Key figures (IFRS)

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Key figures

Key figures (IFRS)¹ ²

Munich Re Group   2014 2013 2012 2011 2010
Gross premiums written €bn 48.8 51.1 52.0 49.5 45.5
Net earned premiums €bn 47.4 49.2 50.5 47.3 43.1
Net expenses for claims and benefits €bn –39.7 –39.9 –41.0 –40.9 –36.6
Net operating expenses €bn –12.0 –12.4 –12.6 –12.0 –11.1
Operating result €m 4,028 4,398 5,349 1,180 3,978
Taxes on income €m 312 –108 –878 552 –692
Consolidated result €m 3,171 3,333 3,204 712 2,430
   Attributable to non-controlling interests €m 18 29 16 10 8
Earnings per share 18.31 18.45 17.94 3.94 13.06
Dividend per share 7.75 7.25 7.00 6.25 6.25
Dividend payout
€m 1,298 1,254 1,255 1,110 1,110
Share price at 31 December 165.75 160.15 136.00 94.78 113.45
Munich Re’s market capitalisation at 31 December3 €bn 28.7 28.7 24.4 17.0 21.4
Book value per share 178.22 146.23 152.34 129.99 126.31
Investments €bn 218.9 202.2 213.8 201.7 193.1
Insurance-related investments €bn 8.5 7.3      
Equity €bn 30.3 26.2 27.4 23.3 23.0
Return on equity % 11.3 12.5 12.5 3.3 10.4
Off-balance-sheet unrealised gains and losses4 €bn 17.4 8.7 11.0 5.7 3.6
Net technical provisions €bn 198.4 187.7 186.1 181.2 171.1
Balance sheet total €bn 273.0 254.3 258.4 247.6 236.4
Staff at 31 December   43,316 44,665 45,437 47,206 46,915
Reinsurance   2014 2013 2012 2011 2010
Gross premiums written €bn 26.8 27.8 28.2 26.0 23.6
Investments €bn 88.0 79.2 83.8 79.5 83.7
Net technical provisions €bn 63.5 60.5 61.1 62.7 56.6
Major losses (net) €m –1,162 –1,689 –1,799 –5,048 –2,228
   Natural catastrophe losses €m –538 –764 –1,284 –4,538 –1,564
Combined ratio property-casualty5 % 92.7 92.1 91.0 113.8 100.5
ERGO   2014 2013 2012 2011 2010
Gross premiums written €bn 16.7 16.7 17.1 17.4 17.5
Investments €bn 135.5 126.7 124.9 117.0 121.8
Net technical provisions €bn 132.4 125.1 122.8 116.1 111.2
Combined ratio property-casualty Germany % 95.3 96.7 98.0    
Combined ratio international % 97.3 98.7 99.8    
Munich Health   2014 2013 2012 2011 2010
Gross premiums written €bn 5.3 6.6 6.7 6.0 5.1
Investments €bn 3.9 3.6 4.2 4.6 4.1
Net technical provisions €bn 2.5 2.2 2.2 2.4 3.3
Combined ratio6 % 98.8 98.3 100.2 99.5 99.7

1 Previous years’ figures adjusted owing to IFRS 8 and 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 2011 have been adjusted accordingly. Comparability with the year 2010 is thus limited.
3 For 2010, 2013 and 2014, 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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