Key figures of Munich Re Group
Munich Re Group   2007 20061 20051 2004 2003
Gross premiums written €bn 37.3 37.4 38.2 38.1 40.4
Result before amortisation of goodwill €m 5,078 5,477 4,143 3,025 1,284
Taxes on income €m 808 1,648 1,014 712 1,752
Consolidated result €m 3,937 3,519 2,751 1,887 –468
  Thereof attributable to minority interests €m 83 94 72 54 –34
Investments €bn 176.2 176.9 177.2 178.1 171.9
Return on equity % 15.3 14.1 12.5 9.5 –3.0
Equity €bn 25.5 26.3 24.3 20.5 19.3
Valuation reserves not recognised in balance sheet2 €bn 0.6 1.9 2.6 3.2 1.8
Net underwriting provisions €bn 152.4 153.9 154.0 154.3 147.5
Staff at 31 December   38,634 37,210 37,953 40,962 41,431

1 Adjusted owing IAS 8.
2 Including amounts attributable to minority interests and policyholders.

Reinsurance3   2007 2006 2005 2004 2003
Gross premiums written €bn 21.5 22.2 22.3 22.4 24.8
Investments €bn 81.9 85.0 87.0 81.2 80.4
Net underwriting provisions €bn 55.4 59.6 63.4 58.2 56.7
Reserve ratio property-casualty % 272.0 280.9 295.8 243.8 205.0
Large and very large losses (net) €m 1,340 854 3,293 1,201 1,054
  Thereof natural catastrophe losses €m 673 177 2,629 713 288
Combined ratio property-casualty % 96.4 92.6 111.7 98.9 96.5

3 Before elimination of intra-Group transactions across segments.

Primary Insurance4   2007 2006 2005 2004 2003
Gross premiums written €bn 17.3 16.7 17.6 17.5 17.6
Investments €bn 109.3 107.4 105.9 115.0 108.3
Net underwriting provisions €bn 97.0 94.35 90.85 96.1 91.0
Reserve ratio property-casualty % 121.4 124.9 113.1 116.8 114.5
Combined ratio property-casualty % 93.4 90.8 93.1 93.0 96.4

4 Before elimination of intra-Group transactions across segments.
5 Adjusted owing IAS 8.

Our shares   2007 2006 2005 2004 2003
Earnings per share 17.90 15.056 11.74 8.01 –2.25
Dividend per share 5.50 4.50 3.10 2.00 1.25
Amount distributed €m 1,124 988 707 457 286
Share price at 31 December 132.94 130.42 114.38 90.45 96.12
Munich Re's market capitalisation at 31 December €bn 29.0 29.9 26.3 20.8 22.1

6 Adjusted owing IAS 8.