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Munich RE

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Key figures

Key figures (IFRS)¹ ²

Munich Re Group   2013 2012 2011 2010 2009
Gross premiums written €bn 51.1 52.0 49.5 45.5 41.4
Net earned premiums €bn 49.2 50.5 47.3 43.1 39.5
Net expenses for claims and benefits €bn 39.9 41.0 40.9 36.6 32.4
Net operating expenses €bn 12.4 12.6 12.0 11.1 10.2
Operating result €m 4,409 5,349 1,180 3,978 4,721
Taxes on income €m 108 878 -552 692 1,264
Consolidated result €m 3,342 3,204 712 2,430 2,564
Attributable to non-controlling interests €m 29 16 10 8 43
Earnings per share 18.50 17.94 3.94 13.06 12.95
Dividend per share 7.25 7.00 6.25 6.25 5.75
Dividend payout
€m 1,266 1,255 1,110 1,110 1,072
Share price at 31 December 160.15 136.00 94.78 113.45 108.67
Munich Re’s market capitalisation at 31 December3 €bn 28.7 24.4 17.0 21.4 21.5
Book value per share 146.45 152.34 129.99 126.31 114.89
Investments €bn 209.5 213.8 201.7 193.1 182.2
Equity €bn 26.2 27.4 23.3 23.0 22.3
Return on equity % 12.5 12.5 3.3 10.4 11.8
Off-balance-sheet unrealised gains and losses4 €bn 8.7 11.0 5.7 3.6 3.2
Net technical provisions €bn 187.7 186.1 181.2 171.1 163.9
Balance sheet total €bn 254.3 258.4 247.6 236.4 223.4
Staff at 31 December   44,665 45,437 47,206 46,915 47,249
Reinsurance   2013 2012 2011 2010 2009
Gross premiums written €bn 27.8 28.2 26.0 23.6 21.8
Investments €bn 78.5 83.8 79.5 83.7 76.8
Net technical provisions €bn 60.5 61.1 62.7 56.6 53.4
Major losses (net) €m 1,689 1,799 5,048 2,228 1,157
Natural catastrophe losses €m 764 1,284 4,538 1,564 196
Combined ratio property-casualty5 % 92.1 91.0 113.8 100.5 95.3
Primary Insurance   2013 2012 2011 2010 2009
Gross premiums written €bn 16.7 17.1 17.4 17.5 16.6
Investments €bn 126.1 124.9 117.0 121.8 118.4
Net technical provisions €bn 125.1 122.8 116.1 111.2 107.7
Combined ratio property-casualty % 97.2 98.7 99.1 96.8 93.2
Munich Health   2013 2012 2011 2010 2009
Gross premiums written €bn 6.6 6.7 6.0 5.1 4.0
Investments €bn 3.6 4.2 4.6 4.1 3.1
Net technical provisions €bn 2.2 2.2 2.4 3.3 2.9
Combined ratio6 % 98.3 100.2 99.5 99.7 99.4

1 Previous years’ figures adjusted owing to IAS 8; see “Changes in accounting policies and other adjustments”.
2 In 2012, our segment reporting was modified and no longer has a consolidation column. The figures for the previous year have been adjusted accordingly. Comparability with the years 2009 and 2010 is thus limited.
3 Up to and including 2010 and for 2013, this contains own shares earmarked for retirement.
4 Including those apportionable to minority interests and policyholders.
5 The figures for 2011 are not adjusted for relief of 1.4 percentage points from economic risk transfer to the capital markets.
6 Excluding health insurance conducted like life insurance.

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