Presentation

Transcription

Presentation

The Munich Re Group
Global Investor Conference
Merrill Lynch
Nikolaus von Bomhard
Chairman of the Board of Management
6 October 2005
Agenda
Turning risk into value
3
On the way to sustainable profitability
9
Perspectives
24
The Munich Re Group
Merrill Lynch Conference
6 October 2005
2
Agenda
3
9
Perspectives
23
The Munich Re Group
6 October 2005
3
Understanding risk as entrepreneurial chance
Munich Re Group
Reinsurance
Primary insurance
Assets under
management
as at 30 June 2005:
€155.4bn managed
by MEAG
Leading global reinsurer
Gross premiums written 2005e:
€21.9bn
5,000 clients worldwide
Germany-based with growing importance in selected European markets
Gross premiums written 2005e: €18.0bn
31 million clients in Europe,
thereof 18 million in Germany
Non-life reinsurance: No.1 worldwide
Primary insurance: No. 2 in Germany
Life reinsurance: No. 2 worldwide
European market leader in health and
legal expenses
The Munich Re Group
6 October 2005
4
Institutional form of how the risk is attracted
increasingly of less importance
Ins
u ra
risk ble
s
No
n-in
s
ris urabl
ks
e
Our competitive
advantage:
Life
Risks
Reinsurance
Health
Insurable
emerging risks
Casualty
Credit
and surety
Property
Marine
Aviation
Outstanding risk
bearing capacity
through strong
balance sheet
Active risk
diversification
idu
als
,
gr
ou
ps
,
No
t in
s
ris ured
ks
co
mp
an
ies
Primary
insurance
125 years of
experience in
managing base
and peak risks
Ind
iv
Worldwide
The Munich Re Group
6 October 2005
5
Munich Re Group's unique position
Maximising diversification benefits …
Munich Re Group
Global
reinsurer
European
primary insurer
Local composite
insurer
Limited capital
mobility
Moderate capital
mobility –
Subsidiary
structure
High capital
mobility – Branch
structure and intragroup risk
mitigation
+
L&H P-C
… by active portfolio steering in terms of product mix, segment mix, geographic mix,
asset allocation and risk mitigation
The Munich Re Group
6 October 2005
6
Update on financials
Good Half-year results 2005
Net earnings
Premium split 30.6.2005
in €m
Reinsurance
Property-casualty
6,796 (35.1%)
(▲–8.4%)
Primary insurance
Property-casualty
2,990 (15.4%)
(▲–0.1%)
By segment
41
56
Total consolidated
PI P&C
215
905
105
289
Primary insurance
Life and health
6,159 (31.8%)
(▲5.0%)
Reinsurance
Life and health
3,435 (17.7%)
(▲1.0%)
Shareholders' equity
394
193
PI L&H
Net earnings
in Q1–2 2005
negatively
influenced by
reserve increase
at American Re
1,192
Re P&C
870
Re L&H
Q1-2 2004 Q1-2 2005
Q1-2 2004 Q1-2 2005
Combined Ratio
in €m
20,737
22,058
in %
Q1-2
2005
Q1-2
2004
Reinsurance
Non-Life
99.8
95.5
Primary insurance
94.6
93.4
P&C1
31.12.2004
30.06.2005
1
Decrease in
reinsurance
premiums as
result of strict
focus on risk
adequate pricing
Including legal expenses insurance
Shareholders'
equity driven by
net profit contribution and positive
capital markets
Combined Ratio
below 100%
despite burdens
The Munich Re Group
6 October 2005
7
The Munich Re Group
6 October 2005
8
Events during the current business year 2005
Claims

Winterstorm Erwin

Windsor Tower
Madrid

Hurricane Dennis

Hurricane Emily

Floods in Austria,
Germany,
Investments

Allianz stake
Others

reduced to < 5%

strengthening at
American Re to
Commerzbank
draw a line under
stake reduced
the reserve
to < 5%

Sale of MAN

Sale of BHW
Reserve
uncertainties

ERGO ahead of
targets
Switzerland

Hurricane Katrina

Hurricane Rita
Agenda
3
9
Perspectives
23
The Munich Re Group
6 October 2005
9
The Munich Re Group
6 October 2005
10
The Munich Re Group strategy
The cardinal virtues to achieve sustainable profitability
Active risk
diversification
Sustainable
success
Excellent steering
and control
Focus on risk as
our business
High standards in risk and capital management lead to
an adequate return on shareholder capital
PROTECT
Derisking
and asset/
liability
management
+
OPTIMISE
Insurance
risk
limits and
accumulation
Hedging
Operational
strategies
risks
Integrated
steering
framework
Cycle
optimisation
Active
Convergence
capital
of capital
management
requirements
control
Effective risk governance:
Supervisory board, board of management and board risk steering committee
The Munich Re Group
6 October 2005
11
Active risk diversification is our value proposition
Asset
derisking
+
Insurance
diversification
+
Portfolio
optimisation
Sustainable profitability
The Munich Re Group
6 October 2005
12
Asset derisking in action
Concentration in German financials substantially reduced
Share
in %
12.2
9.0
7.9
Allianz
31.12.2003
31.12.2004
< 5.0
30.06.2005
25.7
HVB
12.07.20051
18.3
18.3
9.5
Commerzbank
7.0
< 5.0
9.2
9.2
BHW
0.0
0
1
5
10
15
20
25
30
The Munich Re Group
6 October 2005
Date of sale to below 5%.
13
State-of-the-art control of natural catastrophe accumulation
risks supports our insurance diversification
Top ten scenarios
as at 1.1.2005
Munich Re Group scenarios1
Cyclone Australia (Brisbane)
Earthquake Australia (Sydney)
Strict Group-wide
accumulation control processes
Rigorous
assessment
of risks
Earthquake Israel/Jordan
Earthquake Japan
Earthquake USA (Los Angeles)
Earthquake USA (Midwest)
Intra-Group
trading of budgets
Boardapproved budgets
by scenario
Earthquake USA (San Francisco)
Earthquake Portugal
Hurricane USA (SE) / Caribbean
Storm Europe
1
In alphabetical order.
Allocation of
Group budget to
business units
The Munich Re Group
6 October 2005
14
Katrina – what happened
Along a 150km-long
and 200 to 1000mtdeep coastline
between New
Orleans and Mobile
almost complete
destruction due to
flash flooding
Flood damages in
New Orleans as a
consequence of the
breach of the levees
on Lake Pontchartrain and the canal
system
Pure windstorm
damages are within
the range of expectations after such a
severe event
The Munich Re Group
6 October 2005
Source: FEMA and Munich Re/American Re
15
High severity and high frequency of hurricanes –
Katrina in 2005 and storm series 2004
Hurricanes Katrina
Caused massive windstorm and flood
damage, expected to be mainly from
property and offshore energy
Katrina loss for private insurance
industry estimated between USD 20
and 60bn (excluding NFIP losses)
Katrina estimate of Munich Re's experts
up to USD 30bn (excl. NFIP losses)
Rita
Storm series 2004

Not a worst-case scenario but
nevertheless intensive

Munich Re‘s estimate for the
insured market loss:
USD 5 to 10 bn

Loss estimate for MR:
€ 230m gross/ € 150m net
after taxes
Loss estimate for MR: € 1,1bn gross
and € 500m net after taxes
Track of Katrina
Track of Rita
Series of windstorms (Charley, Frances,
Ivan, Jeanne) have clearly brought
home the huge loss potential of extreme
weather-related events
2004 was the most expensive NatCat
year for insurers in history until then
10-year average (1995 – 2004): NatCat
impact on combined ratio of 3.0%-pts
Windstorm series tracks 2004
Wind Speed
(km/h)
Geo Risks Research 9/2005
Geo Risks Research 9/2005
The Munich Re Group
6 October 2005
16
Munich Re retrocession strategy 2005

External retrocession designed to optimise the Munich Re Group's
cost of capital

Munich Re's retrocessionaires are only companies with very high
security

Catastrophe excess of loss retrocession 2005 covering the direct and
facultative property and engineering business

€/USD 800m xs €/USD 400m: Retro programme starts above €/USD 400m
and consists of various layers

Between 30 – 98% of the various layers have been placed, adding up to
€/USD 500m

Natural catastrophe exposures of all main R/I subsidiaries fully protected

Hedge funds participate at standard market terms
Munich Re Group's main off shore underwriting unit, the Watkins
Syndikate, is covered by an own reinsurance programme
Retrocession integrated into Munich Re's
overall risk management concept
The Munich Re Group
6 October 2005
17
Renewals
Reasonable results in 2005 but strong renewals 2006 ahead

1 January 2005 renewal

1 April 2005 renewal

Increase in typhoon XL rates for Japan
Improvement in prices and conditions for Japanese proportional fire business
Proportion of overall
non-life portfolio
renewed as at:
1 January 2005:
approx. 65%
1 April 2005:
approx. 4%
1 July 2005 renewal

Stable to slightly higher European liability prices
Hurricane events reduce pressure on XL rates, e.g. marine and property
business
Pressure on prices in claims-free areas, e.g. in property business in Europe,
America and Asia
Increased primary insurer retentions for proportional business in Australia
Growing reinsurance capacity and falling prices in US property and casualty
business
Price increases affecting loss-intensive natural catastrophe XL treaties in
Latin America
Expectation for 1 January 2006 renewal

Property in general at least stable and strong increase in property cat
and energy expected
Demand for both primary insurance and reinsurance cover stimulated as losses on
the scale of Katrina could happen on any continent
1 July 2005:
approx. 10%
Munich Re partly offsets
business lost through individual
price pressures by gains in
attractive new business
The Munich Re Group
6 October 2005
18
Reinsurance market maintains a professional stance
Market environment
Munich Re's position
Due to worldwide increase in size
No alternative to profitable
and complexity of risks, demand
for reinsurance continues to grow
underwriting
Evident need for risk-adequate
Burden on reinsurers is impacting
the capital strength of some
market players
prices and conditions
Warming of atmosphere is
considered proactively in terms of
On the whole, prices and
conditions are in line with risks
Evolution differs in single markets
Munich Re ideally
positioned thanks to
its first-class
expertise, wide
product range,
capacity and service,
backed by excellent
financial strength
prices
World class risk monitoring
Tailored reinsurance solutions to
Low interest levels, reduced
match client needs
investment income prospects
The Munich Re Group
6 October 2005
19
The Munich Re Group
6 October 2005
20
Trends in primary insurance
ERGO: Life insurance

New business lower than last year's – sales picking up in
Q2 – 2005 full-year figures expected to be down 15%

Good growth in unit-linked business
Health insurance market

Discussion on structural changes of German health system to
increase after the general elections

Supplementary insurance continues to be growth sector
ERGO: Property-casualty insurance

New motor tariff introduced as at 1 July 2005 taking into
account more individual risk characteristics – highly individual
premium rates

Technical results to remain favourable
Reinsurance
Focus on an excellent portfolio
R/I
Mission
Future priorities
Life and
Health

Provide efficient, tailor-made solutions

Embedded Value and IRR as steering
tools, but also strong contribution to IFRS
profit
Maintain cutting edge of technical knowhow (e.g. health)

Benefit from demographic developments

Continue organic and profitable growth by
taking advantage of changes in
accounting (IFRS) and regulatory
requirements (Solvency II)
R/I
Mission
Future priorities
PropertyCasualty
Focus on profitability, not growth

Rigorous adaption of risk-adequate
prices, terms and conditions to ensure
sustainable profitability
No more earnings drag from reserving
at AmRe, line drawn in 1H2005

Selective organic and profitable
development of business volume
Burden from the hurricanes in the long run
compensated by adequate prices

Leadership in technical capabilities
Strict analysis of business up for renewal,
driven by value-based management tools
The Munich Re Group
6 October 2005
21
Primary insurance
Focus on profitable private customer business
P/I
Mission
Future priorities
Life and
Health
Participate in good growth opportunities
for private provision:
Advice-driven sales forces
In Life, focus on annuities and company
pension business, in health on
supplementary insurance
First class processes
on the basis of integrated IT
Further improvement of life business model
to safeguard achieved turnaround
Sustainable profitability for the benefit of
customer and shareholder
Maintain strict cost discipline
Extension of health management
Health: focus on Asian growth markets
P/I
Mission
Future priorities
PropertyCasualty
Very good combined ratios due to:
Excellent portfolio mix
Keep the edge over the market in
efficient claims management
First class underwriting and
portfolio control
Tap cross-selling potential by using life/
health products as anchor products
Maintain strict cost discipline
Capitalise on legal expenses growth
potential in Europe
The Munich Re Group
6 October 2005
22
Agenda
3
9
Perspectives
23
The Munich Re Group
6 October 2005
23
Perspectives
Insurance growth keeps outperforming growth
in the overall economy
Nominal GDP growth p.a. until 20141 in selected regions
Americas
Europe
Emerging Asia
US: Most advanced P&C
market, high share of
casualty business, private
care
Latin America:
Catching-up
Demographic shift and
social security reforms,
integrating economy
Rapid economic and
insurance market growth
5.5–6% 4.5–5%
USA
Canada
11–12%
12%
11%
7–10%
6–8%
8–9%
Non-life insurance
continued to grow
faster than the
economy in the
last three decades
Trend even
stronger for life
insurance
4%
Western Eastern
Europe Europe
Latin
America
Russia
China
India
Other
Non-life insurance penetration until 2003
in %
3.5
3.0
2.5
Global non-life premiums/nominal GDP
2.0
Trend line
1.5
1.0
1970
1
Consensus; sum of real GDP and inflation.
85
2000
The Munich Re Group
6 October 2005
24
Perspectives
(Re)Insurance has and will always change
nontraditional
Short term
innovation
Type of
coverage
Long term
innovation
traditional
established
Short term innovation
new
Risk
Focus
Long term innovation

Identification of new types of
coverage a (re)insurer can offer

Identification of new risks, that
can be (re)insured

Efficiency improvement of
existing markets

Creation of new markets with
first mover advantages

One by one horizon

Long term horizon

Immediate transformation

5 to 8 years to create established
markets
The Munich Re Group
6 October 2005
25
Perspectives
Prospects for 2005

Solid result despite heavy burdens in 2005 envisaged

Burdens:

Strong current operating results in Q1-2
Strong investment result
ERGO ahead of plan
Future: Improved earnings quality due to

improved risk awareness / better terms after hurricanes
lower volatility after derisking of asset portfolio
no earnings drag from reserving
Improving future earnings potential
1
€388m
€750m
2.7%-pts
12% RoE-target
still achievable
Profit contributions:

Hurricane losses
Impacts from AmRe reserving
AmRe reserve charge mitigated by Group IBNR
Profit impact for Munich Re Group before tax
Profit impact for Munich Re Group after tax
= Approx. loss ratio for full business year 2005
Strict bottom-line
orientation, not
focussed on topline growth
Profit for the year ÷ average total shareholders' equity, both incl. minority interests.
The Munich Re Group
6 October 2005
26
Perspectives
Opening the door to the strategic vision:
Sustainable profits coupled with active capital management
Strategic vision
Flexible dividend policy1
Sustainable profits:
Economic Resilience Preparedness
capital
to stress
for enhanced
buffer
regulatory
capital
requirements
Fruits of Profit
cycle
track
manage- record
ment
Attaining
and maintaining
target
rating
Risk is our
business
Carefully testing
new business
opportunities
+
November 2003
rights issue
Today we
are here!
Active capital
management:
Flexible dividends
Share buy-back
Guiding principle along the journey: Rigorous assessment of all options
available for sustainable shareholder value creation
1
Striving for pay-out ratio of at least 25%.
The Munich Re Group
6 October 2005
27
The Munich Re Group
6 October 2005
28
Appendix
Financial calendar
Contacts
Disclaimer
Backup- Figures Q1-2 2005
Appendix
Financial calendar

7 November 2005
Interim report at 30 September 2005

14 March 2006
Annual report 2005

19 April 2006
Annual General Meeting

20 April 2006
Dividend payment

9 May 2006
Interim report as at 31 March 2006

3 August 2006
Interim report as at 30 June 2006

7 November 2006
Interim report as at 30 September 2006
The Munich Re Group
6 October 2005
29
The Munich Re Group
6 October 2005
30
Appendix
For information please contact
Ralf Kleinschroth
Robert Kinsella
Tel.: +49 (0) 89/38 91-45 59
E-mail: [email protected]
Tel.: +49 (0) 89/38 91-30 19
Ingrid Grunwald
Frank Kopfinger
Tel.: +49 (0) 89/38 91-35 17
Tel.: +49 (0) 89/38 91-28 94
Fax: +49 (0) 89/38 91-98 88
Internet: www.munichre.com
Appendix
Disclaimer
This report contains forward-looking statements that are based
on current assumptions and forecasts of the management of
Munich Re. Known and unknown risks, uncertainties and other
factors could lead to material differences between the forwardlooking statements given here and the actual development, in
particular the results, financial situation and performance of our
company. The company assumes no liability to update these
forward-looking statements or to conform them to future events
or developments.
The Munich Re Group
6 October 2005
31
The Munich Re Group
6 October 2005
32
Backup – Figures Q1–2 2005
Backup – Figures Q1–2 2005: Executive summary
Q1–2 2005
Good half-year result considering reserve strengthening at AmRe

Good profit of €870m despite burden from American Re
reserve strengthening of €388m before tax or €750m after tax

Result before amortisation of goodwill of €2,230m

Gross premium income down by 1.5% to €19.4bn

Combined ratios:
Reinsurance: 99.8%,
Thereof 5.3 percentage points for reserve charge for
American Re incl. release of Group IBNR,
Primary insurance: 94.6%

Very good investment result: €5.0bn

Shareholders' equity strengthened by €1.3bn to €22.1bn
The Munich Re Group
6 October 2005
33
Backup – Figures Q1–2 2005: Munich Re Group in total
Income statement
Overall good half-year result
in €m
Q1–2 2005
Q1–2 2004
S in %
Gross premiums written
19,380
19,676
–1.5
Net earned premiums
17,870
18,161
–1.6
4,974
4,063
22.4
Total income
23,638
22,807
3.6
Total expenses
21,408
20,635
3.7
Expenses
2,230
2,172
2.7
Result before
–388
amortisation of
goodwill
Investment result
Result before amortisation of goodwill
Amortisation of goodwill
Operating result
Finance costs
Taxes on income
Group result
Thereof minority interests
Earnings per share in €
1 Simplified
4
121
–96.7
2,226
2,051
8.5
204
219
–6.8
1,152
640
80.0
870
1,192
–27.0
30
30
–
3.68
5.08
–27.6
calculation of tax expenses, as 40% of the release of the Group IBNR of €906m.
Effect from
American Re
reserve
strengthening and
release of
Group IBNR1:
Operating
result
Taxes
Result
after tax
Result per
share in €
The Munich Re Group
6 October 2005
388
–388
362
–750
–3.28
34
Investment result
Increased due to strong result from disposals
in €m
Q1–2 2005
Q1–2 2004
▲ in %
Regular income
4,024
3,869
4.0
Result from the disposal of investments
1,507
802
87.9
511
337
51.6
Thereof securities available for sale in
reinsurance segment1
48
88
–45.5
Thereof securities available for sale in
primary insurance segment1
52
41
26.8
411
208
97.6
Writedowns on investments
Thereof other investments of all
segments
Income from write-ups
1
230
107
115.0
Other income/expenses
–276
–378
27.0
Total
4,974
4,063
22.4
Very strong
investment result,
although gain of
€563m from the
sale of Allianz
investment to
below 5% will only
be recognised in
Q3 2005
Increase in writedowns on other
investments is due
to risk-oriented
hedging activities
The Munich Re Group
6 October 2005
Net effect: €59m (€60m) from non-fixed-interest securities available for sale including both segments.
35
Unrealised gains and losses
on securities available for sale
in €m
3,249
6,889
8,440
11,010
11,010
4,789
1,032
107
–77
5,159
11,279
8,866
7,812
5,924
–923
–426
–269
–2,675
31.12.2002
31.12.2003
Unrealised gains (gross)
Unrealised losses (gross)
31.12.2004
Gross
Policyunrealised
holders'
gains and
particilosses
pation
Deferred Minorities Consolidation
taxes
Shareholders'
stake
30.6.2005
The Munich Re Group
6 October 2005
36
Investments
Off-balance-sheet reserves
in €m
Real estate1
1,693
At equity
845
Other investments
1,784
Off-balance-sheet reserves 30.6.2005
4,322
4,322
Offbalancesheet
reserves
1
–2,754
Policyholders'
participation
–487
Deferred
taxes
–27
1,054
Minorities
Shareholders'
stake
The Munich Re Group
6 October 2005
Without reserves on own properties.
37
Investments
Well-balanced portfolio mix
Investment structure by asset classes
Equity exposure
(market values)
in €bn
100%
80%
157
174
181
188
in %
7.3
5.7
8.0
6.7
2.7
9.1
5.9
2.4
11.7
4.5
2.5
13.7
55.9
57.5
57.0
56.9
60%
30.6.2005
31.12.2004
Before hedges
14.0
13.9
After hedges
13.3
13.4
Real estate
40%
Participating interests
Loans
Fixed-interest securities
20%
11.2
12.5
11.5
11.5
Shares and equity funds
11.9
11.5
11.5
10.9
Miscellaneous
31.12.20041
30.6.20052
0%
31.12.2002 31.12.2003
1
2
After reallocation of own properties of Munich Reinsurance Company to other assets.
After reallocation of own properties of Munich Reinsurance Group to other assets.
The Munich Re Group
6 October 2005
38
Shareholders' equity
Benefited from half-year result
in €m
20,737
–457
Shareholders'
Paid dividends
603
54
870
452
–201
22,058
Other changes
Shareholders'
Change in
Change
Consolidated
Changes in
equity
unrealised
resulting from
result
exchange rates
31.12.2004
gains/losses1
valuation at
equity
30.6.2005
equity
1 On
The Munich Re Group
6 October 2005
other securities.
39
Segment results
in €m
Q1–2 2005
Q1–2 2004
Reinsurance
683
1,098
Primary insurance
320
97
9
22
Asset management
Consolidation
–142
–25
Group result
870
1,192
30
30
1 Simplified
Solid Group result
considering
pre-tax impact of
€388m from
reserve
strengthening at
American Re
overall effect of
€750m1 after taxes
from reserve
strengthening
The Munich Re Group
6 October 2005
40
Backup – Figures Q1–2 2005: Reinsurance segment
Income statement
Operating result improved
in €m
Q1–2 2005
Q1–2 2004
S in %
11,233
11,931
–5.9
Net earned premiums
10,302
11,025
–6.6
2,179
1,705
27.8
Total income
12,901
12,946
–0.3
Total expenses
11,064
11,173
–1.0
1,837
1,773
3.6
–
46
–100.0
1,837
1,727
6.4
Finance costs
162
186
–12.9
Taxes on income
992
443
123.9
Taxes
683
1,098
–37.8
–
5
–100.0
Result
after tax
Investment result
Operating result
Group result
1 Simplified
Effect from AmRe
reserve
strengthening and
release of
Group IBNR1:
Expenses
388
Result before
–388
amortisation of
goodwill
Operating
result
–388
362
–750
The Munich Re Group
6 October 2005
41
Backup – Figures Q1–2 2005: Reinsurance segment
Combined ratio non-life
Considering reserve strengthening ... still convincing
in %
Q1–2 2004
Q1–2 2003
Loss ratio
71.0
67.6
69.7
Expense ratio
28.8
27.9
26.2
AmRe reserve
strengthening
Combined ratio
99.8
95.5
95.9
more major claims
Thereof NatCat
2.1
–
1.2
Thereof reserve charges for AmRe and
release of Group IBNR
5.3
1.0
–
2005
2004
2003
Q1
96.5
96.3
96.8
Q2
103.01
94.7
94.9
Q3
–
105.8
99.3
Q4
–
99.3
95.8
in %
1
Combined ratio
influenced by
Q1–2 2005
Thereof reserve charges for AmRe and release of Group IBNR 10.7%.
still attractive
prices and
conditions
The Munich Re Group
6 October 2005
42
Backup – Figures Q1–2 2005: Primary insurance segment
Income statement
Profit more than tripled
in €m
Q1–2 2005
Q1–2 2004
S in %
9,160
8,870
3.3
Net earned premiums
7,568
7,136
6.1
Investment result
2,916
2,385
22.3
Total income
11,278
10,313
9.4
Total expenses
10,785
9,925
8.7
493
388
27.1
4
75
–94.7
Operating result
489
313
56.2
Finance costs
42
35
20.0
Tax on income
127
181
–29.8
320
97
229.9
31
26
19.2
Group result
Increase in
premium income
due to year-end
rally in 2004
Strong investment
result due to
improved result
from disposal of
investments
Higher allocation
of earnings to
reserve for
premium refunds
(RfB)
Excellent
operating and
group result
The Munich Re Group
6 October 2005
43
The Munich Re Group
6 October 2005
44
Backup – Figures Q1–2 2005: Primary insurance segment
Combined ratio property-casualty
Still excellent
in %
Q1–2 2005
Q1–2 2004
Q1–2 2003
59.3
59.2
61.5
35.3
34.2
35.8
94.6
93.4
97.3
2005
2004
2003
Q1
99.1
95.4
98.5
Q2
90.5
91.5
96.2
Q3
–
90.0
94.6
Q4
–
95.1
96.5
Loss
ratio1
Expense ratio1
Combined ratio in
1
property-casualty1
Including legal expenses insurance.
in %

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