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Key figures (IFRS)1
Munich Re Group   2010 2009 2008 2007 2006
Gross premiums written €bn 45.5 41.4 37.8 37.3 37.4
Operating result €m 3,978 4,721 3,834 5,573 5,877
Taxes on income €m 692 1,264 1,372 801 1,648
Consolidated result €m 2,430 2,564 1,579 3,923 3,519
Attributable to minority interests €m 8 43 24 83 94
Investments €bn 193.1 182.2 174.9 176.2 176.9
Return on equity % 10.4 11.8 7.0 15.3 14.1
Equity €bn 23.0 22.3 21.1 25.3 26.3
Valuation reserves not recognised in balance sheet2 €bn 3.6 3.2 2.5 0.8 1.9
Net technical provisions €bn 171.1 163.9 157.1 152.4 153.9
Staff at 31 December   46,915 47,249 44,209 38,634 37,210
Reinsurance3   2010 2009 2008 2007 2006
Gross premiums written €bn 23.6 21.8 21.9 21.5 22.2
Investments €bn 83.7 76.8 78.4 81.9 85.0
Net technical provisions €bn 56.6 53.4 55.8 55.9 59.6
Large and very large losses (net) €m 2,228 1,157 1,507 1,126 585
Natural catastrophe losses €m 1,564 196 832 634 139
Combined ratio property-casualty % 100.5 95.3 99.4 96.4 92.6
Primary Insurance3   2010 2009 2008 2007 2006
Gross premiums written €bn 17.5 16.6 17.0 17.3 16.7
Investments €bn 121.8 118.4 114.0 109.3 107.4
Net technical provisions €bn 111.2 107.7 101.4 96.9 94.3
Combined ratio property-casualty % 96.8 93.2 90.9 93.4 90.8
Munich Health3   2010 2009 2008 2007 2006
Gross premiums written €bn 5.1 4.0      
Investments €bn 4.1 3.1      
Net technical provisions €bn 3.3 2.9      
Combined ratio 4 % 99.7 99.4      
Our shares   2010 2009 2008 2007 2006
Earnings per share 13.06 12.95 7.74 17.83 15.05
Dividend per share 6.25 5.75 5.50 5.50 4.50
Amount distributed €m 1,118 1,072 1,073 1,124 988
Share price at 31 December 113.45 108.67 111.00 132.94 130.42
Munich Re's market capitalisation at 31 December5 €bn 21.4 21.5 22.9 29.0 29.9

1 Previous years’ fi gures adjusted owing to recognition of Munich Health as a separate segment.
2 Including amounts attributable to minority interests and policyholders.
3 Before elimination of intra-Group transactions across segments.
4 Excluding health insurance conducted like life insurance.
5 This includes own shares earmarked for retirement.