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Annual Report Group 1995/1996

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Annual Report Group 1995/1996 MünchenerM Rück Munich Re 1995/96 Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München Königinstrasse 107 · D-80802 München Telephone: (0 89) 38 91-0 Fax: (089) 399056 Munich Re Group 1993/94 1994/95 1995/96 DM million DM million DM million Gross premiums written 28,638 28,974 28,989 Reinsurers 19,059 18,848 18,507 Direct insurers 9,579 10,126 10,482 Investments 102,425 111,008 120,279 Reinsurers 45,197 48,398 52,937 Direct insurers 57,228 62,610 67,342 Net underwriting funds and provisions 94,709 100,162 107,783 Reinsurers 39,450 42,305 45,663 Direct insurers 55,259 57,857 62,120 Shareholders’ funds 4,274 4,442 5,378 Profit for the year 300 325 595 Earnings per share in DM according to DVFA/GDV* 45.70 67.60 140.00 (previous years adjusted owing to 1995 capital increase) Dividend of the Munich Reinsurance Company 91 102 133 Dividend per share in DM 12.00 13.50 16.00 * German Association of Financial Analysts and Investment * Consultants/Association of German Insurers Munich Re registered shares Development in the value of Munich Re Price development registered shares 1st July 1990 = 100 200 Investment in Munich Re registered shares has been very attractive for the long-term- oriented investor in recent years. Whereas 180 the DAX share index has risen by 35 % since July 1990, Munich Re registered shares have increased in value by 74 %, 160 also far outstripping the international index for the insurance sector, which rose by only 24 % in the same period. In the past months the share price, whilst subject to 140 fluctuations, has increased significantly. The rights issue in November 1995 was very positively received by the capital market. 120 After a generally weaker phase for shares in banks and insurers, the period since June 1996 has seen Munich Re registered shares 100 recording above-average increases in value – partly just before and just after the deci- sion of the Deutsche Börse AG to include 80 Munich Re registered shares in the DAX 30 share index. This decision reflected the importance of the Munich Re in terms of 60 market capitalization and share turnover. It is 1990 1991 1992 1993 1994 1995 1996 only logical, moreover, for the world’s lead- Position: 30th August 1996 ing company in a particular sector to be represented in the top national share index. Munich Re registered shares Public awareness of the attractiveness of an German share index (DAX) investment in Munich Re registered shares Morgan Stanley insurance index (in DM) will now be substantially enhanced. Development in the value of a specimen deposit of Munich Re registered shares A German shareholder who bought 100 Development in the value Munich Re registered shares at the begin- of a specimen deposit as from 1st July 1990 ning of July 1990 at a price of DM 2,300 in DM thousand per share paid a total of DM 230,000 (not including stock exchange transfer tax and 412 other charges). By 30th August 1996, with reinvestment of the dividends to purchase a 342 321 further 2 shares and of subscription rights 308 (opération blanche) to purchase another 18, a total of 20 shares and 12 warrants had 252 256 been added to the deposit. At a price of 230 DM 3,405 per share and DM 258 per warrant, this makes the total value of the deposit DM 411,696, equivalent to an increase of 79 %. According to the Internal Rate of Interest method, this works out at an average annual rate of return of 9.9 %. We will be happy to supply further information about Munich Re shares on 1990 1991 1992 1993 1994 1995 1996 request. Position: 30th August 1996 Münchener Rückversicherungs-Gesellschaft Report for the 116th Year of Business 1st July 1995 to 30th June 1996 The Munich Re page 5 Supervisory Board page 6 Report of the Supervisory Board page 7 Board of Management page 9 To our Shareholders page 10 Report of the Board of Management page 13 – Reinsurance page 14 The insurance markets page 18 Classes of business page 25 Our financial strength page 33 – Direct insurance page 34 – Investments page 37 – Our staff page 39 – Prospects page 40 Topical subjects in reinsurance page 43 Consolidated accounts as at 30th June 1996 – Summary of the most important figures page 52 – Consolidated balance sheet page 54 – Consolidated profit and loss account page 56 – Notes on the consolidated accounts page 59 Company accounts as at 30th June 1996 – Summary of the most important figures page 78 – Balance sheet page 80 – Profit and loss account page 83 – Notes on the accounts page 84 Proposal for appropriation of profit page 97 Auditor’s report page 97 Development of business results page 98 Note: The abbreviation TDM used in this report stands for thousand Deutschmarks. On 24th February 1996 Dr. jur. Wolfgang Schieren Deputy Chairman of the Supervisory Board of the Munich Reinsurance Company passed away at the age of 68. Dr. Schieren had been intimately connected with our company for many years. He was appointed to the Munich Re Supervisory Board in 1972 and elected Deputy Chairman. During the long period of our close cooperation, also on the Supervisory Boards of other companies in our Group, he rendered us valuable service as a wise and far- sighted counsellor. We mourn and give thanks for a great entrepreneur and impressive strategic thinker, with a wealth of knowledge and an unshakeable sense of duty. He was an outstanding figure, enjoying the highest respect in both the German and the international insurance industry. The positive effects of his work were felt not only in broad areas of the economy but also in the fields of science and culture. He was our friend and partner. We shall not forget him Munich Re The Munich Re Millions of people and companies throughout the world are clients of insurance companies, which in turn are our clients – over 4,000 of them in more than 150 different countries. We assume a part of their risk, in particular the peak and catastrophe risks in their portfolios, and also provide support in many markets for the handling and development of insurance business, including the taking up of new lines. Our clients benefit from the expertise and personal attention of the Munich Re’s more than 3,000 staff – at our head office in Munich and at over 60 reinsurance subsidiaries, branches, service companies and liaison offices worldwide. Munich Re can look back proudly on 116 years of successful reinsurance operations. The foundations of our business philosophy are: I Independence of the company I Exceptional financial strength, with the ability and willingness to meet our obligations at all times I Profit-oriented growth I Global balance of risks through the writing of business in all classes of insurance throughout the world I Extensive reinsurance capacity and comprehensive services for our clients I Continuity of relationships with clients and markets I Stabilization of our business through controlling interests in direct insurance companies We take advantage of calculable opportunities without indulging in speculation. We act in accordance with proven principles while remaining receptive to new ideas, which we also help to develop. As the largest company of our kind in the world, our goal is to remain the leading reinsurer in as many potentially profitable business sectors as possible. For our clients, we want to continue to be what we have always been in the past – a reliable and highly professional service provider. The Munich Re’s share capital of DM 813,350,000 is furnished by approxi- mately 12,000 shareholders. Our largest shareholder, with 25 %, is Allianz AG Holding, in which Munich Re also holds a 25 % share. Bayerische Vereinsbank, Deutsche Bank and Dresdner Bank each hold around 10 %. Commercial Union Assurance Company plc, London, with an interest of just under 5 %, is also a longstanding shareholder. Otherwise, our shareholders are widely distributed throughout Germany and abroad. Our shareholder structure reflects the breadth of the confidence placed in Munich Re. Indeed, international investment companies and pension funds are also showing an increasing interest in Munich Re shares. Through appropriate dividend distributions, favourable subscription rights in capital increases and a steady rise in the price of Munich Re shares over the long term, it is our policy to ensure that our shareholders’ investments in the company appreciate in value. The good overall return that Munich Re shares have provided for many years shows that an investment in our company is well worthwhile. 5 Munich Re Supervisory Board Chairman: Professor Dr. jur. Dr.-Ing. E. h. Dieter Spethmann, Attorney, former Chairman of the Board of Management of Thyssen AG Deputy Chairman: Dr. rer. pol. Wolfgang Röller, Chairman of the Supervisory Board of Dresdner Bank AG Deputy Chairman: Dr. jur. Wolfgang Schieren († 24th February 1996), Chairman of the Supervisory Board of Allianz AG Holding Deputy Chairman: Dr. jur. Henning Schulte-Noelle (since 21st March 1996), Chairman of the Board of Management of Allianz AG Holding Herbert Bach, Employee of the Munich Reinsurance Company Christiane Bartl, Employee of the Munich Reinsurance Company Peter Burgmayr, Employee of the Munich Reinsurance Company Ulrich Hartmann, Chairman of the Board of Management of VEBA AG Dr. jur. Edgar Jannott, Chairman of the Boards of Management of VICTORIA Holding AG, VICTORIA Versicherung AG and VICTORIA Lebensversicherung AG Ludwig Knabl, Employee of the Munich Reinsurance Company Hilmar Kopper, Spokesman of the Board of Management of Deutsche Bank AG Dr.-Ing. E. h. Eberhard v. Kuenheim, Chairman of the Supervisory Board of Bayerische Motoren Werke AG Dr.
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