Munich Re2003年年度报告.pdf

1、More than wordsMunich Re GroupAnnual Report2003MMnchener RckMunich Re GroupKey figures(ias)2003MUNICH RE GROUP20032002200120001999(adjusted)*Gross premiums writtenbn40.440.036.131.127.4Result before amortisation of goodwillm2,012114152,6151,821Taxm1,7935741,040399383Minority interests in earningsm34

2、74145321185Profit for the yearm4342882501,7501,133Investmentsbn171.9156.3162.0159.4150.9Return on equity%2.61.71.28.36.5Shareholders equitybn18.913.919.423.618.5Valuation reserves not recognised in balancesheet*bn1.81.116.421.919.2Net underwriting provisionsbn147.5143.0138.6131.5123.5Staff at 31 Dec

3、ember41,43141,39638,31736,48133,245*Adjusted owing to first-time application of ias 39(rev.2003).*Including amounts apportionable to minority interests.Our shares20032002200120001999(adjusted)*Earnings per share*2.251.541.349.416.13Dividend per share1.251.251.251.250.95Amount distributedm28622322122

4、1168Share price at 31 December96.12114.00305.00380.00251.80Munich Res market capitalisation at 31 Decemberbn22.120.454.067.244.5*Adjusted owing to first-time application of ias 39(rev.2003).*Taking into account the capital increase in November 2003.The Munich Re GroupReinsurance,primary insurance an

5、d asset management complement each other in ourGroup to form a strong blend of financial services.We are one of the worlds largest re-insurers and the second-largest primary insurer in Germany.Reinsurance:We have been in the business of insuring insurers since 1880.Primary insurance:Our primary insu

6、rers the ergoGroup with its brands victoria,Hamburg-Mannheimer,dkv,d.a.s.and KarstadtQuelle,plus Karlsruher and EuropischeReiseversicherung provide cover for private individuals and for small and medium-sizedbusinesses.Asset management:Our subsidiary meagmanages our assets and offers investmentprodu