Key figures (IFRS)

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Key figures

Key figures (IFRS)¹

Munich Re Group   2015 2014 2013 2012 2011
Gross premiums written €bn 50.4 48.8 51.1 52.0 49.5
Net earned premiums €bn 48.3 47.4 49.2 50.5 47.3
Net expenses for claims and benefits €bn –38.7 –39.7 –39.9 –41.0 –40.9
Net operating expenses €bn –12.4 –12.0 –12.4 –12.6 –12.0
Operating result €m 4,819 4,027 4,398 5,349 1,180
Taxes on income €m –476 312 –108 –878 552
Consolidated result €m 3,122 3,170 3,333 3,204 712
   Attributable to non-controlling interests €m 15 18 29 16 10
Earnings per share 18.73 18.31 18.45 17.94 3.94
Dividend per share 8.25 7.75 7.25 7.00 6.25
Dividend payout
€m 1,335 1,293 1,254 1,255 1,110
Share price at 31 December 184.55 165.75 160.15 136.00 94.78
Munich Re’s market capitalisation at 31 December2 €bn 30.8 28.7 28.7 24.4 17.0
Book value per share 188.40 178.13 146.15 152.34 129.99
Investments €bn 215.1 218.9 202.2 213.8 201.7
Insurance-related investments €bn 9.2 8.5 7.3    
Equity €bn 31.0 30.3 26.2 27.4 23.3
Return on equity % 10.0 11.3 12.5 12.5 3.3
Off-balance-sheet unrealised gains and losses3 €bn 16.0 17.4 8.7 11.0 5.7
Net technical provisions €bn 198.5 198.4 187.7 186.1 181.2
Balance sheet total €bn 276.5 273.0 254.3 258.4 247.6
Staff at 31 December   43,554 43,316 44,665 45,437 47,206
Reinsurance   2015 2014 2013 2012 2011
Gross premiums written €bn 28.2 26.8 27.8 28.2 26.0
Investments €bn 89.2 88.0 79.2 83.8 79.5
Net technical provisions €bn 65.4 63.5 60.5 61.1 62.7
Major losses (net) €m –1,046 –1,162 –1,689 –1,799 –5,048
   Natural catastrophe losses €m –149 –538 –764 –1,284 –4,538
Combined ratio property-casualty4 % 89.7 92.7 92.1 91.0 113.8
ERGO   2015 2014 2013 2012 2011
Gross premiums written €bn 16.5 16.7 16.7 17.1 17.4
Investments €bn 131.0 135.5 126.7 124.9 117.0
Net technical provisions €bn 130.3 132.4 125.1 122.8 116.1
Combined ratio property-casualty Germany % 97.9 95.3 96.7 98.0  
Combined ratio international % 104.7 97.3 98.7 99.8  
Munich Health   2015 2014 2013 2012 2011
Gross premiums written €bn 5.6 5.3 6.6 6.7 6.0
Investments €bn 4.1 3.9 3.6 4.2 4.6
Net technical provisions €bn 2.8 2.5 2.2 2.2 2.4
Combined ratio5 % 99.9 98.8 98.3 100.2 99.5

1 Previous years’ figures adjusted owing to IAS 8; see “Changes in accounting policies and other adjustments”.
2 For 2013, 2014 and 2015, this contains own shares earmarked for retirement.
3 Including those apportionable to minority interests and policyholders.
4 The figures for 2011 are not adjusted for relief of 1.4 percentage points from economic risk transfer to the capital markets.
5 Excluding health insurance conducted like life insurance.

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