008
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Letter to shareholders
Munich Re Group
Members of the Board of Management
Notable events in 2008
Personalia
Changes on Munich Re’s Board of Management
New Board members at ERGO
New head of IR in Munich
The Group around the world
US strategy consistently implemented
Munich Re sets up subsidiary in Brazil
EUROPÄISCHE and Mercur Assistance are now part of ERGO
Insurance solutions and products
Securitisation optimises portfolio
ERGO turns into fully-fledged healthcare provider
MEAG launches KlimaStrategie equity fund
Climate change: Trends and initiatives
Natural catastrophe figures for 2008
Munich Re active in important climate initiatives
Report of the Supervisory Board
Munich Re shares
Stronger than the market
Dividend remains stable
Share profile
Free float still at 100%
Strong weighting in many indices
Investor relations activities and shareholder service
Other capital market instruments
Munich Re’s rating
Strategy
Knowledge at work
Risk management
Cooperation strategy
International Health
Primary insurance ERGO
Major risks
Management report
Munich Re Group
Structure of the Munich Re Group
Important tools of corporate management
Binding standards for underwriting and pricing
Governing bodies of the Munich Re Group
Other seats held by Board members
Parameters
General parameters
Economic parameters
Business performance
Overview and key figures
Reinsurance
Reinsurance Life
Reinsurance Property-casualty
Primary insurance
Investment performance
Investments of the Munich Re Group
Third-party investments
Financial position
Analysis of our capital structure
Asset-liability management
Capital management
Group equity
§ 315 German Commercial Code
Strategic debt
Group solvency
Rating
Analysis of the consolidated financial statements
Other success factors
Clients and client relationships
Research and development
Staff
Corporate responsibility
Security and availability
Corporate governance report
Remuneration report
Prospects
Overview
Economic parameters
Development of the Munich Re Group
Risk report
Risk governance
Economic risk capital
Available financial resources
Selected risk complexes
Outlook
Summary
Financial statements
Consolidated balance sheet
Consolidated income statement
Statement of recognised income and expense
Group statement of changes in equity
Consolidated cash flow statement
Segment reporting
Segment assets
Segment equity and liabilities
Segment income statement
Investments
Gross premiums written
Notes
Explanatory notes
Application of IFRSs
§161 German Stock Companies Act
Figures for previous years
Consolidation
Recognition and measurement
Changes in accounting policies
Future standards
Assets
(A) Intangible assets
(B) Investments
(C) Investments for the benefit of life insurance policyholders
(D) Ceded share of technical provisions
(E) Receivables
(F) Cash with banks, cheques and cash in hand
(G) Deferred acquisition costs
(H) Deferred tax assets
(I) Other assets
Equity and liabilities
(A) Equity
(B) Subordinated liabilities
(C) Gross technical provisions
(D) Gross technical provisions for life insurance policies
(E) Other accrued liabilities
(F) Liabilities
(G) Deferred tax liabilities
Foreign currency translation
Notes to the consolidated balance sheet – Assets
(1) Goodwill
(2) Other intangible assets
(3) Land and buildings
(4) Investments in affiliated companies and associates
(5) Loans
(6) Other securities held to maturity
(7) Other securities available for sale
(8) Other securities held for trading
(9) Deposits retained on assumed reinsurance
(10) Other investments
(11) Ceded share of technical provisions
(12) Other receivables
(13) Deferred acquisition costs
(14) Deferred tax
(15) Other assets
(16) Non-current assets and disposal groups held for sale
Notes to the consolidated balance sheet – Equity and liabilities
(17) Equity
(18) Subordinated liabilities
(19) Unearned premiums
(20) Provision for future policy benefits
(21) Provision for outstanding claims
(22) Other technical provisions
(23) Gross technical provisions for life insurance policies
(24) Other accrued liabilities
(25) Bonds and notes issued
(26) Deposits retained on ceded business
(27) Other liabilities
Notes to the consolidated income statement
(28) Premiums
(29) Investment result
(30) Other income
(31) Net expenses for claims and benefits
(32) Operating expenses
(33) Other expenses
(34) Finance costs
(35) Taxes on income
Disclosures on type and extent of risks
(36) Risks from insurance contracts life and health
(37) Risks from insurance contracts property-casualty
(38) Credit risks from ceded reinsurance business
(39) Sensitivity analysis
Other information
(40) Parent
(41) Related parties
(42) Personnel expenses
(43) Long-term incentive plans
(44) Remuneration report
(45) Employee share-ownership programmes
(46) Number of staff
(47) Auditor’s fees
(48) Contingent liabilities
(49) Leasing
(50) Events after the balance sheet date
(51) Earnings per share
(52) Proposal for appropriation of profit
Affiliated companies
Auditor’s report
Declaration of the Board of Management
Downloads
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Content
Business performance
Overview and key figures
Result
Premium
Reinsurance
Life and health
Life
Health Care
Property-casualty
Premium
Trends in selected markets and at our subsidiaries
Special and financial risks business
New developments and expansion of various activities
Primary insurance
Life and health
Property-casualty
Investment performance
Investments of the Munich Re Group
Investment result
Structure of investment classes
Fixed-interest securities and loans
Market value development of key types of investment, their unrealised gains and losses and off-balancesheet valuation reserves
Third-party investments
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