Financial indicators (IFRS)¹

2010 was marked by high claims expenditure for major losses on the one hand. On the other hand, we posted a very good investment result, in spite of the pronounced volatility on the capital and currency markets.

In the period under review, our reinsurance business was affected by high claims costs from major losses, leading to a reduction in the result.

Despite impairment losses of goodwill amounting to €109m, our primary insurance business posted a higher consolidated result, thanks to a very good investment result.

The Munich Health segment contributed a higher consolidated result in the year under review. This segment, which covers our health reinsurance business worldwide and our primary health insurance outside Germany, is shown for the first time as a separate segment as per IFRS 8 in 2010. Its business was previously disclosed in the segments “life and health reinsurance” and “health primary insurance”. Minus the business written by Munich Health, the segment “life and health reinsurance” has become simply “life/health reinsurance”. The health primary insurance segment continues to include our German health insurance business and our travel insurance business. The figures for the previous year have been adjusted accordingly.