Letter to shareholders 003 Notable events in 2014 008 The Board of Management 010 Munich Re shares 012 Our strategy 016
A correction on the stock markets beginning in September was a reaction to negative economic signals, and carrying on into October it caused the DAX to fall to an annual low of 8,355 points. This was rapidly followed by a rally, partly triggered by the falling oil price, which was seen as a boost to the economy. The DAX reached a new all-time high in early December, but by the end of the year rising oil price turbulences and concerns about the developments in Greece caused the DAX to slow again.
More information on sustainability ratings is available on our website www.munichre.com/cr/SRI-en
The protection of ecological resources – with the objective of Munich Re being carbon neutral worldwide by 2015 – and our social commitment, together with our three corporate foundations, are two further key focal points for our corporate responsibility. All these efforts are aimed at making an unambiguous value contribution for our clients, shareholders and staff members, as well as for the environment and society.
The benchmarks of good corporate governance are determined by national and international requirements, and by internal principles. As a result of its international organisation, Munich Re has to consider corporate governance rules in different national legal systems. We observe not only the respective national standards, but also internationally recognised best practices. In Germany, where Munich Reinsurance Company has its headquarters, corporate governance rules are set out in the Stock Corporation Act (AktG) and the German Corporate Governance Code. The German Insurance Supervision Act (VAG) and the European supervisory regulations (Solvency II implementation rules) formalise the requirements for the business organisation of insurance companies and the “fit and proper” criteria for their Board members and members of the Supervisory Board. The Insurance Supervision Act also provides particular rules for insurance companies’ remuneration systems. These rules formed the basis for the Remuneration Regulation for Insurance Companies (VersVergV) issued by the German Federal Ministry of Finance.
The Supervisory Board is of the opinion that all 20 of its members are to be regarded as independent within the meaning of Section 5.4.2 of the German Corporate Governance Code. The Supervisory Board is not aware of any business or personal relationship between a member and the Company, its governing bodies, a controlling shareholder or an entity affiliated with such a shareholder, as a result of which a major and not only temporary conflict of interest could arise. The Supervisory Board assumes that the members elected in accordance with the Act on the Co-Determination of Employees in Cross-Border Mergers and the co-determination agreement are independent as a matter of principle.
Risk report 117 Risk governance and risk management system 117 Economic risk capital 126 Available financial resources 133 Selected risk complexes 134 Summary 140
Prospects 146 Comparison of the prospects for 2014 with the result achieved 146 Outlook for 2015 148
Companies that operate in more than one segment and are allocated proportionately to Munich Health
The main factors of central performance measurement, besides value changes from our new business, are in particular the changes from the market risk (interest, shares and exchange rates), changes from the credit risk (risk spreads, credit ratings and defaults), changes from the market environment of health and life insurance business (mortality, morbidity, longevity and lapses) and the development of claims and costs in property-casualty business.
Dr. jur. Benita Ferrero-Waldner Member since 12 February 2010, last re-elected 30 April 2014 President of the EU-LAC Foundation
Anton van Rossum Member since 22 April 2009, last re-elected 30 April 2014 Chairman of the Supervisory Board of Royal Vopak NV and member of the Board of Credit Suisse Group
Prof. Dr. rer. nat. Peter Gruss Siemens AG Actelion Ltd., Switzerland
Munich Re Group Annual Report 2014 2 Own group company within the meaning of Section 18 of the German Stock Corporation Act.
Variable remuneration based on annual performance Firstly, annual targets for the variable remuneration component geared to annual performance are set on the basis of the consolidated result of Munich Re (Group), the results from the business fields reinsurance and ERGO, divisional results and personal performance. In addition, the Supervisory Board assesses overall performance – particularly also performance not taken into account in the objectives – of the Board of Management as a whole and the individual Board members, and it also takes into account developments during the appraisal period that are beyond the influence of the Board. Full achievement of the annual objectives (100%) allows for payment of 30% of the overall target amount for variable remuneration.
– Value added Individual contribution 20%–80% to corporate success Personal objectives Personal objectives Special focal points such as (three-year period) per Board member – Strategic goals – Staff development, including diversity – Sustainable development, social tasks Overall performance evaluation 20% Overall performance of individual Assessment by Supervisory Board taking Board members and the Board into account Section 87 of the Stock of Management as a whole Corporation Act (AktG) and the German Corporate Governance Code 1 The objectives are weighted individually according to the responsibilities of the individual Board members. 2 Further information on economic earnings is provided on page 39. 3 The business-field objective for Munich Health is an “individual contribution to corporate success” for the Board member responsible.
Further information about the Long-Term Incentive Plan can be found in the notes to the consolidated financial statements on page 282 ff.
Benefit amount: — Under the defined contribution plan for members first appointed as from 2009: Annuity based on the policy reserve built up under the external insurance or payment of the policy reserve as a lump sum at the date the insured event occurs
— For the share from the defined benefit plan: Entitlement of between 30% and 60% of the pensionable basic remuneration, reduced by 2% for each year or part thereof short of the Board member’s 60th birthday.
1 At the time of preparation of this report, no Supervisory Board resolution had yet been passed on the amounts to be paid for the 2014 annual performance. The amount shown for annual performance remuneration is based on estimates and the relevant provisions posted.
The fixed components for Munich Reinsurance Company senior executives comprise a fixed annual basic remuneration, paid out as a monthly salary, plus customary market fringe benefits and remuneration in kind (most notably a company car and a company pension scheme). The variable components are made up of the short-term components “performance-related bonus” and “Company result bonus”, and the longer-term shareprice -linked component Mid-Term Incentive Plan.
G3308Remuneration of Supervisory Board members in accordance with Article 15 of the Articles of Association1 Result- related remuneration with Result- long-term Fixed related incentive remuneration2 remuneration function Financial For committee Name year Annual work Annual Annual Total
1 Plus turnover tax (USt) in each case, in accordance with Article 15 (6) of the Articles of Association. 2 Including attendance fees in each case, as per Article 15 (4) of the Articles of Association. 3 After capping in accordance with Article 15 (5) of the Articles of Association (version 9/2013).
— Decline in premium income of 7.3% to €10.0bn, partly influenced by currency translation effects
By contrast, we posted very gratifying results in Canada, Asia and the European markets, where our expectations were met overall.
In all pillars of our business activity, our clients benefit from our global expertise relating to insurance products and biometric risks, from our structuring know-how and, in particular, from our capital strength.
Premium income decreased by an overall 1.8% to €3.1bn compared with the previous year (€3.2bn). Performance in 2014 varied from one class of business to the next: commercial and industrial business saw a 2.3% fall in premium deriving chiefly from improvement measures – mainly in industrial property insurance and in marine business. Personal lines property business showed a 4.3% year-on-year reduction in premium income, above all due to measures to enhance profitability in homeowners’ comprehensive insurance. By contrast, premium volume in private third-party liability insurance attained the previous year’s level. In legal protection insurance and personal accident business, we saw a general decline in premium income as against the previous year. However, premium was up by 2.4% in motor insurance.
Munich Re Group Annual Report 2014 1 Including other public-sector issuers and government-guaranteed bank bonds. 2 Presentation based on approximation and not fully comparable with IFRS figures. 3 Country exposures with more than €1.5bn each within these asset classes. 4 Especially EU and EFSF.
Due to the very low levels of interest rates, in reinsurance we brought the duration of our fixed-interest investments down closer to the lower duration of our technical liabilities, thereby decreasing our interest position on the assets side. At the end of the year, the interest-rate sensitivity of fixed-interest investments in reinsurance was slightly above the duration of the technical liabilities.
Our subordinated bonds are recognised in part as own funds by the German Federal Financial Supervisory Authority (BaFin). When this is considered in calculating the strategic debt, the latter is reduced to €743m and the debt leverage amounts to only 2.4%.
The Stock Corporation Act contains general provisions governing amendments to the Articles of Association (Section 124 (2) sentence 2, and Sections 179–181 of the Act). These state that only the Annual General Meeting can make resolutions on changes to the Articles of Association. In order to be carried, such a resolution must receive the votes cast by at least three-quarters of the share capital represented in the vote. The Articles of Association may stipulate a different capital majority (higher or lower) or other requirements, but the Company’s Articles of Association do not provide for any such special features.
Furthermore, Munich Reinsurance Company as the parent has introduced suitable control methods and – when reporting to the German Federal Financial Supervisory Authority (BaFin), which is also responsible for the Group – includes supplementary aspects at Group level, such as shareholdings, consolidated financial data and intraGroup transactions.
As reinsurers, we use our extensive risk knowledge to develop individual solutions to meet our clients’ diverse needs and add value. We know our cedants’ needs, develop innovative risk transfer solutions with them, and aim to continue driving forward the expansion of risk competence through strategic cooperations, thus providing our clients with the full range of underwriting products and a wide variety of services. As well as our own client platform (connect) and special product publications, the range we offer includes tools to improve business processes, individual consulting services and client seminars on many aspects of the insurance business.
Determining the risk strategy Our business strategy essentially comprises the assumption of risks. The risk strategy, which is derived from the business strategy, defines when, where, how and to what extent we are prepared to incur risks. The further development of the risk strategy is embedded in the annual planning cycle, and hence in our business strategy. It is approved by the Board of Management and discussed regularly with the Supervisory Board.
Our internal control system (ICS) is an integrated system for managing operational risks that covers all risk dimensions and areas of the Group. It meets Group management requirements, while complying with local regulations.
In addition to the simple risk of random fluctuations resulting in higher claims expenditure in a particular year, the adverse developments with a short-term impact that we model notably include the risk of above-average claims that could arise on the occurrence of rare but costly events such as pandemics.
General interest-rate risk 3.3 2.7 4.5 4.9 –2.5 –2.5 Specific interest-rate risk 3.0 1.7 3.3 3.5 –1.1 –0.6
Munich Re Group Annual Report 2014 withdraw from an insurance contract more than a year after it has been concluded if they have not received proper instruction on that right. The same applies if they have not received the insurance terms and conditions or pertinent consumer information. Affected are life insurance policies using the “policy model” issued between 1995 and 2007. By judgment dated 17 December 2014, the Federal Court of Justice extended its ruling to cover contracts based on the “proposal model”, so that customers now have a right of withdrawal more than one month after payment of the first premium if they have not received proper instruction on that right. Affected are life insurance policies based on the proposal model or the invitation model issued from 29 July 1994 to 31 December 2007. The Federal Court of Justice has not reached a definitive decision on the legal consequences of the judgments dated 7 May 2014 and 17 December 2014. We await further rulings. The judgments cannot be applied to classes of business other than life insurance.
Munich Re Group Annual Report 2014 legal consequences could have an indirect effect on companies that are not classified as systemically important. It is, for example, to be assumed that certain aspects of a recovery and resolution plan will ultimately be prescribed for all larger insurance companies. Supervisory experts and many supervisory authorities already regard such plans as constituting an integral part of good risk management today.
As in the previous year, the renewal negotiations at 1 January 2015 were marked by an oversupply of reinsurance capacity and good capitalisation of most market players. In January, treaties with a volume of €9.4bn – more than half of our treaty business in property-casualty reinsurance – were up for renewal. As a consequence of our profitoriented underwriting policy, the termination of large-volume transactions, and increasing retentions by our clients, the premium volume generated by renewed business decreased in the year under review by around €900m, or 9.5%, to approximately €8.5bn.
Given the persistently very low interest rates and a climate that is thus not conducive to private provision for old age, the environment remains challenging in the Life Germany segment. Premium development will be substantially influenced by volatile, heavily interest-rate-dependent single-premium business. We see good opportunities with our new product generation, which we extended in 2015 to include a company pension product. Nevertheless, we expect an overall fall in premium income in ERGO’s German life business in the financial year 2015.
iV. other securities 1. held to maturity (7) – 5 –5 –100.0 thereof: held for sale 79 – 79 – 3. At fair value through profit or loss (9) 2,169 2,300 –131 –5.7
Allocation to retained earnings – – 2,050 – – – – –2,050 – –
In accordance with the rules of IFRS 4, Insurance Contracts, underwriting items are recognised and measured on the basis of US GAAP (United States Generally Accepted Accounting Principles) at first-time adoption of IFRS 4 on 1 January 2005.
IFRS 12 (05/2011), Disclosure of Interests in Other Entities, combines the disclosures regarding facts and circumstances governed by IFRS 10, 11 and IAS 28. The objective of the standard is to provide information on the type and risk of interests in other entities and their implication for the consolidated financial statements. As a consequence, the information provided needs to be more comprehensive than before. In particular, IFRS 12 requires disclosures relating to unconsolidated structured entities, subsidiaries with significant non-controlling interests, discretionary judgments and assumptions in evaluating the nature of interests in other entities, as well as more detailed information on joint arrangements and associates. Munich Re is mainly affected by the extended disclosure requirements relating to unconsolidated structured entities and interests in joint arrangements and associates. Munich Re provides aggregated financial information regarding its interests in associates and joint ventures, and for unconsolidated structured entities it provides comprehensive information on the nature, purpose, scope, activities and carrying amount of the interests held by Munich Re in the unconsolidated structured entities. Munich Re also discloses the maximum exposure to loss from its interests in unconsolidated structured entities.
Internal management reporting was adapted with effect from the fourth quarter 2014 to include geographical market features that better reflect the increasing importance of international business. International business was allocated to the ERGO International segment. With effect from the fourth quarter of 2014, the monitoring and management of German life and health primary insurance business, which still includes global travel primary insurance, was integrated into the segment ERGO Life and Health Germany. Since the premiums written by ERGO Direkt mainly derive from German life and health primary insurance business, ERGO Direkt is also reported
The following new and/or revised standards are mandatory for Munich Re for the first time in the 2016 financial year. With the exception of the changes to IAS 19 from November 2013 and the 2010–2012 Cycle of Annual Improvements from December 2013, which were both adopted into European law in December 2014, all of the following legal amendments have yet to be formally adopted into European law.
As mandated by the IASB, application of the above amendments to IAS 19 and the Annual Improvements to IFRSs 2010–2012 Cycle are mandatory as from the 2015 financial year. However, as they were not adopted into European law until December 2014, application of the two shall not be mandatory for companies domiciled in the European Union until financial years beginning on or after 1 February 2015. Voluntary application before that date is permitted, but they are of little relevance for Munich Re.
— ERGO International (ERGO primary insurance business outside Germany) — Munich Health (global health reinsurance business and health primary insurance business outside Germany)
ERGO International, a sum-of-the-parts valuation was undertaken. Major life insurance companies were measured on the basis of Market Consistent Embedded Value (MCEV) plus the value of expected new business. The value of expected new business was established using a company-specific multiplier (with a multiple of 0–10.7) of the present value of the last annual new business generation. The MCEV calculations are based on the interest-rate swap curves relevant in the markets. For ERGO Italy and ERGO Austria we have additionally taken into consideration a market-consistent derived illiquidity premium of 28 basis points. The other companies of the segment were mainly valued in accordance with the discounted cash flow equity method. The discounted cash flow calculations were based on discount rates (before normalised taxes) between 9.6% and 15.5%. The detailed planning phases generally comprise three years. The growth rates after the detailed planning phases range between 0% and 4.8%. In measuring all the companies of ERGO International, the current valuation levels of insurance companies listed on the stock exchange and the acquisition prices of recent market transactions were taken into consideration. The fair value thus determined is allocated to Level 3 of the fair value hierarchy. The resulting impairment loss is recognised in the ERGO International segment.
Other securities at fair value through profit or loss Held for trading, and hedging derivatives1 252 1,916 – 2,168 Designated as at fair value through profit or loss – 205 – 205
Gains (losses) recognised in the income statement 11 27 1 –18 Gains (losses) recognised in equity 152 –30 172 63
The impairment losses reversed with respect to associates and joint ventures amounted to €22m (1m). They are distributed between the following different Group segments: in reinsurance, €16m (1m) is apportionable to property- casualty; in the ERGO field of business, €5m (–) is apportionable to Life and Health Germany and €1m (–) to Property-casualty Germany.
The total carrying amounts of the holdings (investments) in associates and joint ventures amounted to €1,285m (1,300m) in the period under review.
No Insurance-related investments 839 587 Yes Other assets 204 229 No Negative
Reinsurance Life Property-casualty €m 31.12.2014 Prev. year 31.12.2014 Prev. year Unearned premiums – – 160 109 Provision for future policy benefits 775 736 – – Provision for outstanding claims 351 363 1,802 1,817 Other technical provisions 3 –3 4 6
Ceded share – –1 1 – –19 –15 8078 A–C Development of gross deferred acquisition costs
Tax loss carry-forwards and tax credits 31.12.2014 Prev. year For which For which For which For which deferred deferred deferred deferred tax assets tax assets tax assets tax assets are are not are are not €m recognised recognised Total recognised recognised Total Corporation tax loss carry-forwards
Depreciation –58 –105 –5 –168 Impairment losses –4 –2 – –6
The acquisition costs of all Munich Re shares in the possession of Group companies at the end of the financial year totalled €693,905,654.78.
Composition of equity €m 31.12.2014 Prev. year Issued capital 572 581 Capital reserve 6,845 6,845 Retained earnings 13,005 12,841 Other reserves 6,458 2,374 Consolidated result attributable to Munich Reinsurance Company equity holders 3,153 3,304 Non-controlling interests 271 243 Total equity 30,304 26,188
Income and expense recognised directly in equity 4,532 –931 3,601 –4,212 1,111 –3,101
Liabilities not measured at fair value Subordinated liabilities 4,716 112 – 4,828 Bonds and notes issued 309 – – 309 Amounts due to banks – 8 30 38
Munich Re Group Annual Report 2014 22 Provision for future policy benefits
Obligations independent of funded obligations Present value of defined benefit obligations 5,584 3,992 Fair value of plan assets –2,741 –2,012 Assets from the defined benefit plan 122 160 Effect of asset ceiling – – Other – –
The actual return on plan assets amounts to €596m (13m), and the actual gains on reimbursements to €52m (actual losses of –€7m).
Ceded share Claims and benefits paid 28 40 16 9 280 206 Change in technical provisions
Investment expenses by segment (before deduction of income from technical interest)
ERGO Life and Health Property-casualty Germany Germany International €m 2014 Prev. year 2014 Prev. year 2014 Prev. year Write-downs of non-derivative investments –107 –93 –27 –28 –30 –20 Losses on the disposal of non-derivative investments –49 –117 –27 –16 –4 6 Write-downs and losses on the disposal of derivatives –389 –565 –162 –110 –42 –95 Management expenses, interest charges and other expenses –244 –244 –21 –16 –28 –27
Reconciliation to effective tax expenses/income €m 2014 Prev. year Result before taxes on income (after “other tax”) 2,859 3,441 Group tax rate in % 33 33 Derived taxes on income –943 –1,136 Tax effect of: Tax rate differences 320 142 Tax-free income 245 255 Non-deductible expenses –586 –494 Valuation allowances for deferred taxes/loss carry-forwards –48 227 Change in tax rates and tax legislation 3 12 Tax for prior years 1,341 946 Trade tax adjustments 14 –11 Other –34 –49
Further information on risks from large and accumulation losses can be found in the section on business performance on pages 78–82 and 87–88, and in the risk report on pages 128–130.
Asbestos insurance liabilities currently emanating predominantly from the US and some European countries are an area of concern for the entire insurance and reinsurance industry. Since the mid-1980s, industrial insurers writing business worldwide have found themselves being confronted with losses from policies taken out decades before. This also applies to Munich Re. In our case, the policies mainly cover claims which manifest themselves after a latency period of as long as 30–50 years. In response, we have posted provisions for claims under long-cancelled general liability policies which provided coverage according to the legal environment applicable at that time.
Claims payments for financial year –5,495 –5,617 –5,968 –5,930 –5,213 Claims payments for previous years –8,193 –7,388 –8,898 –8,096 –8,613 Costs –7,298 –7,024 –6,839 –6,808 –6,517
Number of rights (for 100% achievement of objectives) on 31 December 2011 63,769 – – – Number of rights (for 100% achievement of objectives) on 1 January 2012 63,769 78,568 – –
Munich Re as lessor Operating leases mainly involve leased property. The total of future minimum lease payments under non-cancellable leases at the balance sheet date was €845m (911m).
DKV Deutsche Krankenversicherung Aktiengesellschaft, Cologne3 100.0000 DKV Luxembourg S.A., Luxembourg 75.0000 DKV Pflegedienste & Residenzen GmbH, Cologne 100.0000 DKV Seguros y Reaseguros, Sociedad Anónima Española, Saragossa 100.0000 EIG, Co., Wilmington, Delaware 100.0000 ERGO ASIGURARI DE VIATA SA, Bucharest 100.0000 ERGO Assicurazioni S.p.A., Milan 100.0000 ERGO Austria International AG, Vienna 100.0000 ERGO Beratung und Vertrieb AG, Düsseldorf 100.0000 ERGO DIREKT Krankenversicherung AG, Fürth3 100.0000 ERGO DIREKT Lebensversicherung AG, Fürth3 100.0000 ERGO DIREKT Versicherung AG, Fürth3 100.0000 ERGO Életbiztosító Zrt., Budapest 100.0000 ERGO Elfte Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 ERGO Emeklilik ve Hayat A.S., Istanbul 100.0000 ERGO Funds AS, Tallinn 100.0000 ERGO General Insurance Company S.A., Athens 100.0000 ERGO Generales Seguros y Reaseguros, S.A., Madrid 100.0000 ERGO Grubu Holding A.Ş., Istanbul 100.0000 ERGO Grundstücksverwaltung GbR, Düsseldorf 100.0000 ERGO Immobilien-GmbH 14. Victoria & Co. KG, Kreien2 100.0000 ERGO Immobilien-GmbH 5. Hamburg-Mannheimer & Co. KG, Kreien2 100.0000 ERGO Insurance N.V., Brussels 99.9999 ERGO Insurance Pte. Ltd., Singapore 100.0000 ERGO Insurance SE, Tallinn 100.0000 ERGO International Aktiengesellschaft, Düsseldorf3 100.0000 ERGO International Services GmbH, Düsseldorf 100.0000 ERGO Invest SIA, Riga 100.0000 ERGO Italia Business Solutions S.c.r.l., Milan 100.0000 ERGO Italia Direct Network s.r.l., Milan 100.0000 ERGO Italia S.p.A., Milan 100.0000 ERGO Lebensversicherung Aktiengesellschaft, Hamburg3 100.0000 ERGO Life Insurance Company S.A., Thessaloniki 100.0000 ERGO Life Insurance SE, Vilnius 100.0000 ERGO Neunte Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 ERGO osiguranje d.d., Zagreb 100.0000 ERGO Partners N.V., Brussels 100.0000 ERGO Pensionsfonds Aktiengesellschaft, Düsseldorf3 100.0000 ERGO Pensionskasse AG, Düsseldorf 100.0000 ERGO Poist´ovna, a. s., Bratislava 100.0000 ERGO pojišt´ovna, a.s., Prague 100.0000 ERGO Previdenza S.p.A., Milan 100.0000 ERGO Private Capital Dritte GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Gesundheit GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Komposit GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Leben GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Vierte GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Zweite GmbH & Co. KG, Düsseldorf 100.0000 ERGO RUSS Versicherung AG, St. Petersburg 100.0000 ERGO Shisn, Moscow 100.0000 ERGO SIGORTA A.S., Istanbul 100.0000
MEAG HMR1, Munich4 100.0000 MEAG HMR2, Munich4 100.0000 MEAG IREN, Munich4 100.0000 MEAG Janus4 100.0000 MEAG Kapital 2, Munich4 100.0000 MEAG Kapital 5, Munich4 100.0000 MEAG Lambda EUR 2, Grünwald4 100.0000 MEAG Lambda EUR EM Local, Munich4 100.0000 MEAG Lambda EUR, Grünwald4 100.0000 MEAG Lambda GBP, Grünwald4 100.0000 MEAG Lambda USD, Grünwald4 100.0000 MEAG Lambda USD-COP, Grünwald4 100.0000 MEAG Multi Sach 1, Munich4 100.0000 MEAG MUNICH ERGO AssetManagement GmbH, Munich 100.0000 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, Munich 100.0000 MEAG Munich Re Placement, Grünwald4 100.0000 MEAG New York Corporation, Wilmington, Delaware 100.0000 MEAG NOK-Fonds, Munich4 100.0000 MEAG OptiMAX, Munich4 100.0000 MEAG PK-NORD, Munich4 100.0000 MEAG PK-WEST, Munich4 100.0000 MEAG Premium, Munich4 100.0000 MEAG Property Fund I, Munich4 100.0000 MEAG RenditePlus, Munich4 100.0000 MEAG REVO, Munich4 100.0000 MEAG SAG 1, Munich4 100.0000 MEAG Sustainability, Munich4 100.0000 Meag Tandem (Spezialfonds), Munich4 100.0000 MEAG US Real Estate Management Holdings, Inc., Wilmington, Delaware 100.0000 MEAG US Reserve Fund II, Munich4 100.0000 MEAG Valentin, Munich4 100.0000 MEAG Venus, Munich4 100.0000 MEAG Vidas 4, Munich4 100.0000 MEAG Vidas Rent 3, Munich4 100.0000 MEAG Vigifonds, Munich4 100.0000 MEAG VLA, Munich4 100.0000 MedNet Bahrain W.L.L., Manama 100.0000 MedNet Greece S.A., Athens 78.1419 MedNet Holding GmbH, Munich 100.0000 MedNet International Ltd., Nicosia 100.0000 MedNet Saudi Arabia LLC, Riyadh 100.0000 MedNet UAE FZ L.L.C., Dubai 100.0000 MedWell Gesundheits-AG, Cologne 100.0000 Merkur Grundstücks- und Beteiligungs-Gesellschaft mit beschränkter Haftung, Düsseldorf 100.0000 MFI Munich Finance and Investment Holding Ltd., Ta´ Xbiex 100.0000 MFI Munich Finance and Investment Ltd., Ta´ Xbiex 100.0000 Midland-Guardian Co., Amelia, Ohio 100.0000 Midwest Enterprises, Inc., Miami, Florida 100.0000 MR Beteiligungen 1. GmbH, Munich3 100.0000 MR Beteiligungen 18. GmbH & Co. Immobilien KG, Grünwald2 100.0000
We have audited the consolidated financial statements prepared by Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Munich, comprising the consolidated balance sheet, the consolidated income statement, the statement of recognised income and expense, the Group statement of changes in equity, the consolidated cash flow statement and the notes to the consolidated financial statements, together with the Group management report for the financial year from 1 January to 31 December 2014. The preparation of the consolidated financial statements and the Group management report in accordance with IFRS, as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315a (1) of the German Commercial Code (HGB) are the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the Group management report based on our audit.
Segment reporting 33, 195 Share buy-back 5 f.,12 ff., 74, 105, 153, 290 Share capital 15, 103 ff., 144, 231 Shareholdings 293 ff.
UK Great Lakes Reinsurance (UK) PLC Plantation Place 30 Fenchurch Street London EC 3M 3AJ