Report of the Supervisory Board 021 corporate governance report and corporate governance statement 026
letter to shareholders 003 notable events in 2011 007 the Board of Management 008 Munich Re shares 010 our strategy 015
How do we see the overall economic situation for the current year? Given the ongoing strong influence of political events on the financial markets, we have every reason to believe that market volatility will continue to be significant. In this regard, the resolution of the sovereign debt crisis in the eurozone remains the stiffest challenge. Politicians undoubtedly have a key role to play here. The right balance must be struck between short-term measures to secure the liquidity of governments and banks and long-term measures to cut public debt as well as reforms to strengthen competitiveness. Clearly, the latter will take time; the priority must now be to restore confidence by seriously pursuing these goals. On this basis, greater integration of economic and fiscal policy in the EU can then follow.
Jan. Feb. Mar. apr. May Jun. Jul. aug. Sep. oct. nov. dec.
continually improving corporate governance is an important principle underlying our business activities.
Reinsurance Committee the reinsurance committee comprises those members of the board of Management that do not sit on the group committee, i.e. torsten Jeworrek, ludger arnoldussen, thomas blunck, georg daschner, peter röder, Wolfgang strassl and Joachim Wenning. a further member is the chief financial officer for reinsurance, hermann pohlchris­ toph. the chairman of the committee is appointed by the supervisory board. this office is held by torsten Jeworrek. the reinsurance committee decides on all funda­ mental matters relating to the business field of reinsurance except where the full board of Management is mandatorily responsible.
the aforementioned objectives apply to the supervisory board as a whole. shareholder and employee representatives will each contribute their share to meeting them, and the bodies responsible under the co­determination agreement for election proposals to the european electoral board are requested to take due consideration of the objectives within the framework of the current rules.
board members who had not reached the age of 55 by the end of 2008 retained as a vested pension their pension entitlement under the previous defined benefit plan (fixed amount in euros) existing at the point of transition on 31 december 2008. as of 1 Janu­ ary 2009, these board members receive an incremental pension benefit generally based on the defined contribution plan for new board members. since the conversion of the pension system took place while board members’ contracts were in force, the pension contributions were calculated in such a way that the total of vested pension, pension­fund pension and incremental pension benefit results in an expected pension at age 60 equivalent to that of the previous pension benefit based on realistic esti­ mates.
// orphan’s pension amounting to 20% of the defined benefit or insured occupational pension per orphan.
our europe and latin america Division is responsible for property-casualty business with our clients from europe (except germany), latin america and the caribbean.
Life Munich american reassurance company, atlanta, georgia Munich re, tokyo (life Branch) Munich re, toronto (life Branch) Munich reinsurance company of australasia limited – new Zealand Branch, auckland Munich reinsurance company of australasia ltd., sydney Munich re, london (life Branch)
ergo manages its business on the basis of the business fields german life insurance, health insurance, german property-casualty business, direct insurance, travel insurance and international business. ergo’s international health primary insurance companies, which were already managed by the Munich health business field, were sold by the DKV group to Munich health holding in the fourth quarter of the year.
Munich re is a leader in integrated risk management and can take advantage of the opportunities resulting from these global trends in both insurance and reinsurance. With our pronounced risk awareness, we continue to number among the leading risk carriers in a complex and volatile environment.
Jan. Feb. Mar. apr. May Jun. Jul. aug. sept. oct. nov. Dec.
Result in property-casualty reinsurance, we posted a consolidated result of €371m (1,806m) in 2011, owing to the exceptionally heavy burdens from major losses. the investment result was good at €2,157m (2,563m), while the operating result, which includes the investment result, decreased to €2m (2,509m). the technical result amounted to –€841m (1,223m). it contains an amount of €634m mainly from the release of provisions in the segments fire, credit and engineering, which we were able to make following a review of our very solid reserving position. net earned premiums totalled €15,769m (14,193m), compared with net expenses for claims and benefits of €13,216m (9,904m) and net operating expenses of €4,779m (4,437m).
in spain, our premium income fell to €368m (403m), owing to the continuing economic crisis and our profit-focused underwriting policy. We nevertheless succeeded in maintaining our leading market position.
2011 Prev. year Change % gross premiums written R$ m 644 378 70.4 thereof property-casualty R$ m 447 335 33.4 net earned premiums R$ m 277 169 63.9 thereof property-casualty R$ m 238 146 63.0 loss ratio property-casualty % 54.4 49.7 expense ratio property-casualty % 39.4 33.5 combined ratio property-casualty % 93.8 83.2 Result for the year R$ m 31.2 25.0 24.0
our swiss subsidiary new Reinsurance company ltd. (newRe) grew its premium volume by 8.8% to sfr 1,402m (1,289m) in the financial year 2011. newRe benefited from its specialisation in the area of structured, made-to-measure reinsurance solutions, whereas its premium volume in traditional business (with the focus on non-proportional covers for natural catastrophes in europe) remained stable, owing to consistent cycle
tailored solutions for industrial firms and corporate clients catastrophe bonds as an efficient risk-hedging tool
Result the consolidated result decreased to €45m (63m), mainly due to currency translation losses that adversely affected the non-operating result. We posted an investment result of €164m (142m), a rise of 15.5% compared with the previous year. the operating result amounted to €165m (131m), while the technical result – at €66m – was marginally down compared with the previous year (€69m).
investment result of €164m 1 excluding health insurance conducted like life insurance.
international health primary insurance business showed an increase of 2.2% to €1,968m (1,925m) in 2011. the acquisition of Windsor enabled us to more than offset the decline in premium income sterling posted in the financial year due to the company’s strongly limited sales opportunities following changes in the us regulatory framework. the purchase of Windsor with effect from 1 January 2011 was in line with Munich health’s strategy of strengthening its position in the us Medicare market. the two companies jointly offer health plans and specialty managed-care programmes for the senior segment, with sterling having access to the network of service providers established by Windsor. in the case of our european primary insurance companies, premium expansion in spain and Belgium essentially compensated for the decline in premium volume in the united Kingdom.
Munich Re gRoup annual RepoRt 2011 the net balance of write-ups and write-downs is the product of sometimes dramatic shifts in prices and interest rates resulting from the debt crisis. in an environment of falling interest rates, we saw an appreciation in the value of our interest-rate hedges, which we use to ensure that we can meet the long-term interest-rate guarantees extended to life insurance clients even in low-interest-rate scenarios. on balance, the value of these interest-rate hedging instruments climbed by €368m (80m). interestrate futures, by means of which we lengthened our duration, also benefited from the decline in interest rates and were written up in value. By contrast, the swaps we use in reinsurance to hedge against interest-rate risks lost value, necessitating write-downs. We also had to make write-downs on credit derivatives.
in the period under review, we recorded net gains on disposal for our investment portfolio as a whole. a large portion of these came from our fixed-interest portfolio, where we realised gains mainly from the restructuring of investments in government bonds and pfandbriefs. these more than compensated for the losses on disposal from the reduction of our southern european and irish government bonds. in addition, we realised gains from the sale of a group company which owned a real estate complex in singapore, and on the disposal of equities over the period under review as a whole. Where derivatives were concerned, the disposal losses mainly involved interest-rate, equity and commodity derivatives.
strategic debt includes subordinated liabilities amounting to €4,683m. these are described in the notes to the consolidated financial statements under (19) subordinated liabilities.
in 2011, we bought back 3.0 million shares worth €350m. since the beginning of the share buy-backs in 2006, we have returned a total of over €11bn, including dividend payouts, to our shareholders in order to bring our previously high capitalisation level more closely into line with requirements. at the balance sheet date on 31 December 2011, our revenue reserves under german commercial law accounting amounted to €1,317m.
statutory regulations and provisions of the articles of association regarding appointment and dismissal of members of the Board of management and concerning amendments to the articles of association the legal parameters for the appointment and dismissal of members of the Board of management are specified in the company’s co-determination agreement, articles 13 and 16 of the articles of association, sections 84 and 85 of the german stock companies act, and sections 121a para. 1 and 7a of the german insurance control act. munich re’s co-determination agreement and articles of association have taken over the legal tenets of the german co-Determination act. the supervisory Board appoints the members of the Board of management and may dismiss them at any time for good cause. on initial appointment, members of the Board of management are usually given contracts for a term of between three and five years. extensions of up to five years are possible and – in exceptional cases – members of the Board of management may also be appointed by a court of law.
management report // Financial position munich re group annual report 2011 2009). in accordance with the above-mentioned provisions of the articles of association, it may exclude subscription rights.
munich re expects a high level of performance from its employees. at the same time, we recognise our duty of care towards staff. in today’s business world, pressure to succeed and meet deadlines can endanger the physical and mental health of employees, particularly if they are ambitious and highly motivated. to prevent this from happening, we support managers and staff with workshops, seminars, medical check-ups, regular communications and individual counselling. in the event of illness, we provide our employees with assistance and support them in their reintegration. extensive measures have also been put in place in our international organisation – from preventive check-ups and advice through employee assistance programmes to work-related stress analyses.
Risk governance munich re’s risk governance fosters the development and maintenance of an effective risk and control culture, which encompasses all significant risk categories. it is supported by committees at group and business-segment level: group level the cro is a permanent member of the group committee, the central committee responsible for group-wide issues, the development and management of strategy, financial control, and risk management and investment matters.
Determining the risk strategy the assumption of risks is an essential part of our business strategy. our risk strategy defines the extent of the risks we are prepared to incur for our clients and shareholders. the development of our 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. its objectives are as follows: the risk strategy is determined by a risk appetite defined for a series of risk criteria. the criteria are based on the capital and liquidity available and on our earnings target within specified volatility limits, and provide a frame of reference for the group’s operating divisions.
a detailed presentation of the economic risk capital for market risks can be found on page 133 f. sensitivity analyses of the market-price risks associated with financial instruments can be found in the notes to the consolidated financial statements under (40).
munich re actively manages its risk exposure. this includes restricting our exposure through limits and budgets for natural catastrophe risks, where our experts consider scenarios for possible natural events, the scientific factors, occurrence probabilities and potential loss amounts. on the basis of these models, the impact of various events on our portfolio is calculated and represented in mathematical terms in the form of a stochastic model. these models form the basis for the erc calculation for the “large and accumulation losses” category, which apart from natural hazard scenarios includes man-made losses, and for the limits and budgets for accumulation losses.
Life and health in life and health business, the risk modelling takes account of countervailing developments with both short- and long-term effects on the risk drivers that influence the value of our business.
Whilst we are in a position to adequately assess the known risks in our portfolio on the basis of current knowledge, scientific research into climate change is complex and the political and regulatory environment in which we operate is developing dynamically, so that we must remain vigilant with regard to the identification and evaluation of new and changing risks. We adopt a multidisciplinary approach, using and combining the pertinent experience and expertise of our scientists, specialist underwriters, lawyers, economists, sociologists and actuaries as appropriate for the risk situation.
Legal risks so-called “placement and market service agreements (psa)” had been under investigation by the authorities in the usa from 2004. the investigations have now been discontinued, with no payment or other obligations ensuing for munich re. We do not expect any significant risks to arise out of the related class actions filed by policyholders in the usa.
management report // risK report munich re group annual report 2011 there are legal disputes between some former insurance intermediaries and ergo lebensversicherung ag, some of which have now been concluded. in may 2011, there were reports in the media in connection with further claims by former intermediaries and then on the discovery of irregularities involving an incentive trip and the sale of insurance products at ergo (including an incorrect “riester” proposal form and errors in company pension products). all cases were the subject of investigations by our internal audit function and the BaFin. ergo agreed to compensate people affected by the incorrect proposal form and to apply the relevant, more favourable conditions to their contracts. in the case of the company pensions, ergo is also in the process of considering whether the policyholders are entitled to more favourable contracts or compensation.
Regulatory developments the progress made in the solvency ii project in 2011 has clarified the future supervisory requirements somewhat, though some uncertainties remain. however, the adoption of the omnibus ii Directive planned for 2012 is expected to clarify the dates for the transition from solvency i to solvency ii and the duties and powers of eiopa. considerable progress has been made on the first pillar, with the exception of the key issue of underwriting liabilities. in particular for life primary insurance, the still open questions have far-reaching implications for capitalisation under solvency ii. there is therefore a risk for companies, including our life primary insurers, that they may not meet the capital requirements. the draft implementing measures produced by the solvency ii expert group (seg) have shed more light on the qualitative requirements of insurance companies and supervisory authorities laid down in solvency ii’s pillar 2. however, these measures are not expected to be adopted before mid-2012.
potential geopolitical upheavals, for instance in the middle east or southeast asia, are also still a significant risk for the global economy and thus the insurance industry.
B. Investments i. land and buildings, including buildings on third-party land (3) 3,889 4,247 –358 –8.4 thereof: held for sale (17) 13 – 13 – ii. investments in affiliated companies and associates (4) 1,154 1,091 63 5.8 thereof: associates accounted for using the equity method 924 870 54 6.2 iV. other securities thereof: held for sale 52 – 52 – 3. at fair value through profit or loss (9) 2,536 1,612 924 57.3
F. Cash at banks, cheques and cash in hand 2,490 2,900 –410 –14.1 G. Deferred acquisition costs (14) Gross 9,386 9,165 221 2.4 ceded share 44 72 –28 –38.9
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 application of international financial Reporting standards (ifRss)
the interpretation IFRIC 19 (11/2009), Extinguishing Financial Liabilities with Equity Instruments, contains guidelines on how financial liabilities are to be accounted for in accordance with ias 39 if the creditor accepts the entity’s shares or other equity instru­ ments to settle these liabilities fully or partially. for munich Re, the interpretation is currently of no significance.
as a result of the amendments to IAS 19 (rev. 06/2011), Employee Benefits, the option for deferring the recognition of actuarial gains and losses, in particular the “corridor approach“, has been eliminated. these gains and losses must now be recognised in equity without impact on profit or loss. furthermore, the past service cost for retro­ active changes in a defined benefit plan is also to be immediately recognised in the income statement. the return on plan assets is now to be determined on the basis of the rate used to discount the present value of defined benefit obligations. the adminis­ trative costs and taxes payable by the plan are to be deducted from the return. the requirements regarding the limit on a defined benefit asset have been integrated and further specified. moreover, additional disclosures in the notes are required, e.g. analys­ ing obligations in terms of their risks and sensitivities for the actuarial assumptions. the effects of the changes on munich Re are currently being examined.
Net assets lost €m 2011 Prev. year goodwill – – other intangible assets 6 3 other assets 51 34 technical provisions (net) –373 –26 other liabilities –286 –19
the ifRs fair values of the assets and liabilities of the companies at the time of acquisi­ tion are as follows: intangible assets of €42.7m, investments of €91.1m, receivables of €20.8m, other assets of €1.4m, liabilities of €133.6m towards mR Rent­investment gmbh, other liabilities of €2.7m, and deferred tax liabilities of €6.1m. the liabilities of €133.6m towards mR Rent­investment gmbh are eliminated in the consolidation process.
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 the fair value of the receivables acquired as part of the transaction amounts to €20.8m and corresponds to the carrying amount. no defaults were expected at the time of acquisition.
d // ceded share of technical provisions the share of technical provisions for business ceded by us is determined from the respective technical provisions in accordance with the terms of the reinsurance agree­ ments, cf. the notes on equity and liabilities item c. appropriate allowance is made for the credit risk.
the provision for outstanding claims is for payment obligations arising from insur­ ance contracts in primary insurance and reinsurance where the size of the claim or the timing of the payment is still uncertain. part of the provision is for known claims for which individually calculated provisions are posted. another part is for expenses for claims whose occurrence is not yet known (e.g. because they have not been reported yet or have not yet manifested themselves). a third class of provisions covers claims which are known but whose extent has turned out to be greater than originally fore­ seen. all these provisions include expenses for internal and external loss adjustment expenses. the provision for outstanding claims is based on estimates: the actual pay­ ments may be higher or lower. the amounts posted are the realistically estimated future amounts to be paid; they are calculated on the basis of past experience and assumptions about future developments (e.g. social, economic or technological fac­ tors). future payment obligations are generally not discounted; exceptions are some provisions for occupational disability pensions and annuities in workers’ compensation and other lines of property­casualty business, which we discount. for determining the provision for outstanding claims, munich Re uses a range of actuarial projection methods, including the chain ladder and the Bornhuetter­ferguson method. in applying the statistical methods, we regard large exposures separately. the standard actuarial methods we use are applied both to the run­off triangles for the payments and to the run­off triangles for the reported claims, so that we obtain a range of estimates for the ultimate loss. Within this range, a realistic estimated value for the ultimate loss is determined.
all technical provisions are regularly subjected to a liability adequacy test in accordance with IFRS 4. if current experience shows that the provisions posted on the basis of the original assumptions – less the related deferred acquisition costs and the present value of the related premiums – are inadequate to cover the expected future benefits, we adjust the relevant technical provisions with recognition in profit or loss and dis­ close this under impairment losses/unscheduled changes in the notes to the consoli­ dated balance sheet; see (2) other intangible assets, (14) deferred acquisition costs and (21) provision for future policy benefits. the appropriateness of unearned pre­ miums and of the provision for outstanding claims is assessed in relation to the realis­ tically estimated future amount to be paid. the appropriateness of the provision for future policy benefits is assessed on the basis of realistic estimates of the actuarial assumptions, the proportional investment result and, for contracts with participation in surplus, the future profit sharing.
the other provisions included in this item are established in the amount of the probable requirement. such amounts are not discounted if the interest­rate effect is insignificant.
f // liabilities this item comprises bonds and notes issued, deposits retained on ceded business, current tax liabilities, and other liabilities. financial liabilities are generally recognised at amortised cost. derivatives (derivative financial instruments, insurance derivatives and derivative compon ents separated from the host insurance contract) are recognised at fair value. details of how the fair value is determined are provided under assets item B.
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 the discount rates have been determined in the form of the weighted average cost of capital, with the proportionate cost of capital derived per period using the capital asset pricing model (capm). calculations are based on cash flows after consideration of normalised taxes. in the above table, for disclosure purposes, a corresponding pretax interest rate is given in each case; a reconciliation to munich Re’s cost of capital is not possible. sensitivity analyses were performed for the discount rates, the growth rates for extrapolation, and the cash flows. no impairments were identified.
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 assets pledged as security and other restrictions on title amount to €5m (5m). commitments to acquire other intangible assets total €4m (3m). costs of €20m (21m) for research and development incurred in connection with software projects were not capitalised but recognised as expenses.
Carrying amounts unrealised gains/losses Amortised cost €m 31.12.2011 Prev. year 31.12.2011 Prev. year 31.12.2011 Prev. year fixed-interest securities government bonds non-fixed-interest securities shares 4,911 6,027 553 1,488 4,358 4,539 investment funds
Disposal proceeds in the financial year €m 2011 Prev. year fixed-interest securities 57,885 53,063 non-fixed-interest securities
9 // other securities at fair value through profit or loss securities at fair value through profit or loss comprise securities of €2,370m (1,371m) held for trading and securities of €166m (241m) designated as at fair value through profit or loss.
Munich Health Total €m1 31.12.2011 Prev. year 31.12.2011 Prev. year provision for future policy benefits 7 7 2,458 2,435 provision for outstanding claims 35 9 2,934 2,630 other technical provisions – – 29 39
Breakdown of other receivables €m 31.12.2011 Prev. year amounts receivable on primary insurance business 1,552 1,411 accounts receivable on reinsurance business 4,909 4,514 interest and rent 2,880 2,852 miscellaneous receivables 1,951 1,799
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 as the other receivables mainly have a period to maturity of less than one year, the fair values largely correspond to the carrying amounts.
Reinsurance Life Property-casualty €m1 31.12.2011 Prev. year 31.12.2011 Prev. year ceded share –14 –13 26 51
in the primary insurance segment, long-term interest-rate levels were adjusted on the basis of the long-term regular return on investments. the now lower interest margin and adjustment of other assumptions led to impairment losses of deferred acquisition costs.
Tax loss carry-forwards and tax credits 31.12.2011 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 expiring in up to three years 27 81 108 11 37 48 expiring in over three years and up to ten years 224 83 307 160 102 262 expiring in over ten years 765 1,147 1,912 16 2,305 2,321 trade tax loss carry-forwards loss carry-forwards from capital losses expiring in up to three years – – – – – – expiring in over three years and up to ten years – – – – 183 183 expiring in over ten years – – – – – – not expiring – – – – – –
We decided in the second quarter of 2011 to sell our fully consolidated subsidiaries american modern life insurance company, amelia, ohio, and southern pioneer life insurance company, Jonesboro, arkansas. a contract regarding the sale of these companies, with economic effect from January 2012, was signed in the third quarter of 2011; the sales price was around €26m.
Development of gross provision for future policy benefits €m 2011 Prev. year status at 31 dec. previous year 104,413 100,862 currency translation differences 81 144 change in consolidated group/other 3,680 955 changes
Status at 31 Dec. financial year 45,704 2,603 43,101 41,540 2,310 39,230
in 2003, munich Reinsurance company established a contractual trust agreement in the form of a two-way trust for its unfunded company pension obligations. to finance these obligations, it is necessary for the trust assets to correspond to the present value of pension obligations. in the process, however, account has to be taken of the difference between the actuarial interest rate relevant for measuring the obligations and the return attainable on the investments. therefore, the present value of the pension obligations was calculated using an actuarial interest rate equivalent to the expected investment return, which increased the present value of defined benefit obligations at 31 december 2011 by €215m (112m).
included in the recognised income and expenses are actuarial losses amounting to €211m (93m) in the financial year and €812m (601m) cumulative, taking currency fluctuations into account.
consolidated financial statements // notes munich Re gRoup annual RepoRt 2011 in the health primary insurance segment, the income from technical interest for german insurance business corresponds to the allocation of interest to the ageing reserve (actuarial interest) and the allocation to the provision for premium refunds. the latter is based on the allocation of interest to provision for non-performance related premium refunds, on the investment result exceeding the actuarial interest rate, and on policyholders ’ participation in the other non-technical result components.
the following table shows the reconciliation between the expected taxes on income and the tax on income actually shown. the expected tax expenses are calculated by multiplying the operating result before taxes on income (after “other tax”) by the group tax rate. the applicable group tax rate amounts to 33%. this takes into account corporation tax including solidarity surcharge, and trade tax. the trade-tax municipal factors range from 240% to 490%.
Main components of tax expenses/income €m 2011 Prev. year current tax for financial year 984 1,138 current tax for other periods –353 –73 deferred tax resulting from the occurrence or reversal of temporary differences –798 –441 deferred tax resulting from the occurrence or utilisation of loss carry-forwards 76 325 Valuation allowances for deferred taxes/loss carry-forwards –462 –244 effects of changes in tax rates on deferred tax 1 –13 Taxes on income –552 692
the income from changes in tax rates and tax legislation primarily relates to the uK, italy and switzerland.
the effects of the capital market events listed in the following table do not take account of tax or the provision for premium refunds (gross disclosure), i.e. the analysis does not take into account the effects resulting from policyholders’ participation in surplus in insurances of the person. the impact on the results and equity shown below would be substantially reduced if these effects were considered. it is also assumed that changes in the capital markets occur instantaneously, preventing our limit systems and active counter-measures from taking effect. the analysis considers around 99% of munich Re’s investments.
the share-based factor tsR represents the total return on munich Re shares and comprises share price performance plus dividends paid over a certain observation period. the initial tsR value and the final tsR value are determined from the average of the last 60 calendar days prior to plan commencement and plan termination respectively.
Earnings per share 2011 Prev. year consolidated result attributable to munich Reinsurance company equity holders €m 702 2,422 Weighted average number of outstanding shares 177,982,144 185,422,866 earnings per share € 3.94 13.06
7 control owing to majority of voting power. 8 not currently utilised.
Provision for outstanding claims // provision for claims that have already been incurred at the balance sheet date but have either not yet been reported or not yet been fully settled.
Canada munich reinsurance company of canada munich re centre 390 Bay street, 22nd floor toronto, ont., m5h 2y2 info@mroc.com www.mroc.com temple insurance company munich re centre 390 Bay street, 21st floor toronto, ont., m5h 2y2 temple_info@templeins.com www.templeinsurance.ca
DkV Deutsche krankenversicherung aG aachener strasse 300 50933 köln service@dkv.com www.dkv.com erGo Direkt Versicherungen karl-martell-strasse 60 90344 nürnberg beratung@ergodirekt.de www.ergodirekt.de erGo lebensversicherung aG Überseering 45 22297 hamburg tel.: 0800 37 46-2 22 tel.: +49 211 4 77-71 00 (from outside Germany)
Munich Reinsurance Company’s market capitalisation €bn 17.0 16.8 18.9 20.9 Other Combined ratio 1 Not adjusted for relief from economic risk transfer to the capital markets. 2 Including risk transfer to the capital markets.