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Key figures (IFRS)
Munich Re Group   2011 2010 2009 2008 2007
Gross premiums written €bn 49.6 45.5 41.4 37.8 37.3
Operating result €m 1,180 3,978 4,721 3,834 5,573
Taxes on income €m -552 692 1,264 1,372 801
Consolidated result €m 712 2,430 2,564 1,579 3,923
Attributable to minority interests €m 10 8 43 24 83
Investments €bn 201.7 193.1 182.2 174.9 176.2
Return on equity % 3.3 10.4 11.8 7.0 15.3
Equity €bn 23.3 23.0 22.3 21.1 25.3
Valuation reserves not recognised in balance sheet1 €bn 5.7 3.6 3.2 2.5 0.8
Net technical provisions €bn 181.2 171.1 163.9 157.1 152.4
Staff at 31 December   47,206 46,915 47,249 44,209 38,634
Reinsurance2   2011 2010 2009 2008 2007
Gross premiums written €bn 26.5 23.6 21.8 21.9 21.5
Investments €bn 88.7 83.7 76.8 78.4 81.9
Net technical provisions €bn 64.3 56.6 53.4 55.8 55.5
Large and very large losses (net) €m 5,126 2,228 1,157 1,507 1,126
Natural catastrophe losses €m 4,544 1,564 196 832 634
Combined ratio property-casualty3 % 113.6 100.5 95.3 99.4 96.4
Primary Insurance2   2011 2010 2009 2008 2007
Gross premiums written €bn 17.6 17.5 16.6 17.0 17.3
Investments €bn 123.9 121.8 118.4 114.0 109.3
Net technical provisions €bn 113.5 111.2 107.7 101.4 96.9
Combined ratio property-casualty % 97.8 96.8 93.2 90.9 93.4
Munich Health2   2011 2010 2009 2008 2007
Gross premiums written €bn 6.1 5.1 4.0    
Investments €bn 5.9 4.1 3.1    
Net technical provisions €bn 3.4 3.3 2.9    
Combined ratio4 % 99.4 99.7 99.4    
Our shares   2011 2010 2009 2008 2007
Earnings per share 3.94 13.06 12.95 7.74 17.83
Dividend per share 6.25 6.25 5.75 5.50 5.50
Amount distributed €m 1,110 1,110 1,072 1,073 1,124
Share price at 31 December 94.78 113.45 108.67 111.00 132.94
Munich Re's market capitalisation at 31 December5 €bn 17.0 21.4 21.5 22.9 29.0
Book value per share €bn 129.86 126.31 114.89 106.42 119.33

1 Including amounts attributable to minority interests and policyholders.
2 Before elimination of intra-Group transactions across segments.
3 The figure for 2011 is not adjusted for relief of 1.3 percentage points from economic risk transfer to the capital markets.
4 Excluding health insurance conducted like life insurance.
5 This includes own shares earmarked for retirement.