“Summing up, it is clear that the future holds great opportunities. It also holds pitfalls. The trick will be to avoid the pitfalls, seize the opportunities, and get back home by six o’clock.”
Where India’s future potential lies // A report by Antony Jacob insurance insurance –– A promise for the future A promise for the future 1212
Criticism and suggestions are being honestly scrutinised by eRGO and translated into improved products and services. “We are working systematically to understand clients’ needs and wants better“, says Thomas Bischof. “This will be the basis for designing the right products.“ Although that may sound self-evident, in the light of consumers’ experience it is little short of a revolution. //
The explosion of the oil rig Deepwater horizon and the subsequent oil spill last year demonstrated the serious risks connected with large technical installations. Pollution damage of the type that occurred in the Gulf of Mexico was previously considered uninsurable. So that such damage is paid for in future without the taxpayer having to foot the bill, we have developed a concept with which high indemnity limits can be provided by the insurance industry for an oil spill. This forward-looking idea has met with a very positive reception not only from insurers and brokers but also from the public.
But these factors alone do not explain Poland’s status as europe’s economic wunderkind, do they? That’s right. Another important factor is our potential in terms of increasingly well-educated young people. in recent years, my compatriots have “stormed” the universities. At the time of the political transformation in Poland, the country had 500,000 students. Today there are over 500,000 firstyear students alone at uni versities throughout the country. Young Poles are investing in themselves, their education and their future, and that’s naturally a good thing.
By the way, what does your company name actually mean? hestia was a Greek goddess – the guardian of home and hearth and, as such, a symbol of security. A fi tting name for us, don’t you think? //
Munich Re 2010Thinking furTher uSA, 2060 Addison camille and Alexandra Grace Space tourists
Munich Re GRoup annual RepoRt 2010 to ouR shaReholdeRs // letteR to shaReholdeRs
Dear Shareholders, the financial year 2010 was marked by numerous natural catastrophes and other major losses. With our broad range of products in primary insurance and reinsurance, we help to cushion at least the financial consequences of such events for those affected.
Nikolaus von Bomhard Chairman of the Board of Management, Chairman of the Group Committee Group development/Group investments/Group communications/Group audit/ Group executive affairs
Munich Re GROup annual RepORT 2010 all in all, Munich Re shares once again demonstrated the attractiveness of their clear and dependable investment profile in a challenging environment. Their long-term performance is also convincing: over the last three- and five-year periods, their price performance – including dividend payments – has bettered that of the dJ euRO sTOXX insurance.
active capital management is an integral part of Munich Re’s business policy. We pursue a flexible dividend policy, with the payout essentially based on the result for the year and our capital requirements. Taking this into account, we generally aim to pay out at least 25% of the annual result to our shareholders. We were one of the few German listed companies to pay a higher dividend for the financial year 2009, up €0.25 to €5.75 per share.
Munich Re GROup annual RepORT 2010 at the end of december 2010, a total of 140,000 shareholders were entered in our share register. The vast majority of shares were held by institutional investors such as banks, insurers or investment companies; around 10.5% were in the hands of private investors. The percentage of international investors was slightly higher than in the previous year (70%). at year-end 2010, a good 72% of the shares were held by foreign investors.
We pursue an integrated business model with three pillars: primary insurance, reinsurance and – for the international healthcare market – Munich health. This set-up allows us to cover the insurance industry’s entire value chain. it benefits our clients, because we can offer them solutions based on the whole range of our knowledge. as a Group, we are less dependent on cycles in individual lines of business and regional markets. This reduces our risk-capital requirement and lowers our cost of capital. The effect is enhanced by the non-correlation of the very different risks that we take onto our books; this diversification is key to our success.
the personnel committee held six meetings in 2010. it prepared the proposals to be submitted to the full Supervisory Board regarding the individual variable remuneration targets for the members of the Board of Management in the year under review. Moreover, it submitted proposals to the Supervisory Board regarding the extension of a Board member’s contract and the assessment of objectives and amount of bonus payments for the members of the Board of Management from the 2009 annual bonus. the
Munich Re gRoup annual RepoRt 2010 1 copy from the management report of Munich Reinsurance company. Some of the figures in the remuneration report of the Board of Management deviate owing to the application of international accounting Standards.
the Group Committee comprises the chairman of the Board of Management and at least one other member of the Board of Management, i.e. nikolaus von Bomhard and Jörg Schneider. a further member is Munich Reinsurance company’s chief Risk officer, Joachim oechslin. the chairman of the Board of Management is also chairman of the group committee. the group committee decides on all fundamental matters relating
the Board of Management and Supervisory Board cooperate closely to the benefit of the company. the Board of Management coordinates the company’s strategic approach with the Supervisory Board and discusses the current state of strategy implementation with it at regular intervals. it reports regularly to the Supervisory Board about all questions relevant to the company. the Supervisory Board has defined the Board of Management’s information and reporting requirements in detail. Specific types of transaction such as investments and divestments of substantial size and individual capital measures (e.g. according to article 4 of the articles of association) generally require the Supervisory Board’s consent. Beyond this, the Board of Management reports to the audit committee on specific topics falling within the latter’s scope of responsibility.
Structure of the remuneration system for the Board of Management in conformity with the german corporate governance code, we here explain the principles of the remuneration system for Munich Re’s Board of Management and the structuring of the individual remuneration components.
Annual perform- Value of ance Value of stock Number Remuner- (2010) perform- appreci- Number of of stock Basic ation in Annual ance ation perform- appreFinancial remuner- kind/fringe bonus share units rights ance ciation Name year ation benefits (2009)1 granted2, 3 granted4 Total share units rights
Life Bank austria Creditanstalt Versicherung ag, Vienna ergo Direkt lebensversicherung ag, Fürth ergo lebensversicherung ag, Hamburg ergo life n.V., Brussels ergo previdenza s.p.a., milan Hamburg-mannheimer pensionskasse ag, Hamburg san marino life Impresa sammarinese di assicurazione sulla vita s.p.a., san marino sopockie towarzystwo ubezpieczen na Zycie ergo Hestia spolka akcyjna, sopot VICtorIa lebensversicherung aktiengesellschaft, Düsseldorf VICtorIa pensionskasse ag, Düsseldorf VICtorIa-VolKsBanKen Versicherungsaktiengesellschaft, Vienna Vorsorge lebensversicherung ag, Düsseldorf Vorsorge luxemburg lebensversicherung s.a., munsbach
Overview of asset management meag Cash management gmbH, munich meag Hong Kong ltd., Hong Kong meag luxemburg s.á r.l., luxembourg meag munICH ergo assetmanagement gmbH, munich meag munICH ergo Kapitalanlagegesellschaft mbH, munich meag new York Corporation, new York meag property management gmbH, munich meag munICH ergo assetmanagement gmbH
our value-based management system takes into account the individual characteristics of the business segments property-casualty insurance and reinsurance, and health reinsurance, are lines of business that are mainly of a short-term nature. For these, we employ the following simple formula for measuring the value added annually by our insurance business and for managing and monitoring our business activities: Determining value added
In order to also give more emphasis in external communication to munich re’s value orientation – as implemented through our internal management tools – we have geared our group return target to risk-adjusted performance indicators, which are explained in more detail below.
In the property-casualty reinsurance segment, there were net expenses for claims and benefits of €9,904m (9,243m) and net operating expenses of €4,437m (4,125m) in 2010, compared with net earned premiums of €14,193m (13,968m). the combined ratio thus amounts to 100.5% (95.3%) – a satisfactory figure considering that the impact of major losses from natural catastrophes in 2010 (€1,564m, or 11.0% of net earned premiums ) was greater than in the previous year.
Wolfgang Mayrhuber member since 13 December 2002, last re-elected on 22 april 2009 Former Chairman of the Board of management of Deutsche lufthansa ag
Dr. rer. pol. peter röder eXtremus Versicherungs-ag munich re america Corp., Wilmington2 munich re america, Inc., princeton2
Jan. Feb. mar. apr. may Jun. Jul. aug. sept. oct. nov. Dec.80
Key figures1 combined ratio non-technical result €m 2,013 1,974 1,078 operating result €m 3,978 4,721 3,834 5,573 5,877 1 previous years’ figures adjusted owing to recognition of Munich health as a separate segment (see “Recognition and measurement”). 2 excluding health insurance conducted like life insurance.
at €692m (1,264m), tax expenditure was lower than in the previous year. the effective tax rate of 22.2% (33.0%) is well below the usual tax burden in germany. Besides the fact that parts of the group are subject to a comparatively low nominal burden, this low group tax burden is due to the consolidated results posted in the usa. We were able to offset a large portion of these positive results with existing tax loss carry- forwards for which no deferred tax assets had previously been recognised. the results are therefore not affected by either current or deferred taxes.
currency influences the consolidated financial statements are affected by changes in exchange rates. the profit-neutral translation of our foreign subsidiaries’ financial statements into the group presentation currency – the euro – is reflected in our reserve for currency translation adjustments, thus influencing the amount of group equity. generally speaking, rising exchange rates for foreign currencies increase group equity, while falling exchange rates reduce it.
the floods triggered by heavy rains in australia continued into the new year. on top of this, in february 2011, australia was hit by cyclone Yasi. for 2011, we currently expect a claims burden from these events in the low to mid three-digit million euro range after retrocession. in addition, a severe earthquake of magnitude 6.3 occurred on 22 february 2011 near the city of christchurch in new Zealand, with resulting exposure for Munich Re.
With a gross volume of €7,901m, premium income in life reinsurance was up 16.3% compared with the previous year. this increase was mainly fuelled by a number of large-volume reinsurance treaties where life reinsurance primarily serves as a capital substitute. these treaties, most of which were concluded in 2009 with clients in north america, asia and continental europe, led to a further rise in premium in 2010. an opposite effect derived from the consequences of the global recession, which had a partial impact on our clients’ business development and thus on the volume of business available in reinsurance.
Munich Re gRoup annual RepoRt 2010 in primary insurance, 2010 was clearly dominated by the new brand strategy decided on by eRgo in november 2009. its implementation was successfully concluded in the year under review. the core aspects of this strategy are to focus on a single eRgo brand in life, property-casualty and direct insurance business, and to enhance the specialists’ profile in healthcare (DKV), legal protection (D.a.s.) and travel insurance (eRV). changing client requirements can be accommodated in this way, and further growth triggered long term by a more visible all-round offering.
We derive our economic capital from iFrs equity by means of various adjustments. these are described on page 132 f.
management report // other success Factors munich re group annual report 2010 munich health munich re’s global healthcare insurance and reinsurance expertise is pooled under the munich health brand. this set-up enables us to specifically leverage identified opportunities with integrated, smart solutions for individual local needs.
Risk identification is performed by means of appropriate systems and indicators (quantitative component) and a number of risk surveys, which are supplemented by expert opinions and assessments by selected, highly experienced managers (qualitative component). our ad-hoc reporting process provides for staff to report risks to central risk management (irm) at any time.
Risk limits are derived from the risk strategy. Based on the defined risk appetite, limits and budgets and any risk-reducing measures required are decided on and implemented. Various units in the group work hand in hand to comply with the specified risk limits, whilst simultaneously taking account of the interests of the business. if a business unit identifies attractive business that exceeds its risk limits, the risk management departments responsible and irm analyse its potential impact on the group portfolio and the risk appetite of the group as a whole. taking these results and the expected earnings from the business into consideration, we devise a solution that enables us to accept the business in our books if appropriate.
in insurance business, premium income is generally received some time before claims and other benefits are paid to our clients, which generates significant liquidity.
in addition, at munich re we attach particular importance to // real-time cash-flow management matched to our needs; // a balanced investment structure aligned with our financial obligations, with investment primarily in asset classes that take due account of security, liquidity and ability to realise at market prices; and
the munich re group’s risk model indicates the stochastic profit and loss distribution of the available financial resources over a one-year time horizon. it is based on separately modelled distributions for the risk categories “property-casualty”, “life and health”, “market”, “credit” and “operational risks”. We regularly review these distribution assumptions, comparing them with loss events that have actually occurred, and adjust them if necessary.
our provisions ceded to reinsurers and retrocessionaires were assignable to the following rating categories as at 31 December 2010: the shifts are mainly due to the change in rating of a few reinsurers/retrocessionaires.
the ongoing discussions regarding the german healthcare system may result in further changes in the statutory parameters. as far as legal risks are concerned, the greatest threat to private health insurance would be the suggested “citizens’ insurance scheme”. if all citizens were to be compulsorily included in the german statutory health insurance system, this would mean the end of new business for private health insurers in comprehensive health insurance at least. constitutional hurdles make it unlikely that people who are already insured privately would have to be included. We have been monitoring this risk for many years and have publicly highlighted the disadvantages of such a health insurance scheme. “citizens’ long term care insurance” involves similar proposals.
Despite the still difficult economic situation, there are a wide range of opportunities for us. growing accumulation hazards and the move towards more stringent regulatory requirements will increase the demand for effective risk relief via reinsurance. With our know-how, our ability to find the right solutions and our financial strength, we are well positioned. in primary insurance, too, we expect stable development, especially in life business. people’s need for care and provision is rising and increasingly has to be financed privately. in property-casualty primary insurance, we anticipate growth especially in international business. there will be opportunities and risks for munich health from the us healthcare reform and many comparable initiatives in other regions of the world.
We have set ourselves the objective of doubling the value added by new business in life reinsurance in the period 2006 to 2011. on the basis of market consistent embedded Value (mceV) principles, this objective corresponds to a value added by new business of €330m for 2011. given the outstanding results of recent years, we are very confident of surpassing this goal. We aim to achieve sustained value added by new business in life reinsurance of €450m a year by 2015.
munich health there are many growth avenues in the international healthcare markets, in particular due to advances in medicine and improved life expectancy. We intend to take advan­ tage of these opportunities.
Equity attributable to Munich Reinsurance Company Non-controlling Total equity holders interests equity Issued Consolidated capital Capital reserve Retained earnings Other reserves result Retained earnings before Unrealised Reserve from Valuation result deduction of Own shares gains and currency from cash €m own shares held losses translation hedges Status at 31.12.2008 588 6,800 12,024 –1,181 2,227 –1,194 3 1,555 285 21,107 allocation to retained earnings – – 482 – – – – –482 – –
Land and buildings shown under investments comprise property used by third par - ties and are carried at cost. maintenance expenses are recognised as an expense. structural measures equivalent to 5% or more of the historical cost of a building are generally assessed with regard to whether they have to be capitalised. Buildings are depreciated on a straight-line basis in accordance with the component approach over 40 to 55 years, depending on the weighted useful life for their specific building class. if the recoverable amount of land and buildings falls below their carrying amount, the carrying amount is written down to the recoverable amount. impairment losses are recognised as investment expense in the consolidated income statement, and reversals of impairment losses as investment income. land and buildings classified as “held for sale” are recognised at the lower of carrying amount or fair value less sales costs.
Fixed-interest or non-fixed-interest securities available for sale that are not held for trading or recognised under loans are accounted for at fair value. if no quoted prices in an active market are available, fair values are based on recognised valuation methods in line with the present value principle. unrealised gains or losses are calculated taking into account interest accrued and, after deduction of deferred taxes and the amounts apportionable to policyholders by the life and health insurers on realisation (provision for deferred premium refunds), are recognised directly in equity under “other reserves”.
e // Receivables current tax receivables and other receivables are accounted for at nominal value. adjustments of value are made if there is objective evidence of impairment, cf. assets item B – impairment.
consolidated financial statements // notes munich Re gRoup annual RepoRt 2010 e // other accrued liabilities this item includes provisions for post-employment benefits. munich Re companies generally give commitments to their staff in the form of defined contribution plans or defined benefit plans. the type and amount of the pension obligations are determined by the conditions of the respective pension plan. in general, they are based on the staff member’s length of service and salary. under defined contribution plans, the companies pay fixed contributions to an insurer or a pension fund. this fully covers the companies’ obligations. under defined benefit plans, the staff member is promised a particular level of retirement benefit either by the companies or by a pension fund. the companies’ contributions needed to finance this are not fixed in advance. if pension obligations are covered by assets held by a legally separate entity (e.g. a fund or a contractual trust agreement in the form of a two-way trust) – assets that may only be used to cover the pension commitments given and are not accessible to creditors – the pension obligations are shown less the amount of these plan assets. if the fair value of the assets exceeds the related outsourced pension commitments, this reimbursement right is recognised under “other receivables”.
pension obligations are recognised in accordance with ias 19, using the projected unit credit method and based on actuarial studies. the calculation includes not only the pension entitlements and current pensions known on the balance sheet date but also their expected future development.
Carrying amounts Fair values €m 31.12.2010 Prev. year 31.12.2010 Prev. year government bonds – 1 – 1 debt securities of banks 42 83 43 85
Reconciliation for investments allocated to Level 3 at 31 December 2009
Other securities Other securities at fair value through available for sale profit or loss Total Designated as at fair value through Fixed- Non-fixed- Held for profit €m interest interest trading or loss carrying amount at 31 dec. 2008 2,575 358 – – 2,933 gains and losses 128 –31 16 – 113 gains (losses) recognised in the income statement –261 –32 16 – –277 gains (losses) recognised in equity 389 1 – – 390 transfer to/out of level 3 – 3 –4 – –1 gains (losses) recognised in the income statement that are attributable to investments shown at the end of the financial year –9 16 7
Reinsurance Life Property-casualty €m1 31.12.2010 Prev. year 31.12.2010 Prev. year ceded share –13 –14 51 69
changes amortisation –219 –360 –120 –146 –250 –237 impairment losses –101 –271 – –2 – –
deferred tax assets are recognised for unused loss carry-forwards to the extent that, on the basis of tax result planning, it is sufficiently probable that they will be utilised. We have broken down the existing deferred tax assets relating to loss carry-forwards and the loss carry-forwards themselves.
also in the fourth quarter of 2009, with economic effect from 1 april 2010, we sold seven residential investment properties with a total carrying amount of €68m.
information on capital management and minimum capital requirements is provided in the sections on those items under “financial position” in the management report.
Reinsurance Primary insurance %1 31.12.2010 Prev. year 31.12.2010 Prev. year up to one year 30.2 30.1 40.4 40.4 over one year and up to five years 46.5 46.6 37.3 36.7 over five years and up to ten years 14.3 14.3 13.0 14.3 over ten years and up to fifteen years 4.2 4.4 5.2 4.5 1 after elimination of intra-group transactions across segments.
included in the recognised income and expenses are actuarial losses amounting to €93m (121m) in the financial year and €601m (508m) cumulative, taking currency fluctuations into account.
Allocation of other liabilities measured at fair value to levels of the fair value hierarchy €m Level 1 Level 2 Level 3 Total other liabilities
Net expenses for claims and benefits 5,684 4,589 9,688 8,831 continued on next page
Primary insurance Life Health Property-casualty €m 2010 Prev. year 2010 Prev. year 2010 Prev. year gains on the disposal of investments 466 933 265 165 382 184 1 after elimination of intra-group transactions across segments.
Disclosures on risks from insurance contracts and financial instruments munich Re’s reporting is based on various legal regulations governing risks it is exposed to as a result of its business operations: ifRs 4 prescribes disclosures on the type and extent of risks from insurance contracts. under ifRs 7, analogous disclosures on risks from financial instruments are required. Besides this, section 315 para. 2 item 2 of the german commercial code prescribes disclosures in the management report on risk management objectives and methods, hedging methods and risks in connection with financial instruments. these requirements are specified in more detail in the german accounting standard no. 15 (dRs 15) for management reports as well as dRs 5 and dRs 5-20 for risk reporting and risk reporting at insurance companies.
in primary insurance, there is substantial risk minimisation through product design. for the most part, prudent actuarial assumptions are used in fixing the guaranteed benefits, in addition to which policyholders are granted a performance-related participation in surplus. more than 99% (99%) of the amounts shown under (21) provision for future policy benefits is apportionable to such contracts. given the relevant margins in the actuarial assumptions, it is also possible to fulfil the future guaranteed obligations without adjusting the provisions in the case of moderate changes in assumptions. of
munich Re continues to adhere to the strict rules of market-consistent evaluation as at the end of the year. the low interest-rate level and high volatility at the reporting date of 31 december 2010 result in distortions in life primary insurance in particular, owing to the long-term interest-rate guarantees.
further information on the liquidity risk is provided in the risk report on page 124 f.
the mid-term incentive plan at the reporting date is valued indirectly at the fair value of the liabilities. the fair value takes account of the value-based performance target and the total shareholder return (tsR) during the performance period. to this end, the
47 // employee share-ownership programmes no employee share-ownership programmes were launched in 2010. the shares left over from previous-year programmes were sold.
Non-consolidated subsidiaries “poRt hedland” Gmbh & co. KG, hamburg 99.3284 “poRt lincoln” Gmbh & co. KG, hamburg 99.3744 “poRt Williams” Gmbh & co. KG, hamburg 99.3134 a.l.i.c.e. software lda., lisbon 100.0000 acalter 140014 s.l., playa del inglés 100.0000 agenzia chianti s.r.l., milan 100.0000 aitesacho 5005 s.l., playa del inglés 100.0000 albulzaga 8008 s.l., playa del inglés 100.0000 aleama 150015 s.l., playa del inglés 100.0000 alice software espana s.l., madrid 100.0000 allfinanz inc., Wilmington, delaware 100.0000 allfinanz KK, tokyo 100.0000 allfinanz ptY, sydney 100.0000 oiK mediclin, Wiesbaden4 66.6672 olympic health management services inc., Bellingham, Washington 100.0000 olympic health management systems, inc., Bellingham, Washington 100.0000 ouachita life insurance company, Jonesboro, arkansas 100.0000 p.a.n. Gmbh & co. KG, Grünwald2 99.0000 princeton eagle holding (Bermuda) limited, hamilton, Bermuda 100.0000 princeton eagle insurance company limited, hamilton, Bermuda 100.0000 princeton eagle West (holding) inc., Wilmington, delaware 100.0000 princeton eagle West insurance company ltd., hamilton, Bermuda 100.0000 Queensley holdings limited, singapore4 100.0000 QVh Beteiligungs Gmbh, nuremberg 100.0000 Renaissance hotel Realbesitz Gmbh, Vienna 60.0000 Roanoke international Brokers limited, london 100.0000 Roanoke Real estate holdings inc., schaumburg, illinois 100.0000 Roanoke trade services inc., schaumburg, illinois 100.0000 san marino life impresa sammarinese di assicurazione sulla vita s.p.a., san marino 100.0000 seminaris hotel- und KongreßstättenBetriebsgesellschaft mbh, lüneburg 75.0000 solomon associates limited, london 100.0000 sopockie towarzystwo ubezpieczen ergo hestia spolka akcyjna, sopot 100.0000 sopockie towarzystwo ubezpieczen na Zycie ergo hestia spolka akcyjna, sopot 100.0000 southern pioneer life insurance company, Jonesboro, arkansas 100.0000 specialty insurance services corp., amelia, ohio 100.0000 sterling life insurance company, Bellingham, Washington 100.0000 tela aktiengesellschaft, munich 100.0000 temple insurance company, toronto 100.0000 the atlas insurance agency, inc., amelia, ohio 100.0000 the Boiler inspection and insurance company of canada, toronto 100.0000 the hartford steam Boiler inspection and insurance company of connecticut, hartford, connecticut 100.0000 the hartford steam Boiler inspection and insurance company, hartford, connecticut 100.0000 the midland company, cincinnati, ohio 100.0000 the polytechnic club, inc., hartford 100.0000 the princeton excess and surplus lines insurance company, Wilmington, delaware 100.0000 the Roanoke companies inc., schaumburg, illinois 100.0000 union Beteiligungsholding Gmbh, Vienna 100.0000 union life insurance company, Jonesboro, arkansas 100.0000 unión médica la fuencisla, s.a., compañia de seguros, saragossa 100.0000 Van arkel Gerechtsdeurwaarders B.V., leiden 79.9000
3 this fully consolidated German subsidiary intends to fulfil the conditions required in section 264 para. 3 of the German commercial code and, in the financial year 2010, to avail itself of the relevant provision exempting it from preparing annual financial statements.
Interest-rate curve // the interest-rate curve models the relationship between interest rates and the term of an investment (e.g. fixed-interest securities). as a rule, the interest rate increases the longer the term. this type of interest-rate curve is therefore referred to as rising (or normal). an interest-rate curve is defined as flat if the interest rate is independent of the term. inverse (or declining) interest-rate curves are rare. they are produced when less interest is paid on long-term securities (bonds) than on short-term securities. the interest-rate curve is plotted on a graph.
Living benefits // payments under life insurance products that are triggered not by the death of the insured person or the maturing of the policy but by the occurrence of other precisely defined insured events or developments. typical representatives of such products are disability insurance, long term care insurance and critical illness insurance.
Net asset value // the value of all tangible and intangible assets of a company minus its liabilities. it reflects a company’s fundamental value.
Balance sheet total 100, 198 Board of management 6 f., 17 ff., 22 ff., 28, 60 Brand changeover 89, 108 ff.
combined ratio 57 f., 250 consolidated group 107, 158 corporate climate centre (ccc) 135 corporate governance 15 ff. corporate governance report 22 ff. corporate governance statement 22 ff. corporate responsibility 114 f. corporate underwriting 51 credit and bonding 49 cycle management 76, 285
USA munich reinsurance america inc. 555 college road east princeton, nJ 08543-5241 info@munichreamerica.com www.munichreamerica.com munich american reassurance company 56 perimeter center east, n.e. suite 500 atlanta, Ga 30346-2290 info@marclife.com www.marclife.com further addresses may be obtained at www.munichre.com