Munich Re2018年年度报告.pdf

1、Group Annual Report 2018Munich Re2018WE DRIVE BUSINESS AS ONE1 Including those apportionable to minority interests and policyholders.Key figures(IFRS)Key figures(IFRS)Munich Re at a glance(XLS,37 KB)Key figures(IFRS)Reinsurance(XLS,36 KB)Key figures(IFRS)ERGO(XLS,34 KB)ERGO 20182017201620152014Gross

2、 premiums writtenbn17.817.517.4Investments(incl.insurance-related investments)bn139.7141.4139.4Net technical provisionsbn135.9137.6135.2Combined ratio property-casualty Germany%96.097.597.097.995.3Combined ratio International%94.695.398.0Reinsurance 20182017201620152014Gross premiums writtenbn31.331

3、.631.5Investments(incl.insurance-related investments)bn85.685.891.9Net technical provisionsbn72.468.167.1Major losses(net)m2,1524,3141,5421,0461,162Natural catastrophe lossesm1,2563,678929149538Combined ratio property-casualty%99.4114.195.789.792.7Munich Re at a glance 20182017201620152014Gross prem

4、iums writtenbn49.149.148.950.448.8Net earned premiumsbn45.747.247.148.347.4Net expenses for claims and benefits bn 35.1 41.6 38.5 38.7 39.7Net operating expensesbn12.612.212.312.412.0Operating resultm3,7251,2414,0254,8194,027Taxes on incomem576298760476312Consolidated resultm2,2753922,5813,1223,170A

5、ttributable to non-controlling interests m 34 17 1 15 18Earnings per share15.532.4416.1318.7318.31Dividend per share9.258.608.608.257.75Dividend payoutm1,3421,2861,3331,3291,293Share price at 31 December190.55180.75179.65184.55165.75Munich Reinsurance Companysmarket capitalisation at 31 Decemberbn28

6、.528.028.930.828.7Carrying amount per share180.86185.19200.86188.40178.13Investmentsbn216.9217.6221.8217.6218.9Insurance-related investmentsbn8.49.79.69.28.5Equitybn26.528.231.831.030.3Return on equity%8.41.38.110.011.3Off-balance-sheet unrealised gains and losses1bn16.115.017.316.017.4Net technical