Consolidated balance sheet as at 31 December 2008

Assets Notes       Prev. year   Change balance sheet Opening Prev. year
      €m €m €m €m €m % €m
A. Intangible assets                
  I. Goodwill (1)   3,570   3,135 435 13.9 3,229
  II. Other intangible assets (2)   1,786   1,126 660 58.6 1,044
          5,356 4,261 1,095 25.7 4,273
B. Investments                
  I. Land and buildings, including                
  buildings on third-party land (3)   3,732   3,753 –21 –0.6 4,720
  Thereof:                
  Investment property held for sale (16)   16   78 –62 –79.5 1,164
  II. Investments in af[g386]liated companies
and associates		 (4)   1,198   1,168 30 2.6 1,303
  III. Loans (5)   40,426   35,502 4,924 13.9 29,528
  IV. Other securities                
  1. Held to maturity (6) 143     200 –57 –28.5 252
  2. Available for sale (7) 114,844     119,034 –4,190 –3.5 122,915
  3. Held for trading (8) 3,122     1,299 1,823 140.3 1,362
        118,109   120,533 –2,424 –2.0 124,529
  V. Deposits retained on assumed                
  reinsurance (9)   6,646   8,206 –1,560 –19.0 11,931
  VI. Other investments (10)   1,992   4,833 –2,841 –58.8 3,060
          172,103 173,995 –1,892 –1.1 175,071
C. Investments for the bene[g386]t of life
insurance policyholders who bear
the investment risk		       2,874 2,178 696 32.0 1,820
D. Ceded share of technical provisions (11)     5,251 5,623 –372 –6.6 6,585
E. Receivables                
  I. Current tax receivables     919   751 168 22.4 710
  II. Other receivables (12)   8,409   8,636 –227 –2.6 8,115
          9,328 9,387 –59 –0.6 8,825
F. Cash at bank, cheques and cash in hand       2,354 2,505 –151 –6.0 2,172
G. Deferred acquisition costs (13)              
  Gross     8,500   8,388 112 1.3 8,298
  Ceded share     108   86 22 25.6 108
  Net       8,392 8,302 90 1.1 8,190
H. Deferred tax assets (14)     5,708 4,658 1,050 22.5 5,395
  Thereof:                
  Deferred tax assets relating to                
  disposal groups (16)     – 3 –3 –100.0 16
I. Other assets (15)     4,051 3,383 668 19.7 3,541
Total assets   215,417 214,292 1,125 0.5 215,872
1) Adjusted pursuant to IAS 8. For details, please see notes on recognition and measurement.
Equity and liabilities Notes     Prev. year Change balance sheet Opening Prev. year
      €m €m €m €m % €m
A. Equity (17)            
  I. Issued capital and capital reserve   7,388   7,388 – – 7,388
  II. Retained earnings   10,888   9,753 1,135 11.6 9,372
  III. Other reserves   1,187   3,934 –2,747 –69.8 5,629
  IV. Consolidated result attributable to Munich Re equity holders   1,503   3,840 –2,337 –60.9 3,425
  V. Minority interests   290   501 –211 –42.1 478
        21,256 25,416 –4,160 –16.4 26,292
B. Subordinated liabilities (18)   4,979 4,877 102 2.1 3,419
C. Gross technical provisions              
  I. Unearned premiums (19) 6,421   5,719 702 12.3 5,870
  II. Provision for future policy bene[g386]ts (20) 98,738   94,933 3,805 4.0 94,653
  III. Provision for outstanding claims (21) 45,031   44,560 471 1.1 47,072
  IV. Other technical provisions (22) 9,292   10,536 –1,244 –11.8 10,929
  Thereof:              
  Provision for deferred premium refunds relating to disposal groups (16) –   –172 172 100.0 –169
        159,482 155,748 3,734 2.4 158,524
D. Gross technical provisions for life insurance policies where the investment risk is borne by the policyholders (23)   2,940 2,308 632 27.4 1,930
E. Other accrued liabilities (24)   2,982 2,793 189 6.8 2,821
F. Liabilities              
  I. Bonds and notes issued (25) 302   341 –39 –11.4 378
  II. Deposits retained on ceded business (26) 2,086   2,231 –145 –6.5 2,241
  III. Current tax liabilities (27) 2,791   2,634 157 6.0 2,254
  IV. Other liabilities (28) 9,771   10,831 –1,060 –9.8 9,859
  Thereof:              
  Amounts due to banks relating to disposal groups (16) 19   19 – – 231
        14,950 16,037 –1,087 –6.8 14,732
G. Deferred tax liabilities (14)   8,828 7,113 1,715 24.1 8,154
  Thereof:              
  Deferred tax liabilities relating to disposal groups (16)   – 1 –1 –100.0 65
Total equity and liabilities   215,417 214,292 1,125 0.5 215,872
1) Adjusted pursuant to IAS 8.
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