Our operations encompass all aspects of risk assumption in primary insurance and reinsurance. We are one of the world‘s largest reinsurers, and one of the largest primary insurers in Germany.
Our integrated business model, focused on risks from reinsurance, primary insurance and the international healthcare market, has proved its effectiveness. It has also been endorsed, in my view, by the activities of some of our competitors who, having increasingly extended their business models beyond the borders of insurance in recent years, are now rethinking their strategies. Unreasonably high result expectations in the fi nancial sector have been disappointed; sustained returns on equity of 20% or more cannot be earned if a sensible approach is taken to risk.
ERGO becomes fully-fl edged healthcare provider The ERGO Insurance Group is one of the biggest providers of private health insurance in Germany. In the summer, our health insurers Victoria and DKV launch a competitive offensive that offers insureds advantages if they consult physicians in the company ’s quality healthcare network. Besides insurance cover, ERGO also provides services such as the health information hotline.
Dividend remains stable Since 2004, Munich Re has been pursuing a more flexible dividend policy, with the payout essentially based on the result for the year and our capital requirements. Nonetheless, our aim is to pay out at least 25% of the annual result to our shareholders.
Our sustainability portal at which has been online since September 2007, provides detailed and up-to-date information on Munich Re’s activities in this area.
Shareholders’ participation in the Annual General Meeting is facilitated by means of electronic communications. They can, for example, use the internet to authorise Company proxies and issue voting instructions. Furthermore, they have the option to follow the whole AGM live on the internet and, if they have authorised a Company proxy, to change their voting instructions right up until the end of the general debate. In addition, admission cards for the Annual General Meeting can be ordered online.
Munich Re’s rating For many years, Munich Re has been among the reinsurers given top ratings by the leading rating agencies. In 2008, the rating agencies did not make any changes to their ratings or their stable outlooks for Munich Re.
Suffi cient attention was not always given to whether the assumptions were reasonable in relation to future developments. This was compounded by political mistakes and management errors. US house prices, for example, became so infl ated because the government promoted housing development and deliberately kept interest rates low. In other words, it is too simple to attach all the blame to risk management – but it naturally offers a comfortable explanation.
words, we calculate loss events that normally occur only once in periods of 1,000, 100 or 50 years and add up what can happen. Schneider: But our risk management even includes what we cannot calculate.
Missing: After the 2008 earthquake in Sichuan, China, many people searched for friends and family.
London School of Economics and Munich Re – Researching the economics of climate change
Assessing and covering natural hazards – this has been one of Munich Re’s core competences and lines of business since its foundation in 1880. No one now disputes that weatherrelated natural catastrophes are occurring more and more frequently and causing an increasing amount of damage. After all, climate change affects everybody: the European smallholder if there is not enough rain; the US plant operator if a hurricane cripples production; the Asian investor if natural catastrophes wreck a construction project; or the African farmer if bush fi res threaten his livelihood.
The establishment of the health insurer DAMAN National Health Insurance in Abu Dhabi is a unique success story. What began in 2005 with 13 staff has developed into a project with 1,300 employees. “We have far exceeded our business-plan targets in every respect”, says delighted DAMAN boss, Dr. Michael Bitzer.
Our Europe and Latin America Division is responsible for the property-casualty business of our clients from Europe (except Germany) and Latin America. In order to simplify organisational structures within the Munich Re Group, we merged Münchener Rück Italia into Munich Reinsurance Company in January 2009.
Germany, Asia Pacific and Africa Corion Pty Limited, Sydney Munich Holdings of Australasia Pty. Ltd., Sydney Münchener Rückversicherungs-Gesellschaft Australian Branch, Sydney Munich Reinsurance Company Beijing Branch, Beijing Munich Reinsurance Company Hong Kong Branch, Hong Kong Munich Reinsurance Company Malaysia Branch, Kuala Lumpur Munich Mauritius Reinsurance Co. Ltd., Port Louis Munich Reinsurance Company New Zealand Branch, Auckland Munich Reinsurance Company Singapore Branch, Singapore Munich Reinsurance Company of Africa Ltd, Johannesburg Munich Reinsurance Company Korea Branch, Chongro-Ku Munich Re Japan Services K. K., Tokyo Munichre New Zealand Service Limited, Auckland
Audit Committee Dr. Albrecht Schmidt (Chairman) Hans-Georg Appel Prof. Dr. Henning Kagermann Dr. Hans-Jürgen Schinzler Wolfgang Stögbauer
Many countries are realigning their social security systems to these demographic requirements, and so for the time being insurers will have to cope with an uncertain legal and political climate. At the same time, insurers are having to adjust to the growing group of older people with special needs, particularly in highly developed countries. Flexibility and swift product development cycles are becoming increasingly important in competition.
In the USA, the world’s largest insurance market, economic growth slowed markedly compared with the previous year. The main reasons for this were the slump in property prices and the massive crisis of confidence on the financial markets. Until now, the state rescue packages, which have assumed historic proportions, have merely been able to slow this trend. Only exports served to buoy the economy, whereas private consumption and corporate investments plummeted in the second half of 2008. Nevertheless, real GDP was up by 1.3% due to the relatively robust development in the first two quarters.
On account of the highly volatile international stock markets, many investors turned to lower-risk investment products such as government bonds. This trend, together with the imminent recession, has caused the yield on ten-year German government bonds to fall from 4.3% to 2.9% since the beginning of the year, even though it did rise temporarily due to inflation. Ten-year US government bond yields dropped from 4.0% at the start of the year to 2.3%.
The euro’s soaring climb to an all-time high of US$ 1.59 came to an end in April 2008. Following a major price correction to US$ 1.23, the exchange rate re covered to US$ 1.39 at the end of the year. Against the Japanese yen, the euro fell considerably, moving down from ¥163.33 at the start of the year to ¥126.01 at the end of 2008.
October show that dynamic premium growth continued. Some European markets also displayed positive growth dynamics; in Spain, for example, total premiums in the first three quarters were up by around 6% year on year. In France, on the other hand, premium income showed a downward trend, at least in life insurance (–11% year on year, up to and including November).
Result before amortisation and impairment losses of goodwill €m 3,429 5,068 5,481 4,150 3,369 42_Lagebericht_e 7142_Lagebericht_e 71 10.03.2009 11:28:43 Uhr10.03.2009 11:28:43 Uhr
1 Adjusted pursuant to IAS 8. 2 Previous year adjusted owing to a change in methodology.
About 33% of our total premium income emanated from life and health and 67% from property-casualty business.
In Greater China, we benefited from strong regional growth and increased our premium volume at risk-adequate prices by 54% to a total of €590m. The steep rise in natural catastrophe losses (extreme snowfall in winter, earthquake in Sichuan) resulted in greater claims expenditure. As a result of our differentiated underwriting policy, however, our share in the losses from natural catastrophes was lower than our market share. Overall, premiums and results developed positively in Southeast Asia.
– Major burdens for the Group, limited by balanced investment policy and risk management
Equities and shareholdings In the year under review, the Munich Re Group reduced its portfolio of equities and long-term equity investments from €24.1bn to €6.2bn at carrying amounts, the bulk of which comprises shares in European companies. This was due on the one hand to our selective equity portfolio cutbacks in the course of 2008, in which we sold hedged items on a large scale, and on the other hand to sharp setbacks in share prices on the stock exchanges. At market value, our equity portfolio (including investments in affiliated companies and associates) represents 3.6% of our overall investment portfolio – down 10.2 percentage points on the start of the year. However, because our re maining portfolio at the reporting date is hedged to a large extent using derivatives, our economic exposure to equities at the end of the year accounts for only 1.7% (10.8%) of our investments at market value. Disposals and falls in market values aside, this decreased ratio is mainly attributable to the greater use of additional de rivative financial instruments. Expressed as a percentage of adjusted equity1, the volume of investments in equities – minus derivatives, policyholders ’ bonuses and deferred taxes – is 5% (“equity gearing”). Based on a percentage of 71% at the end of 2006 and 51% at the end of 2007, our dependence on the stock market has been significantly reduced as part of our prudent investment policy and in the light of the volatile capital market en vironment. This strategy is also apparent in our hedge quota, where the hedged share of our equity portfolio is expressed as a percentage of our total equity portfolio
At the reporting date, our portfolio of asset-backed securities and mortgagebacked securities totalled €6.1bn, which corresponds to an increase of ap proximately €0.6bn since the beginning of the year, mainly achieved in the first quarter. In the following quarters, on the other hand, we largely refrained from additional commitments. We invest only in items with a high credit rating. Consequentially, our portfolio has a good rating structure (despite the massive deterioration in ratings for structured credit investments in the market as a whole): as at 31 December 2008, 98.2% of these securities in our portfolio were rated A to AAA. Even though the credit crisis has made it clear that the ratings of complex financial instruments are of limited relevance as an analysis tool, we consider our portfolio to be relatively low-risk in the current economic climate.
In order to cover our obligations from underwriting business with appropriate investments, we match the maturity structure of our fixed-interest investments with our liabilities. In view of the long time horizons in life and health insurance business, which is predominant in our primary insurance, long-term investments are to the fore, whereas the maturities of interest-bearing securities in reinsurance vary more widely. This diverse maturity structure is also apparent in the duration (i.e. in the average capital commitment) of the Munich Re Group’s bond portfolios, which was 5.4 years as at the reporting date.
The general decline in interest rate levels since the start of the year reduced our hidden negative valuation differences relating to loans by €1.9bn, resulting in hidden reserves totalling €0.6bn on balance as at the reporting date.
Adjusted solvency ratio % 263.9 342.2 47_Lagebericht_e 11747_Lagebericht_e 117 10.03.2009 11:53:35 Uhr10.03.2009 11:53:35 Uhr
In the consolidated cash flow statement, the Group profit of €1,528m is used as the starting point for determining the cash inflows from operating activ ities. The consolidated result is adjusted by €1,067m to take account of the higher technical provisions. There was an increase in provisions for future policy benefits at the Group’s primary insurers due to portfolio development and strong new business production at recently established companies abroad, whilst the high maturity payouts of the past decreased further. By contrast, our reinsurers’ provisions for future policy benefits fell, mainly owing to our reductions of large-volume quota share treaties. Their loss re serves increased, primarily because a large portion of the many major losses (e.g. those caused by Hurricanes Gustav and Ike) had not yet been settled. The net gains on the disposal of investments – which in adjusting the consolidated profit have to be deducted from the cash flows from operating activities – are essentially attribut able to the disposal of securities available for sale and equity derivatives. The negative balance from write-ups and write-downs (triggered by share price losses that could not be fully offset by the use of derivatives) has to be added to the consolidated result again.
Our field staff attach great importance to consultancy, customer care and ser vice – and not only in their sales talks. After policies have been taken out, ERGO continues to convince clients through good service, such as swift and fair claims settlement. ERGO’s professional client management has been tested for client satisfaction and service by the German technical inspection agency TÜV and rated as “good.” The quality of its claims management is certified to DIN-EN-ISO9001, for which regular on-the-spot checks are made in addition to the extensive audit and claims controlling that occurs.
Besides this, our remuneration policy makes an important contribution to enhancing performance and gearing it to commercial success. Remuneration models and incentives are consistently linked to the achievement of agreed objectives and are geared to financial results. Company pensions are also a central component of our human resources policy. Furthermore, by means of flexible working-time models, we give our staff the opportunity to combine job and family and to achieve a good work-life balance.
Ensuring the protection of persons, information, property and financial assets is of fundamental importance for Munich Re. The same applies to our ability to maintain business operations when protective measures fail or new operational risks occur.
Pursuant to Article 4 of the Articles of Association, Munich Re’s Board of Management is authorised to implement certain capital measures (Authorised Capital Increases 2004 and 2006, Contingent Capital Increase 2003 I and 2005). Furthermore, by resolution of the Annual General Meeting of 17 April 2008, the Board of Management is authorised to buy back and use the Company’s own shares – and to do so to a limited degree by using derivatives. The complete wording of the resolution adopted on agenda items 5 and 6 can be accessed on our website at any time. The Board of Management availed itself 49_Lagebericht_e 13149_Lagebericht_e 131 10.03.2009 11:25:33 Uhr10.03.2009 11:25:33 Uhr
At Munich Re’s AGM, the principle of “one share, one vote” applies. Shareholders may exercise their voting rights personally or authorise a proxy appointed in writing, a bank or a shareholders’ association to cast their votes. Munich Re also offers its shareholders the opportunity to have their voting rights exercised in accordance with their personal instructions by one of the proxies nominated by the Company.
– Death of Board member after retirement – Marriage and/or birth of child before drawing occupational pension
– Widow(er)’s pension = 60% of defi ned benefi t – Possible age-related reduction (max. 50%) of the widow(er)’s pension depending on age of married couple
Mr. Phelan, who retired on 31 December 2007, received the following amounts in 2008 for 2007: remuneration in kind and fringe benefits (including travel expenses from Princeton to Munich) of €63,646.74, an annual bonus payment of €1,507,487.98, and €1,317,632.34 from Munich Re America’s long-term incentive plan.
Reinsurance Reinsurance continues to hold considerable promise for the future, with a wide variety of earnings opportunities in the long term. On the one hand, the economic burdens for primary insurers also impact reinsurers’ growth and profit opportunities. On the other hand, reinsurance gains in importance in the current financial situation. Since the capital base of insurers has shrunk as a result of the crisis, the capital-relief effect of reinsurance is in demand. In addition, the lasting security of the cover offered is more important than ever. The Munich Re Group will benefit from this trend. Owing to our consistent financial solidity and expertise in the field of risk assessment and risk management, we are in a position to offer our clients reliable solutions and added value.
As part of our balanced and still conservative investment policy, we aim to selectively build up our credit exposure. We have started to marginally reduce our considerable portfolio of government bonds and reinvest the capital in corporate bonds with a minimum rating of BBB–, but without increasing our exposure to the financial sector. Although we expect the current rating levels to deteriorate, we calculate that this development is already partially anticipated in the current risk spreads. We consider the rise in risk spreads exaggerated in most cases and expect that the unrealised losses incurred up to the end of 2008 in our portfolio of corporate bonds and structured products will decrease in the following years until maturity. As things stand at present and depending on further market development, we intend to realise only that portion of the losses that is incurred in regular trading in 2009.
In the previous years, we strongly cut back our investment in real estate. Our real estate portfolio at market value totalled €7.6bn as at 31 December 2008. The proportion of real estate in Germany amounted to around two-thirds. This market has shown moderate appreciation in value in the past and is unlikely to be hit by a drastic deterioration. For office properties, we anticipate that the adverse economic situation will result in a marked increase in vacancy rates worldwide. By contrast, residential property in Germany should follow a stable trend; in individual, particularly attractive markets, vacancies may even recede owing to an increase in tenant demand and restricted new building activity. In summary, we regard our real estate investments to be comparatively conservative, with the clear focus on Germany. Nevertheless, we see the current crisis as an opportunity to carefully diversify further internationally, without significantly increasing overall real estate exposure.
In the light of the continuing financial crisis, the marketing of retail funds for private clients is likely to be affected by German investors’ increasing preoccupation with security. Traditional life insurance will experience a renaissance, reviving the importance of conventional products of investment and provision in ERGO’s marketing programme – the main sales channel in MEAG’s private client business. MEAG will exploit this trend with attractive products and marketing campaigns geared to ERGO’s sales structure.
In addition, Corporate Underwriting draws up best-practice standards – mainly for the reinsurance segment – based on risk and performance analyses. These define how underwriters model individual risk types and which underwriting methods are to be applied. In underwriting reviews, we check compliance with the underwriting guidelines and analyse to what extent actual underwriting in the respective unit conforms to best practice.
We counter this risk through the activities of our Strategy Committee, which discusses strategic planning and significant strategic issues and decisions, and regularly monitors their realisation. The Strategy Committee comprises members of the Group Committee, and thus the CRO, plus the CEOs of the business fields and the Head of Group Development. As a result, strategic decision-making processes are closely intermeshed with risk management. IRM is additionally involved in the operational business planning and in the processes for mergers and acquisitions.
The distribution of economic losses between the individual legal entities of the Munich Re Group may vary, but the options for one unit to support another in the event of a loss are subject in part to legal constraints. In determining the Munich Re Group’s capital requirement, restrictions of capital fungibility resulting from legal or regulatory requirements are therefore explicitly taken into account.
Legal and supervisory risks In April of 2004, New York State Attorney General Eliot Spitzer started an investigation into the use of Placement or Market Service Agreements (PSAs) in the insurance industry. Several other US state regulators subsequently commenced similar probes into this matter, as have regulators of other countries. We received requests to provide information in connection with these investigations and are cooperating fully with the authorities. Entities of the Munich Re organisation, together with several other insurers and brokers, have been named defendants in various PSA-related class actions by US pol icyholders. Munich Re denies any wrongdoing and will defend itself against the accusations in the appropriate manner.
Back in September 2008, in response to the emerging economic crisis, we conducted a Group-wide project to examine the impact of a recession on insurance business, in order to identify suitable control measures. This analysis included all divisional units and the Munich Re Group’s experience during the 1929–33 global economic crisis. The historical analysis showed that Munich Re only suffered a very small decline in profits, because there are countervailing effects in insurance, e.g. in the property-casualty sector. A mild recession in the industrialised nations in 2009 can be expected to result in a short-term reduction in Munich Re’s profit but also in opportunities from the new competitive situation that would arise. In a prolonged, deep recession, however, we expect there to be material effects, especially in credit reinsurance and special lines of property-casualty business, as well as in life primary insurance and investments. The reinsurance segment is currently experiencing a heightened interest in major transactions that often contain substantial credit risks, commit liquidity reserves, or exhibit systemic risks in the current market en vironment. The identification and exact risk assessment of such transactions represent a considerable additional challenge for risk management. Our divisional units have been sensitised by IRM to the significance of underwriting policy and pricing policy in this market phase.
The future regulatory requirements for risk management have become more transparent as a result of the progress made in the European Union’s Solvency II project, particularly the publication of the draft Solvency II directive in mid2007 (updated version in 2008). Munich Re supports these developments, which accord with our internal risk management approaches in all the main elements. Agreement on the directive between the European Council and the European Parliament is still pending.
Total recognised income and expenses – – 249 – –1,146 –535 –14 3,840 37 2,431
The income and expenses for the months of May to December 2008 have been recognised in the consolidated income statement. In the financial year 2008, the TRC Group contributed €0.7m to the consolidated result for 2008. In the financial year 2008, the TRC Group posted other income of €12.0m and a result of €1.5m.
Insurance derivatives Theoretical price Market values of the cat bonds Present-value method (without variable annuities) Interest-rate curve
Minority interests are accounted for as part of equity in the balance sheet. These are the shares of third parties in the equity of subsidiaries that are not wholly owned directly or indirectly by the parent. Direct minority interests in special funds are recognised under “other liabilities“. The portion of the result attributable to minority interests is shown in the consolidated result.
This item includes provisions for post-employment benefits. The companies in the Munich Re Group generally give commitments to their staff in the form of defined contribution plans or defined benefit plans. The type and amount of the pension obligations are determined by the conditions of the respective pension plan. In general, they are based on the staff member’s length of service and salary. Under defined contribution plans, the companies pay fixed contributions to an insurer or a pension fund. This fully covers the companies’ obligations. Under defined benefit plans, the staff member is promised a particular level of retirement benefit either by the companies or by a pension fund. The companies’ contributions needed to finance this are not fixed in advance. If pension obligations are covered by assets held by a legally separate entity (e.g. a fund or a contractual trust agreement in the form of a twoway trust) – assets that may only be used to cover the pension commitments given and are not accessible to creditors – the pension obligations are shown less the amount of these plan assets. If the fair value of the plan assets exceeds the related outsourced pension obligations, this repayment claim is shown under “other receivables“.
The goodwill results mainly from the acquisition of Munich Re America in November 1996 and from the acquisition of the additional shares in the ERGO Insurance Group in 2001 and 2002. The additions of €558m are largely due to the acquisition of shares in The Midland Company, Bank Austria Creditanstalt Versicherung AG, Sterling Life Insurance Company, and ERGO Daum Direct Auto Insurance Co., which we describe in detail in our notes on the consolidated companies.
To support Hypo Real Estate (HRE), the German federal government adopted a rescue package in 2008, backed by the Deutsche Bundesbank and also the German financial services industry. As part of this rescue package, the Bundesbank has granted liquidity assistance of €20bn, and a consortium of financial institutions has underwritten an HRE government-guaranteed bearer bond of €15bn with a maximum term up to the end of 2009. Munich Reinsurance Company’s share of this amounts to €70.7m. In addition, the consortium has underwritten another bearer bond secured by assets of the HRE Group, also totalling €15bn. Munich Reinsurance Company’s share here is €70.7m as well, of which €70.1m was immediately transferred to companies of the ERGO Group. Both bonds are recognised as corporate debt instruments.
Carrying amounts Amortised cost €m 31.12.2008 Prev. year 31.12.2008 Prev. year
Over four years and up to fi ve years 8,603 8,438 8,487 8,470
Notes Notes to the consolidated balance sheet – Assets swaptions totalled €565m (72m), and the underlying notional principal amounts €17,588m (19,977m). The investment result from derivatives includes a gain of €486m (–95m) from fluctuations in value of these options.
Although the derivatives in the Munich Re Group essentially serve to hedge against risks, only an amount of €702m (95m) meets the requirements of IAS 39 for hedge accounting.
At the beginning of the first quarter of 2008, the Munich Re Group decided to sell a portfolio of six items of foreign investment property (land and buildings) from an iii-investments special fund. Subsequent valuation of the disposal group resulted in an impairment of €19m. Ownership of the disposal group was transferred in April 2008. The property, with a carrying amount of €49m, is therefore no longer recognised at the reporting date.
In addition, to the 224 shares remaining from the 2007 employee share programme, a total of 58,905 shares were purchased at an average price of €121.01 for the gratis shares granted by Munich Reinsurance Company to employees in 2008. After subscription of 58,846 shares by employees in 2008 and taking into account a subsequent issuing of 28 shares from the previous year’s programme, a total of 255 shares remain.
Over fi ve years and up to ten years 15.4 16.6 12.8 13.4
Included in the recognised income and expenses are actuarial losses amounting to €81m (actuarial gain: €157m) in the financial year and €387m (306m) cumulative actuarial losses, taking currency fluctuations into account.
Non-fi xed-interest – – –1 1 11 – – – – – 10 1
Provision for future policy benefi ts 533 420 19 24 581 1,676 27 38 1,160 2,158
Bank borrowing of Munich Re America Corporation, Princeton 11 11 74_Erlaeut_GuV_e 25074_Erlaeut_GuV_e 250 10.03.2009 11:23:52 Uhr10.03.2009 11:23:52 Uhr
Economically, however, an interest-rate risk derives in principle from the need to earn a return on the investments covering the provisions that is commensurate with the discount rate used in measuring the provision.
The major part of the discounted provisions in reinsurance are for US workers’ compensation business, for which the discount rates are governed by supervisory law and are determined prospectively per accident year. We currently do not expect any changes in the US regulatory authorities’ approval procedure. A sustained reduction in market interest rates is taken into account through conservative discount rate assumptions for future provisions for outstanding claims. If the discount rate were subsequently lowered by 100 BP, this would necessitate additional reserving of €229m (216m), which would have to be recognised as an expense in the income statement.
Expenses for employees’ pensions 174 170 76_SonstAngaben_e 26776_SonstAngaben_e 267 10.03.2009 11:23:28 Uhr10.03.2009 11:23:28 Uhr
Fair value 2008 for one right €0.12 €33.87 €34.14 €37.07 €33.02 €29.84 €33.80
The members of the Supervisory Board and Board of Management did not receive any cash advances or loans in the year under review. Nor were there any notifiable transactions between Board members and the Munich Re Group. Furthermore, no payments were made or advantages extended to members of the Supervisory Board for services provided internally within the meaning of item 5.4.7 para. 3 of the German Corporate Governance Code.
Unión Médica la Fuencisla, S.A., Compañia de Seguros, Saragossa 94.69% 7,152 458
Österreichische Volksbanken-AG, Vienna 9.47% 1,333,019 101,443 1 Some of these selected participating interests are held indirectly. They are calculated proportionally in each case. 2 The amounts are taken from the individual companies‘ financial statements. They have been translated using the exchange rates applicable on 31 December 2008 (equity as at the reporting date, result for the year at the average rate).
In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRS, as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315a para. 1 of the German Commercial Code and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The Group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.
It may be paid as a regular or single premium. Premiums written means all premium income that has become payable in the financial year. The portion of this premium income that constitutes payment for insurance cover in the financial year is referred to as earned premiums. In the case of products that are largely of an investment nature (e.g. financing treaties and unit-linked life insurance), it only includes – under IASs/IFRSs – the amount serving to cover the risk and costs.
USA Munich Reinsurance America Inc. 555 College Road East Princeton, NJ 08543-5241 Tel.: +1 609 243 4200 Fax: +1 609 243 4257 E-mail: info@munichreamerica.com www.munichreamerica.com
Austria ERGO Austria International AG Kölblgasse 8–10 1030 Wien Tel.: +43/1/27430 Fax: +43/1/27430-102 E-mail: info@ergo-austria.at
Poland ERGO Hestia ul. Hestii 1 81-731 Sopot Tel.: +48/58/5556000 Fax: +48/58/5556302 E-mail: poczta@hestia.pl www.hestia.pl
Bank Austria Creditanstalt Versicherung (BACAV) 17, 73, 96, 119, 191 Bell & Clements 84 Board of Management 4, 6, 8 ff., 61, 64, 114, 130 ff.
Amortisation and impairment losses of goodwill 167 11 4 7 344