IK Einkaufsmärkte Deutschland GmbH & Co. KG, Düsseldorf 52.0387 IK Premium Fonds GmbH & Co. KG, Düsseldorf 100.0000 IK Premium Fonds zwei GmbH & Co. KG, Düsseldorf 100.0000 IKFE Properties I AG, Zurich 63.5708 Imofloresmira – Investimentos Imobiliarios S.A., Lisbon 100.0000 ITERGO Informationstechnologie GmbH, Düsseldorf 100.0000 ITERGO Service GmbH, Düsseldorf 100.0000 JSC “ERV Travel Insurance”, Moscow 100.0000 K & P Pflegezentrum Uelzen IMMAC Renditefonds GmbH & Co. KG, Düsseldorf 84.8445 KA Köln.Assekuranz Agentur GmbH, Cologne 100.0000 Kapdom-Invest GmbH, Moscow 100.0000 KS SPV 23 Limited, London 100.0000 LEGIAL AG, Munich 100.0000 Lietuva Demetra GmbH, Munich 100.0000 Lloyds Modern Corporation, Dallas, Texas 100.0000 Longial GmbH, Düsseldorf 100.0000 Lynt Farm Solar Limited, London 100.0000 MAGAZ FOTOVOLTAICA S.L.U., Alcobendas 100.0000 Mandaat B.V., Druten 100.0000 Marina Salud S.A., Alicante 65.0000 Marina Sp.z.o.o., Sopot 100.0000 MEAG Anglo Celtic Fund, Munich4 100.0000 MEAG ATLAS, Munich4 100.0000 MEAG Benedict, Munich4 100.0000 MEAG Cash Management GmbH, Munich 100.0000 MEAG EDK Quantum, Munich4 100.0000 MEAG EDL CurryGov, Munich4 100.0000 MEAG EDS AGIL, Munich4 100.0000 MEAG ERGO Belgium Equities, Munich4 100.0000 MEAG ESUS 1, Munich4 100.0000 MEAG EUR Global 1, Munich4 100.0000 MEAG Euro 1, Munich4 100.0000 MEAG Euro 2, Munich4 100.0000 MEAG EURO-FONDS, Munich4 100.0000 MEAG European Prime Opportunities, Munich4 56.5871 MEAG Eurostar, Munich4 100.0000 MEAG EURO-Yield, Munich4 100.0000 MEAG FlexConcept – Basis, Luxembourg4 100.0000 MEAG FlexConcept – Eurobond, Luxembourg4 100.0000 MEAG FlexConcept – Wachstum, Luxembourg4 100.0000 MEAG GBP Global-STAR, Munich4 100.0000 MEAG German Prime Opportunities (GPO), Munich4 100.0000 MEAG HBG 1, Munich4 100.0000 MEAG HM Sach Rent 1, Munich4 100.0000 MEAG HMR 1, Munich4 100.0000 MEAG HMR 2, Munich4 100.0000 MEAG Hyperion Fund, Munich4 100.0000 MEAG IREN, Munich4 100.0000 MEAG Janus, Munich4 100.0000 MEAG Kapital 2, Munich4 100.0000 MEAG Kapital 5, Munich4 100.0000 MEAG Kubus 1, Munich4 100.0000 MEAG Lambda EUR EM Local, Grünwald4 100.0000 MEAG Lambda EUR, Grünwald4 100.0000 MEAG Lambda GBP, Grünwald4 100.0000 MEAG Lambda USD, Grünwald4 100.0000 MEAG Multi Life, Munich4 100.0000 MEAG Multi Sach 1, Munich4 100.0000 MEAG MUNICH ERGO AssetManagement GmbH, Munich 100.0000
UAB VL Investment Vilnius 7, Vilnius 100.0000 UAB VL Investment Vilnius 8, Vilnius 100.0000 UAB VL Investment Vilnius 9, Vilnius 100.0000 UAB VL Investment Vilnius 10, Vilnius 100.0000 UAB VL Investment Vilnius, Vilnius 100.0000 UK Wind Holdings Ltd., London 100.0000 Unión Médica La Fuencisla S.A., Compañía de Seguros, Saragossa 100.0000 US PROPERTIES VA GmbH & Co. KG i.L., Düsseldorf4 46.0939 VHDK Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 VICTORIA Asien Immobilienbeteiligungs GmbH & Co. KG, Munich 100.0000 VICTORIA Italy Property GmbH, Düsseldorf 100.0000 Victoria Lebensversicherung Aktiengesellschaft, Düsseldorf 100.0000 Victoria US Property Investment GmbH, Düsseldorf 100.0000 VICTORIA Vierte Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 Victoria Vierter Bauabschnitt GmbH & Co. KG, Düsseldorf 100.0000 Vorsorge Service GmbH, Düsseldorf 100.0000 welivit GmbH, Düsseldorf 100.0000 welivit Solarfonds GmbH & Co. KG, Düsseldorf 100.0000 welivit Solarfonds S.a.s. di welivit Solar Italia S.r.l., Bolzano 100.0000 WFB Stockholm Management AB, Stockholm 100.0000 Wind Farm Jenasen AB, Hässleholm 100.0000 Wind Farms Götaland Svealand AB, Hässleholm 100.0000 Windpark MR-B GmbH & Co. KG, Bremen2 100.0000 Windpark MR-D GmbH & Co. KG, Bremen2 100.0000 Windpark MR-N GmbH & Co. KG, Bremen2 100.0000 Windpark MR-S GmbH & Co. KG, Bremen2 100.0000 Windpark MR-T GmbH & Co. KG, Bremen2 100.0000 wse Solarpark Spanien 1 GmbH & Co. KG, Düsseldorf 75.1243
Caracuel Solar Quince S.L., Valencia 100.0000 Caracuel Solar Seis S.L., Valencia 100.0000 Caracuel Solar Siete S.L., Valencia 100.0000 Caracuel Solar Trece S.L., Valencia 100.0000 Caracuel Solar Tres S.L., Valencia 100.0000 Caracuel Solar Uno S.L., Valencia 100.0000 Centrum Pomocy Osobom Poszkodowanym Sp.z.o.o., Gdańsk 100.0000 Copper Leaf Research, Bingham Farms, Michigan 100.0000 Cotatrillo 100010 S.L., Valencia 100.0000 D.A.S. Prawo i Finanse Sp.z.o.o., Warsaw 100.0000 D.A.S., Tomasz Niedzinski Kancelaria Prawna Spolka komandytowa, Warsaw 95.0000 DAS Incasso Arnhem B.V., Elst 100.0000 DAS Incasso Eindhoven B.V., ’s-Hertogenbosch 100.0000 DAS Legal Protection Inc., Toronto, Ontario 100.0000 DAS Legal Services B.V., Amsterdam 100.0000 DAS Lex Assistance S.L., L’Hospitalet de Llobregat 100.0000 DEAX Õigusbüroo OÜ, Tallinn 100.0000 Digital Partners Claims Administrators Inc., Columbus, Ohio 100.0000 DKV Beteiligungs- und Vermögensverwaltungs GmbH & Co. KG, Cologne 100.0000 DKV Erste Beteiligungsgesellschaft mbH, Cologne 100.0000 DKV Servicios S.A., Saragossa 100.0000 DKV-Residenz am Tibusplatz gGmbH, Münster 100.0000 DKV-Residenz in der Contrescarpe GmbH, Bremen 100.0000 DRA Debt Recovery Agency B.V., The Hague 100.0000 Economic Data Resources B.V., The Hague 100.0000 ERGO (China) Consulting Ltd., Beijing 100.0000 ERGO (China) Management Company Limited, Beijing 100.0000 ERGO Alpha GmbH, Düsseldorf 100.0000 ERGO Digital IT GmbH, Berlin 100.0000 ERGO Direkt AG, Fürth 100.0000 ERGO Fund Golden Aging, Brussels4 100.0000 ERGO Gourmet GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Gesundheit GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Komposit GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Leben GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Pensionskasse GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Victoria Leben GmbH, Düsseldorf 100.0000 ERGO Innovation Solutions GmbH, Düsseldorf 100.0000 ERGO Leben Asien Verwaltungs GmbH, Munich 100.0000 ERGO Mobility Solutions GmbH, Düsseldorf 100.0000 ERGO Private Capital GmbH, Düsseldorf 100.0000 ERGO PRO S.r.l., Verona 100.0000 ERGO Pro, spol.s.r.o., Prague 100.0000 ERGO Rechtsschutz Leistungs-GmbH, Munich 100.0000 ERGO Travel Insurance Services Ltd., London 100.0000 ERGO UK SPECIALTY LIMITED, London 100.0000 ERGO Versicherungs- und Finanzierungs-Vermittlung GmbH, Hamburg 100.0000 ERGO Vorsorgemanagement GmbH, Vienna 100.0000 ERGO Zehnte Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 ERGO Zwölfte Beteiligungsgesellschaft mbH, Munich 100.0000 Etics, s.r.o., Prague 100.0000 Etoblete 160016 S.L., Valencia 100.0000 Euro-Center (Cyprus) Ltd., Larnaca 100.0000 Euro-Center (Thailand) Co., Ltd., Bangkok 100.0000
K & P Objekt Hamburg Hamburger Straße GmbH, Düsseldorf 100.0000 K & P Objekt Hamburg Hamburger Straße Immobilienfonds GmbH & Co. KG, Düsseldorf4 36.6889 K & P Objekt München Hufelandstraße GmbH i. L., Düsseldorf 100.0000 KQV Solarpark Franken 1 GmbH & Co. KG, Düsseldorf 100.0000 Larus Vermögensverwaltungsgesellschaft mbH, Munich 100.0000 Legal Net GmbH, Munich 100.0000 Leggle B.V., Amsterdam 100.0000 m:editerran Power S.a.s. di welivit Solar Italia S.r.l., Bolzano 100.0000 Marbury Agency Inc., Amelia, Ohio 100.0000 MAYFAIR Financing GmbH i.L., Munich 100.0000 MEAG Center House S.A., Brussels 100.0000 MEAG EM Rent Nachhaltigkeit (A+I Tranche), Munich4 56.7180 MEAG FlexConcept – EuroGrowth, Luxembourg4 100.0000 MEAG Hong Kong Limited, Hong Kong 100.0000 MEAG Luxembourg S.à r.l., Luxembourg 100.0000 MEAG MultiSmart (A+I), Munich4 63.8328 MEAG Pension Rent, Munich4 100.0000 MEAG Pension Safe, Munich4 99.9961 MEAG Real Estate Erste Beteiligungsgesellschaft mbH i.L., Munich 100.0000 MEAG Vermögensanlage Komfort, Munich4 38.0040 MEAG Vermögensanlage Return (A+I Tranche), Munich4 54.1100 Mediastream Consulting GmbH, Grünwald 100.0000 Mediastream Dritte Film GmbH i. L., Grünwald 100.0000 Mediastream Film GmbH, Grünwald 100.0000 Mediastream Zweite Film GmbH, Grünwald 100.0000 MedNet Bahrain W.L.L., Manama 100.0000 MedNet Egypt LLC, Cairo 100.0000 MedNet Europa GmbH, Munich 100.0000 MedNet Global Healthcare Solutions LLC, Dubai 100.0000 MedNet Greece S.A., Athens 78.1419 MedNet Jordan Co. W.L.L., Amman 100.0000 MedNet Saudi Arabia LLC, Jeddah 100.0000 MedNet UAE FZ LLC, Dubai 100.0000 miCura Pflegedienste Berlin GmbH, Berlin 100.0000 miCura Pflegedienste Bremen GmbH, Bremen 100.0000 miCura Pflegedienste Düsseldorf GmbH, Düsseldorf 100.0000 miCura Pflegedienste GmbH, Cologne 100.0000 miCura Pflegedienste Hamburg GmbH, Hamburg 100.0000 miCura Pflegedienste Krefeld GmbH, Krefeld 100.0000 miCura Pflegedienste München / Dachau GmbH, Dachau 51.0000 miCura Pflegedienste München GmbH i. L., Munich 100.0000 miCura Pflegedienste München Ost GmbH, Munich 65.0000 miCura Pflegedienste Münster GmbH, Münster 100.0000 miCura Pflegedienste Nürnberg GmbH, Nuremberg 51.0000 MR Beteiligungen 2. GmbH, Munich 100.0000 MR Beteiligungen 3. GmbH, Munich 100.0000 MR Beteiligungen 15. GmbH, Munich 100.0000 MR Beteiligungen 18. GmbH, Grünwald 100.0000 MR Beteiligungen AG, Grünwald 100.0000 MR Financial Group GmbH, Munich 100.0000 MR Forest GmbH, Munich 100.0000 MR Gotham LP, Dover, Delaware 100.0000 MR HealthTech Ltd., Nicosia 100.0000 MR Infrastructure Inc., Dover, Delaware 100.0000 MR RENT-Management GmbH, Munich 100.0000 MRSG UK Services Limited, London 100.0000
MU068 MR Placem (FCP), Paris4 100.0000 Münchener Consultora Internacional SRL, Santiago de Chile 100.0000 Münchener de Argentina Servicios Técnicos S.R.L., Buenos Aires 100.0000 Münchener de Mexico S.A., Mexico 100.0000 Münchener de Venezuela C.A. Intermediaria de Reaseguros, Caracas 100.0000 Münchener Finanzgruppe AG Beteiligungen, Munich 100.0000 MÜNCHENER RÜCKVERSICHERUNGS - GESELLSCHAFT AKTIENGESELLSCHAFT IN MÜNCHEN ESCRITÓRIO DE REPRESENTAÇÃO NO BRASIL LTDA, São Paulo 100.0000 Münchener Vermögensverwaltung GmbH, Munich 100.0000 Munich American Reassurance Company PAC Inc., Atlanta, Georgia4 0.0000 Munich Canada Systems Corporation, Toronto, Ontario 100.0000 Munich Management Pte. Ltd., Singapore 100.0000 Munich Re America Brokers Inc., Wilmington, Delaware 100.0000 Munich Re America Management Ltd., London 100.0000 Munich Re Automation Solutions GmbH, Munich 100.0000 Munich Re Automation Solutions Inc., Wilmington, Delaware 100.0000 Munich Re Automation Solutions K.K., Tokyo 100.0000 Munich Re Automation Solutions Pte. Ltd., Singapore 100.0000 Munich Re Automation Solutions Pty Ltd, Sydney 100.0000 Munich Re Capital Markets GmbH, Munich 100.0000 Munich Re Capital No.2 Limited, London 100.0000 Munich Re Digital Partners Limited, London 100.0000 Munich Re India Services Private Limited, Mumbai 100.0000 Munich Re Investment Partners GmbH, Munich 100.0000 Munich Re Risk Solution Ireland Limited, Dublin 100.0000 Munich Re Service GmbH, Munich 100.0000 Munich Re Specialty Group Insurance Services Inc., Schaumburg, Illinois 100.0000 Munich Re Underwriting Agents (DIFC) Ltd., Dubai 100.0000 Munich ReThink GmbH, Munich 100.0000 Munich-Canada Management Corp. Ltd., Toronto, Ontario 100.0000 MunichFinancialGroup AG Holding, Munich 100.0000 MunichFinancialServices AG Holding, Munich 100.0000 Munichre Service Limited, Hong Kong 100.0000 Naretoblera 170017 S.L., Valencia 100.0000 Nerruze 120012 S.L., Valencia 100.0000 nexible GmbH, Düsseldorf 100.0000 Orrazipo 110011 S.L., Valencia 100.0000 P.A.N. Verwaltungs GmbH, Grünwald 100.0000 PLATINIA Verwaltungs-GmbH, Munich 100.0000 PORT Schiffsverwaltungsgesellschaft mbH, Bramstedt 100.0000 PRORENDITA Drei Verwaltungsgesellschaft mbH, Hamburg 100.0000 PRORENDITA EINS Verwaltungsgesellschaft mbH, Hamburg 100.0000 PRORENDITA FÜNF Verwaltungsgesellschaft mbH, Hamburg 100.0000 PRORENDITA VIER Verwaltungsgesellschaft mbH, Hamburg 100.0000 PRORENDITA Zwei Verwaltungsgesellschaft mbH, Hamburg 100.0000 Reaseguradora de las Américas S.A., Havana 100.0000 SAINT LEON ENERGIE S.A.R.L., Saargemünd 100.0000 Schloss Hohenkammer GmbH, Hohenkammer 100.0000 Schrömbgens & Stephan GmbH Versicherungsmakler, Düsseldorf 100.0000
Associates and joint ventures accounted for at fair value “PORT ELISABETH” GmbH & Co. KG, Bramstedt 31.9660 “PORT LOUIS” GmbH & Co. KG, Bramstedt 26.0495 Assistance Partner GmbH & Co. KG, Munich 21.6600 Augury Inc., Wilmington, Delaware5 9.5000 carexpert Kfz-Sachverständigen GmbH, Walluf 25.0000 Fernkälte Geschäftsstadt Nord Gesellschaft bürgerlichen Rechts, Hamburg1 36.7671 Finsure Investments (Private) Limited, Harare 24.5000 GIG City Nord GmbH, Hamburg 20.0000 Hartford Research LLC, Lewes, Delaware 41.7500 IK Objektgesellschaft Frankfurt Theodor-Heuss-Allee GmbH & Co. KG, Düsseldorf 47.4000 Inshur Holdings Corp, Wilmington, Delaware5 14.7500 LCM Logistic Center Management GmbH, Hamburg 50.0000 PERILS AG, Zurich5 10.0000 SIP Social Impact Partners GmbH, Munich 50.0000 Spruce Holdings Inc., Wilmington, Delaware5 10.8500 Teko – Technisches Kontor für Versicherungen Gesellschaft mit beschränkter Haftung, Düsseldorf 30.0000 T-Solar Luxembourg GP S.à.r.l., Luxembourg 37.0000
Shareholdings exceeding 5% of the voting rights in large companies as defined in Section 271(1) of the German Commercial Code (HGB) Admiral Group plc, Cardiff (equity: €70,927k; result for year: €239,148k) 10.2488 Extremus Versicherungs-Aktiengesellschaft, Cologne (equity: €64,058k; result for year: €118k) 16.0000 Protektor Lebensversicherungs-AG, Berlin (equity: €15,332k; result for year: €320k) 10.7631 Saudi Enaya Cooperative Insurance Company, Jeddah (equity: €13,315k; result for year: -€21,873k) 15.0000 Wataniya Insurance Company, Jeddah (equity: €56,895k; result for year: €4,867k) 10.0000
Other shareholdings as defined in Section 271(1) of the German Commercial Code (HGB) Autobahn Tank & Rast Gruppe GmbH & Co. KG, Bonn (equity: €372,238k; result for year: €1,062k) 9.9980 Autobahn Tank & Rast Management GmbH, Bonn (equity: €22k; result for year: −€3k) 10.0020 B3i Services AG, Zurich (equity: −€4,612k; result for year: −€12,086k) 3.1000 Babylon Holdings Limited, St. Helier, Jersey (equity: −€51,861k; result for year: −€72,517k) 0.2000 Bought by Many Limited “BBM”, London (equity: €17,184k; result for year: −€6,837k) 9.1000 CBRE U.S. Core Partners Parallel Limited Partnership, Wilmington, Delaware6 (equity: €30,285k; result for year: €2,535k) 99.9000 Craigmore Permanent Crop LP, Christchurch6 (equity: €55,552k; result for year: −€3,486k) 44.1121 Deutsches Forschungszentrum für Künstliche Intelligenz GmbH, Kaiserslautern (equity: €21,206k; result for year: €2,610k) 2.5000 Fair Financial Corp., Wilmington, Delaware (equity: −€3,362k; result for year: −€85,358k) 1.0000 FIA Timber Partners II LP, Wilmington, Delaware6 (equity: €127,412k; result for year: −€6k) 39.0800 Forge Global Inc., Wilmington, Delaware (equity: €30,424k; result for year: €1,399k) 4.3400 Fraugster Limited, London (equity: €8,091k; result for year: −€3,861k) 5.3300 Green Acre LLC, Wilmington, Delaware6 (equity: €202,522k; result for year: €4,794k 31.9361 Hancock Timberland XII LP, Wilmington, Delaware (equity: €317,082k; result for year: −€1,309k) 15.1500 heal.capital I GmbH & Co. KG, Berlin6 (equity: €74,000k; result for year: €0k) 22.2222 Helium Systems Inc., Dover, Delaware (equity: €6,545k; result for year: −€6,069k) 3.8000
Hines India Fund LP, Houston, Texas (equity: €42,024k; result for year: €1,357k) 11.8333 Hippo Analytics Inc., Wilmington, Delaware (equity: €60,647k; result for year: −€20,590k) 1.4300 IK Australia Property Eins GmbH & Co. KG, Hamburg (equity: €6,559k; result for year: €1,736k) 10.6438 IK Objekt Bensheim Immobilienfonds GmbH & Co. KG, Düsseldorf (equity: €18,620k; result for year: €971k) 16.2445 K & P Objekt München Hufelandstraße Immobilienfonds GmbH & Co. KG, Düsseldorf (equity: €3,209k; result for year: −€350k) 0.0489 M 31 Beteiligungsgesellschaft mbH & Co. Energie KG, Düsseldorf (equity: €1,089,427k; result for year: €71,210k) 18.6246 m:solarPOWER GmbH & Co. KG, Düsseldorf (equity: €450k; result for year: €170k) 0.0000 Next Insurance Inc., Wilmington, Delaware (equity: €81,360k; result for year: −€24,700k) 6.2900 Olivia Holdings LLC, Wilmington, Delaware (equity: €135,893k; result for year: €0k) 8.8000 Parametrix Group Holdings Inc., Wilmington, Delaware (equity: €6,846k; result for year: €0k) 5.0000 PRORENDITA DREI GmbH & Co. KG, Hamburg (equity: €3,971k; result for year: −€51k) 0.0260 PRORENDITA EINS GmbH & Co. KG, Hamburg (equity: €6,986k; result for year: −€232k) 0.0590 PRORENDITA FÜNF GmbH & Co. KG, Hamburg (equity: €12,808k; result for year: −€179k) 0.0384 PRORENDITA VIER GmbH & Co. KG, Hamburg (equity: €7,591k; result for year: €71k) 0.0029 Prorendita Zwei GmbH & Co. KG, Hamburg (equity: €4,381k; result for year: −€67k) 0.0100 Ridecell Inc., Wilmington, Delaware (equity: €20,247k; result for year: −€20,475k) 2.6000 RMS Australian Forests Fund I L.P., George Town, Grand Cayman6 (equity: €72,029k; result for year: €19,321k) 37.4257 RMS Forest Growth International L.P., George Town, Grand Cayman6 (equity: €87,634k; result for year: €6,488k) 43.4700 Slice Labs Inc., Ottawa, Ontario (equity: €13,653k; result for year: −€7,696k) 7.6300 Solarpark 1000 Jahre Fürth GmbH & Co. KG, Düsseldorf (equity: €703k; result for year: €128k) 0.9091 T&R MLP GmbH, Bonn (equity: €20k; result for year: −€3k) 10.0020 T&R Real Estate GmbH, Bonn (equity: €298,800k; result for year: €9,400k) 10.0020 Team8 Partners II L.P., George Town, Grand Cayman (equity: €5,014k; result for year: −€2,565k) 8.5300 Ticker Limited, London (equity: €3,604k; result for year: −€1,605k) 15.0000 Trov Inc., Dover, Delaware (equity: €10,805k; result for year: −€22,934k) 3.9800 Umspannwerk Hellberge GmbH & Co. KG, Zossen (equity: €0k; result for year: −€217k) 6.9000 welivit TOP SOLAR GmbH & Co. KG, Düsseldorf (equity: €72k; result for year: €55k) 0.0000 Zeguro Inc., Wilmington, Delaware (equity: €1,658k; result for year: −€1,419k) 3.5100 1 Munich Reinsurance Company or one of its consolidated subsidiaries is a fully liable partner in this company.
2 This fully consolidated German subsidiary with the legal form of a partnership, as defined in Section 264a of the German Commercial Code (HGB), intends to fulfil the conditions required pursuant to Section 264b of the Commercial Code and, in the 2019 financial year, to avail itself of the relevant provision exempting it from preparing annual financial statements.
Opinions We have audited the consolidated financial statements of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Munich, and its subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2019, and the consolidated income statement, the statement of recognised income and expense, the Group statement of changes in equity and the consolidated cash flow statement for the financial year from 1 January to 31 December 2019, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the combined management report of Munich Re for the financial year from 1 January to 31 December 2019. In compliance with German legal requirements, we did not audit the contents of those parts of the combined management report mentioned in the “Other information” section of our auditor's report.
− the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e(1) of the German Commercial Code [Handelsgesetzbuch, HGB] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as of 31 December 2019, and of its financial performance for the financial year from 1 January to 31 December 2019, and
Basis for the opinions We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 of the Commercial Code (HGB) and the EU Audit Regulation No. 537/2014 (referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report” section of our auditor’s report. We are independent of the Group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10(2)(f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5(1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the combined management report.
Munich Re Group Annual Report 2019 the line items in the financial statements can be found on pages 151 ff. Risk information can be found on pages 167 ff. of the notes to the consolidated financial statements, and on pages 73 ff. of the combined management report.
The provision for outstanding claims is reported on the basis of an expected value that is calculated on the basis of actuarial procedures and statistical methods. The expected value takes account of assumptions about premium, ultimate loss ratios, run-off periods, factors and speed of settlement that are based on past experience. Management bases the final amount of the provision for outstanding claims on the results of actuarial procedures and other information about calculating associated uncertainties. Major losses are viewed separately when measuring provisions.
Our audit approach In auditing the provision for outstanding claims, we engaged actuaries as part of the audit team. In particular, we carried out the following key audit procedures: − We assessed the process for setting aside provisions, identified key controls, and tested their design and effectiveness. The controls include the completeness and accuracy of the data used, and the qualitative and quantitative aspects of valuation.
− We requested explanations about how key assumptions were derived – including loss ratios and assumptions about run-off patterns – and assessed those assumptions.
In life and health reinsurance, the provision for outstanding claims is mainly accounted for on the basis of information from the cedant. In primary insurance, the provision for outstanding claims is mainly calculated on the basis of expected claims.
− We compared forecast and actual results of individual operating entities with market developments, thus deriving assessments about the reliability of the estimates.
− In German life primary insurance, we independently determined the provision for future policy benefits on the basis of a random selection of tariffs, and compared our results with those of the Company.
With respect to the accounting policies, we refer to explanations in the notes to the consolidated financial statements, on pages 115 ff., and to the explanations about the use of estimates and assumptions, on page 107. We also refer to the notes on the valuation hierarchy on pages 132 ff., and on the individual instruments on pages 138 ff. Information about market risk and credit risk can be found in the combined management report on pages 77 ff.
The financial statement risk The carrying amount of total investments was €228,764m, and the fair value was €231,876m.
− On the basis of the fair values determined by Munich Re, we have ascertained that the subsequent accounting measurement and the impact on profit or loss are correct. In this context, we assessed whether write-ups and writedowns were appropriate and whether the result from the fair value measurement and disposals of derivatives was appropriately determined.
− We reviewed the disclosures in the notes to the financial statements to determine whether they comply with accounting standards and, in particular, whether the accounting policies are presented appropriately.
Other information Management and/or the Supervisory Board is responsible for the other information. The other information comprises the following parts of the combined management report, the contents of which were not audited: − the Statement on Corporate Governance, which is contained in the section “Statement on Corporate Governance pursuant to Section 289f and Section 315d of the German Commercial Code (HGB) including corporate governance reporting” of the combined management report, and
− the combined non-financial statement, to which the combined management report refers.
− is materially inconsistent with the consolidated financial statements, with the audited contents of the combined management report, or with our knowledge obtained in the audit, or
Auditor’s responsibilities for the audit of the consolidated financial statements and of the combined management report Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group’s position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal
We exercise professional judgement and maintain professional scepticism throughout the audit. We also: − Identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
− Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure of the matter.
Further information pursuant to Article 10 of the EU Audit Regulation We were selected as Group auditor by the Supervisory Board on 19 March 2019. We were engaged by the Chair of the Audit Committee of the Supervisory Board on 19 July 2019. We have been the Group auditor of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Munich, for more than 25 consecutive years.
The German public auditor responsible for the engagement is Dr. Frank Ellenbürger.
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Service for private investors Alexander Rappl Tel.: +49 89 38 91-22 55 shareholder@munichre.com
Service for media Dr. Jörg Allgäuer Tel.: +49 89 38 91-82 02 presse@munichre.com
Reinsurance property-casualty % 112.5 104.7 87.7 97.9 ERGO Property-casualty Germany % 93.2 92.1 86.2 98.1 ERGO International % 94.8 91.8 95.0 95.4 €m Total Q4 2019 Q3 2019 Q2 2019 Q1 2019 Gross premiums written 51,457 12,540 13,743 11,799 13,375 1. Earned premiums Gross 50,873 13,188 12,964 12,332 12,389 Ceded –2,594 –674 –677 –486 –757 Net 48,280 12,515 12,287 11,846 11,632 2. Income from technical interest 6,729 1,477 1,753 1,549 1,950 3. Expenses for claims and benefits Gross –41,058 –10,910 –10,711 –9,118 –10,318 Ceded share 1,373 448 391 130 404 Net –39,685 –10,462 –10,321 –8,988 –9,914 4. Operating expenses Gross –13,809 –3,911 –3,354 –3,349 –3,195 Ceded share 560 157 126 141 136 Net –13,249 –3,754 –3,229 –3,208 –3,059 5. Technical result (1–4) 2,074 –225 491 1,199 609 6. Investment result 7,737 1,965 2,131 1,900 1,741 Thereof: Associates and joint ventures accounted for using the equity method 207 93 35 32 47 7. Insurance-related investment result 1,176 292 206 125 553 8. Other operating income 1,093 481 219 205 187 9. Other operating expenses –1,347 –456 –314 –312 –265 10. Deduction of income from technical interest –6,729 –1,477 –1,753 –1,549 –1,950 11. Non-technical result (6–10) 1,930 805 489 370 265 12. Operating result 4,004 580 980 1,569 875 13. Other non-operating result –665 –193 –146 –204 –122 14. Currency result 73 –241 228 27 58 15. Net finance costs –222 –56 –55 –55 –56 16. Taxes on income –483 127 –143 –344 –122 17. Consolidated result 2,707 217 865 993 633 Thereof: Attributable to Munich Reinsurance Company equity holders 2,724 216 884 993 632 Attributable to non-controlling interests –17 1 –19 1 0