Key figures (IFRS)1
Munich Re Group   2009 2008 2007 2006 2005
Gross premiums written €bn 41.4 37.8 37.3 37.4 38.2
Operating result €m 4,721 3,834 5,573 5,877 4,156
Taxes on income €m 1,264 1,372 801 1,648 1,014
Consolidated result €m 2,564 1,579 3,923 3,519 2,751
Attributable to minority interests €m 43 24 83 94 72
Investments €bn 182.2 174.9 176.2 176.9 177.2
Return on equity % 11.8 7.0 15.3 14.1 12.5
Equity €bn 22.3 21.1 25.3 26.3 24.3
Valuation reserves not recognised in balance sheet2 €bn 3.2 2.5 0.8 1.9 2.6
Net technical provisions €bn 163.9 157.1 152.4 153.9 154.0
Staff at 31 December   47,249 44,209 38,634 37,210 37,953
Reinsurance3   2009 2008 2007 2006 2005
Gross premiums written €bn 24.8 21.9 21.5 22.2 22.3
Investments €bn 78.5 78.4 81.9 85.0 87.0
Net technical provisions €bn 55.3 55.8 55.9 59.6 63.4
Reserve ratio property-casualty % 272.7 271.9 272.0 280.9 295.8
Large and very large losses (net) €m 1,157 1,507 1,126 585 3,134
Natural catastrophe losses €m 196 832 634 139 2,603
Combined ratio property-casualty % 95.3 99.4 96.4 92.6 111.7
Primary Insurance3   2009 2008 2007 2006 2005
Gross premiums written €bn 17.5 17.0 17.3 16.7 17.6
Investments €bn 119.5 114.0 109.3 107.4 105.9
Net technical provisions €bn 108.7 101.4 96.9 94.3 90.8
Reserve ratio property-casualty % 125.6 118.8 121.4 124.9 113.1
Combined ratio property-casualty % 93.1 90.9 93.4 90.8 93.1
Our shares   2009 2008 2007 2006 2005
Earnings per share 12.95 7.74 17.83 15.05 11.74
Dividend per share 5.75 5.50 5.50 4.50 3.10
Amount distributed €m 1,088 1,073 1,124 988 707
Share price at 31 December 108.67 111.00 132.94 130.42 114.38
Munich Re's market capitalisation at 31 December4 €bn 21.5 22.9 29.0 29.9 26.3

1 Previous year’s fi gures adjusted pursuant to IFRS 3.62 (see “Consolidation”) and to IFRS 8 and IAS 8 (see “Changes in accounting policies”).
2 Including amounts attributable to minority interests and policyholders.
3 Before elimination of intra-Group transactions across segments.
4 This includes own shares earmarked for retirement.