MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, Munich 100.0000 MEAG Munich Re Placement, Grünwald4 100.0000 MEAG New York Corporation, Wilmington, Delaware 100.0000 MEAG PEGASUS, Munich4 100.0000 MEAG Pension Invest, Munich4 100.0000 MEAG Pensionskasse Nord, Munich4 100.0000 MEAG Pensionskasse West, Munich4 100.0000 MEAG PREMIUM, Munich4 100.0000 MEAG Prof III Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 MEAG Property Fund I, Munich4 100.0000 MEAG Property Fund III, Munich4 100.0000 MEAG RenditePlus, Munich4 100.0000 MEAG REVO, Munich4 100.0000 MEAG Tandem, Munich4 100.0000 MEAG US Fonds, Munich4 100.0000 MEAG Venus, Munich4 100.0000 MEAG Vidas Rent 3, Munich4 100.0000 MEAG VISION, Munich4 100.0000 MEAG VLA, Munich4 100.0000 MedNet Holding GmbH, Munich 100.0000 Merkur Grundstücks- und Beteiligungs-Gesellschaft mit beschränkter Haftung, Düsseldorf 100.0000 Meshify Inc., Dover, Delaware 100.0000 MFI Munich Finance and Investment Holding Ltd., Ta’ Xbiex 100.0000 MFI Munich Finance and Investment Ltd., Ta’ Xbiex 100.0000 Midland-Guardian Co., Amelia, Ohio 100.0000 Midwest Enterprises Inc., Miami, Florida 100.0000 MR Bazos LP, Dover, Delaware 100.0000 MR Beteiligungen 1. GmbH, Munich3 100.0000 MR Beteiligungen 2. EUR AG & Co. KG, Grünwald2 100.0000 MR Beteiligungen 3. EUR AG & Co. KG, Grünwald2 100.0000 MR Beteiligungen 16. GmbH, Munich3 100.0000 MR Beteiligungen 17. GmbH, Munich 100.0000 MR Beteiligungen 18. GmbH & Co. Immobilien KG, Grünwald2 100.0000 MR Beteiligungen 18. GmbH & Co. Real Estate KG, Grünwald2 100.0000 MR Beteiligungen 19. GmbH, Munich 100.0000 MR Beteiligungen EUR AG & Co. KG, Grünwald2 100.0000 MR Beteiligungen GBP AG & Co. KG, Grünwald2 100.0000 MR Beteiligungen USD AG & Co. KG, Grünwald2 100.0000 MR Debt Finance GmbH, Munich 100.0000 MR Electra LP, Dover, Delaware 100.0000 MR ERGO Beteiligungen GmbH, Grünwald 100.0000 MR Infrastructure Investment GmbH, Munich3 100.0000 MR Investment Inc., Dover, Delaware 100.0000 MR Jordan LP, Dover, Delaware 100.0000 MR Olivia LP, Dover, Delaware 100.0000 MR RENT UK Investment Limited, London 100.0000 MR RENT-Investment GmbH, Munich3 100.0000 MR Solar GmbH & Co. KG, Düsseldorf 100.0000 MR SOLAR SAS DER WELIVIT SOLAR ITALIA S.r.l., Bolzano 100.0000 Munich American Holding Corporation, Wilmington, Delaware 100.0000 Munich American Life Reinsurance Company, Atlanta, Georgia 100.0000 Munich American Reassurance Company, Atlanta, Georgia 100.0000 Munich Health Alpha GmbH, Munich3 100.0000 Munich Health Daman Holding Ltd., Abu Dhabi 51.0000 Munich Health Holding AG, Munich3 100.0000
Munich Holdings Ltd., Toronto, Ontario 100.0000 Munich Holdings of Australasia Pty Ltd, Sydney 100.0000 Munich Life Holding Corporation, Wilmington, Delaware 100.0000 Munich Life Management Corporation Ltd., Toronto, Ontario 100.0000 Munich Re America Corporation, Wilmington, Delaware 100.0000 Munich Re America Services Inc., Wilmington, Delaware 100.0000 Munich Re Automation Solutions Limited, Dublin 100.0000 Munich Re Capital Limited, London 100.0000 Munich Re CVC Investment Corp., Dover, Delaware 100.0000 Munich Re Digital Partners US Holding Corporation, Dover, Delaware 100.0000 Munich Re do Brasil Resseguradora SA, São Paulo 100.0000 Munich Re Fund I LP, Dover, Delaware1 100.0000 Munich Re Innovation Systems Inc., Toronto, Ontario 100.0000 Munich Re Life Insurance Company of Vermont, Burlington, Vermont 100.0000 Munich Re New Ventures Inc., Toronto, Ontario 100.0000 Munich Re of Bermuda Ltd., Hamilton, Bermuda 100.0000 Munich Re of Malta Holding Limited, Ta’ Xbiex 100.0000 Munich Re of Malta p.l.c., Ta’ Xbiex 100.0000 Munich Re PCC Limited, Ta’ Xbiex 100.0000 Munich Re Reserve Risk Financing Inc., Dover, Delaware 100.0000 Munich Re Specialty Group Ltd., London 100.0000 Munich Re Specialty Group N.A. Inc., Schaumburg, Illinois 100.0000 Munich Re Syndicate Labuan Limited, Labuan 100.0000 Munich Re Syndicate Limited, London 100.0000 Munich Re Syndicate Middle East Ltd., Dubai 100.0000 Munich Re Syndicate Singapore Ltd., Singapore 100.0000 Munich Re Trading LLC, Wilmington, Delaware 100.0000 Munich Re UK Services Limited, London 100.0000 Munich Re US Life Corporation, Atlanta, Georgia 100.0000 Munich Re Ventures Inc., Dover, Delaware 100.0000 Munich Re Ventures LLC, Dover, Delaware 100.0000 Munich Re Weather & Commodity Risk Holding Inc., Wilmington, Delaware 100.0000 Munich Reinsurance America Inc., Wilmington, Delaware 100.0000 Munich Reinsurance Company of Africa Ltd, Johannesburg 100.0000 Munich Reinsurance Company of Australasia Ltd, Sydney 100.0000 Munich Reinsurance Company of Canada, Toronto, Ontario 100.0000 MunichFinancialGroup GmbH, Munich 100.0000 Neokami GmbH, Munich 100.0000 Neokami Inc., Wilmington, Delaware 100.0000 New Reinsurance Company Ltd., Zurich 100.0000 nexible Versicherung AG, Nuremberg 100.0000 NMU Specialty Ltd., Leeds 100.0000 OIK Mediclin, Wiesbaden4 70.7073 Pan Estates LLC, Wilmington, Delaware 100.0000 Pegasos Holding GmbH, Munich 100.0000 Picus Silva Inc., Wilmington, Delaware 100.0000 Prosper Pass-Thru Trust I Series 2018-1, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2018-2, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2019-01, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2019-02, Wilmington, Delaware 95.0000
Prosper Pass-Thru Trust I Series 2019-03, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2019-04, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2019-05, Wilmington, Delaware 95.0000 Prosper Pass-Thru Trust I Series 2019-06, Wilmington, Delaware 95.0000 Proximetry LLC, Wilmington, Delaware 100.0000 Proximetry Poland Sp. Z o.o, Katowice 100.0000 PS Louisiana I LLC, Wilmington, Delaware 100.0000 PS Louisiana II LLC, Wilmington, Delaware 100.0000 Relayr GmbH, Pullach i. Isartal 100.0000 Relayr Inc., Wilmington, Delaware 100.0000 Relayr Limited, Watford 100.0000 Renaissance Hotel Realbesitz GmbH, Vienna 60.0000 Roanoke Insurance Group Inc., Schaumburg, Illinois 100.0000 Roanoke International Brokers Limited, London 100.0000 Scout Moor Group Limited, London 100.0000 Scout Moor Holdings (No. 1) Limited, London 100.0000 Scout Moor Holdings (No. 2) Limited, London 100.0000 Scout Moor Wind Farm Limited, London 100.0000 Silvanus Vermögensverwaltungsges. mbH, Munich3 100.0000 Solarpark Fusion 3 GmbH, Düsseldorf 100.0000 Solomon Associates Limited, Farnborough 100.0000 Sopockie Towarzystwo Ubezpieczen Ergo Hestia Spolka Akcyjna, Sopot 100.0000 Sopockie Towarzystwo Ubezpieczen na Zycie Ergo Hestia Spolka Akcyjna, Sopot 100.0000 Specialty Insurance Services Corp., Amelia, Ohio 100.0000 SunEnergy & Partners S.r.l., Brixen 100.0000 Temple Insurance Company, Toronto, Ontario 100.0000 The Atlas Insurance Agency Inc., Amelia, Ohio 100.0000 The Boiler Inspection and Insurance Company of Canada, Toronto, Ontario 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, Connecticut 100.0000 The Princeton Excess and Surplus Lines Insurance Company, Wilmington, Delaware 100.0000 Tir Mostyn and Foel Goch Limited, London 100.0000 UAB Agra Aurata, Vilnius 100.0000 UAB Agra Corp., Vilnius 100.0000 UAB Agra Optima, Vilnius 100.0000 UAB Agrofondas, Vilnius 100.0000 UAB Agrolaukai, Vilnius 100.0000 UAB Agrora, Vilnius 100.0000 UAB Agrovalda, Vilnius 100.0000 UAB Agrovesta, Vilnius 100.0000 UAB G.Q.F., Vilnius 100.0000 UAB Lila, Vilnius 100.0000 UAB Sietuve, Vilnius 100.0000 UAB Terra Culta, Vilnius 100.0000 UAB Ukelis, Vilnius 100.0000 UAB Vasaros Brizas, Vilnius 100.0000 UAB VL Investment Vilnius 1, Vilnius 100.0000 UAB VL Investment Vilnius 2, Vilnius 100.0000 UAB VL Investment Vilnius 3, Vilnius 100.0000 UAB VL Investment Vilnius 4, Vilnius 100.0000 UAB VL Investment Vilnius 5, Vilnius 100.0000 UAB VL Investment Vilnius 6, Vilnius 100.0000
Unconsolidated subsidiaries Aleama 150015 S.L., Valencia 100.0000 ANOVA GmbH, Rostock 100.0000 Arridabra 130013 S.L., Valencia 100.0000 ARTES Assekuranzservice GmbH, Düsseldorf 100.0000 B&D Business Solutions B.V., Utrecht 100.0000 Backpack Insurance Agency Inc., Dover, Delaware 100.0000 Badozoc 1001 S.L., Valencia 100.0000 Bank Austria Creditanstalt Versicherungsdienst GmbH, Vienna 100.0000 Baqueda 7007 S.L., Valencia 100.0000 Bobasbe 6006 S.L., Valencia 100.0000 Botedazo 8008 S.L., Valencia 100.0000 Callopio 5005 S.L., Valencia 100.0000 Camcichu 9009 S.L., Valencia 100.0000 Cannock Factoring B.V., The Hague 100.0000 Cannock Incasso Rotterdam B.V., Rotterdam 100.0000 Caracuel Solar Catorce S.L., Valencia 100.0000 Caracuel Solar Cinco S.L., Valencia 100.0000 Caracuel Solar Cuatro S.L., Valencia 100.0000 Caracuel Solar Dieciocho S.L., Valencia 100.0000 Caracuel Solar Dieciseis S.L., Valencia 100.0000 Caracuel Solar Diecisiete S.L., Valencia 100.0000 Caracuel Solar Diez S.L., Valencia 100.0000 Caracuel Solar Doce S.L., Valencia 100.0000 Caracuel Solar Dos S.L., Valencia 100.0000 Caracuel Solar Nueve S.L., Valencia 100.0000 Caracuel Solar Ocho S.L., Valencia 100.0000 Caracuel Solar Once S.L., Valencia 100.0000
Euro-Center Cape Town (Pty) Ltd, Cape Town 100.0000 Euro-Center Holding North Asia (HK) Pte. Ltd., Hong Kong 100.0000 Euro-Center Ltda., São Paulo 100.0000 Euro-Center North Asia Consulting Services (Beijing) Co., Ltd., Beijing 100.0000 Euro-Center Pragueue, s.r.o., Prague 100.0000 EUROCENTER S.A., Palma de Mallorca 100.0000 Euro-Center USA, Inc., New York City, New York 100.0000 EURO-CENTER YEREL YARDIM HIZMETLERI Ltd. Şti., Istanbul 100.0000 European Assistance Holding GmbH, Munich 100.0000 Evaluación Médica TUW S.L., Barcelona 100.0000 Gamaponti 140014 S.L., Valencia 100.0000 GBG Vogelsanger Straße GmbH, Cologne 94.7826 Gebäude Service Gesellschaft Überseering 35 mbH, Hamburg 100.0000 goDentis – Gesellschaft für Innovation in der Zahnheilkunde mbH, Cologne 100.0000 Great Lakes (Gibraltar) Plc, Gibraltar 100.0000 Guanzu 2002 S.L., Valencia 100.0000 Hamburger Hof Management GmbH, Hamburg 100.0000 Hansekuranz Kontor GmbH, Münster 80.0042 Hartford Steam Boiler Colombia Ltda, Bogotá 100.0000 Hartford Steam Boiler Ireland Limited, Dublin 100.0000 Hartford Steam Boiler UK Limited, Manchester 100.0000 Hestia Loss Control Sp.z.o.o., Sopot 100.0000 HSB Associates Inc., New York City, New York 100.0000 HSB Ventures Inc., Dover, Delaware 100.0000 Ideenkapital erste Investoren Service GmbH, Düsseldorf 100.0000 Ideenkapital Fonds Treuhand GmbH, Düsseldorf 100.0000 IDEENKAPITAL Investment GmbH, Düsseldorf 100.0000 Ideenkapital Media Treuhand GmbH, Düsseldorf 100.0000 IDEENKAPITAL Metropolen Europa Verwaltungsgesellschaft mbH, Düsseldorf 100.0000 IDEENKAPITAL PRORENDITA EINS Treuhandgesellschaft mbH, Düsseldorf 100.0000 IDEENKAPITAL Schiffsfonds Treuhand GmbH, Düsseldorf 100.0000 IDEENKAPITAL Treuhand US Real Estate eins GmbH, Düsseldorf 100.0000 IK Einkauf Objektverwaltungsgesellschaft mbH, Düsseldorf 100.0000 IK Einkaufsmärkte Deutschland Verwaltungsgesellschaft mbH, Düsseldorf 100.0000 IK FE Fonds Management GmbH, Düsseldorf 100.0000 IK Komp GmbH, Düsseldorf 100.0000 IK Objekt Bensheim GmbH, Düsseldorf 100.0000 IK Objekt Frankfurt Theodor-Heuss-Allee GmbH i. L., Düsseldorf 100.0000 IK Pflegezentrum Uelzen Verwaltungs-GmbH, Düsseldorf 100.0000 IK Property Eins Verwaltungsgesellschaft mbH, Hamburg 100.0000 IK Property Treuhand GmbH, Düsseldorf 100.0000 IK US Portfolio Invest DREI Verwaltungs-GmbH i. L., Düsseldorf 100.0000 IK US Portfolio Invest Verwaltungs-GmbH i. L., Düsseldorf 100.0000 IK US Portfolio Invest ZWEI Verwaltungs-GmbH i. L., Düsseldorf 100.0000 Jogszerviz Kft, Budapest 100.0000 JRP Insurance Management Limited, London 100.0000 Junos Verwaltungs GmbH, Munich 100.0000
Associated and joint ventures accounted for using the equity method 1818 Acquisition LLC, Dover, Delaware 20.6400 Apollo Munich Health Insurance Co. Ltd., Hyderabad 48.4376 Arcapark SAS, Rueil Malmaison5 15.1000 Bazos CIV L.P., Dover, Delaware7 100.0000
Consorcio Internacional de Aseguradores de Crédito S.A., Madrid5 15.0353 Consortia Versicherungs-Beteiligungsgesellschaft mbH, Nuremberg 33.7027 D.A.S. Difesa Automobilistica Sinistri, S.p.A. di Assicurazione, Verona 49.9920 DAMAN – National Health Insurance Company, Abu Dhabi 20.0000 DIF Infra 5 UK Limited, London 37.5000 EGM Wind SAS, Paris 40.0000 ERGO China Life Insurance Co., Ltd., Jinan, Shandong Province 50.0000 Europai Utazasi Biztosito Rt, Budapest 26.0000 Europäische Reiseversicherungs-Aktiengesellschaft, Vienna 25.0100 Global Aerospace Underwriting Managers Ltd., London7 51.0000 Group Health Group Holdings Inc., Surrey, British Columbia 40.0000 HDFC ERGO General Insurance Company Ltd., Mumbai 48.2308 Infra Foch Topco SAS, Puteaux5 10.7000 Invesco MEAG US Immobilien Fonds IV B, Luxembourg 37.1670 KarstadtQuelle Finanz Service GmbH i. L., Düsseldorf 50.0000 King Price Financial Services (Pty) Ltd, Pretoria5 15.0000 Marchwood Power Limited, Southampton 50.0000 MEAG Pacific Star Holdings Ltd. i.L., Hong Kong 50.0000 MEDICLIN Aktiengesellschaft, Offenburg 35.0042 RP Vilbeler Fondsgesellschaft mbH i. L., Frankfurt am Main 40.0000 Sana Kliniken AG, Munich 22.4904 SAS Le Point du Jour, Paris 50.0000 SEBA Beteiligungsgesellschaft mbH, Nuremberg 48.9966 SNIC Insurance B.S.C. (c), Manama 22.5000 SR Texas Wind Holdings 1 LLC, Dover, Delaware 49.0000 STEAG Fernwärme GmbH, Essen 49.0000 Storebrand Helseforsikring AS, Oslo 50.0000 Super Home Inc., Wilmington, Delaware5 15.5000 Suramericana S.A., Medellin5 18.8672 Taunus Holding B.V., Rotterdam 23.1913 Thaisri Insurance Public Company Limited, Bangkok 40.2576 T-Solar Global Operating Assets S.L., Madrid 37.0000 Vier Gas Investments S.à r.l., Luxembourg 43.7516
Company and registered seat % share of capital vers.diagnose GmbH, Hanover 49.0000 Volksbanken-Versicherungsdienst GmbH, Vienna 25.2319 VV Immobilien Verwaltungs GmbH i.L., Munich 30.0000 VV Immobilien Verwaltungs und Beteiligungs GmbH, Munich 30.0000 We Predict Limited, Swansea5 13.5900 Windpark Osterhausen-Mittelhausen Infrastruktur GbR, Bremen1, 7 58.9400
3 This fully consolidated German subsidiary intends to fulfil the conditions required in Section 264(3) of the German Commercial Code (HGB) and, in the 2019 financial year, to avail itself of the relevant provision exempting it from preparing annual financial statements.
On pages 31, 33, 38 and 72, the combined management report contains cross-references to the Group’s website, which are not provided for by law. In compliance with German legal requirements, we did not audit the contents of these cross-references or the information to which they refer.
− the accompanying combined management report as a whole provides an appropriate view of the Group’s position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion of the combined management report does not cover the contents of those elements of the combined management report mentioned in the “Other information” section of our auditor's report. On pages 31, 33, 38 and 72, the combined management report contains crossreferences to the Group’s website, which are not provided for by law. Our audit opinion does not cover these crossreferences or the information to which they refer.
The financial statement risk The provision for outstanding claims at the reporting date was €50,696m in the property-casualty reinsurance segment and €4,779m in the property-casualty German primary insurance segment. In the ERGO International segment, a major part of the provision for outstanding claims of €2,868m refers to property-casualty business. Major losses from natural catastrophes had an impact of €2,053m on the Group in the financial year.
− We assessed the level of reserves at the reporting date with that in previous years. We assessed the appropriateness of any adjustments made to expected values determined using actuarial methods by inspecting and critically assessing the documentation of the underlying calculations or qualitative grounds. We also made enquiries of each of the actuaries responsible.
− We assessed whether the disclosures in the notes, particularly the run-off triangles, were correctly derived from the accounting system and evaluated them for completeness
With respect to the accounting policies, we refer to explanations in the notes to the consolidated financial statements, on page 119, and to the explanations about the use of estimates and assumptions, on page 107. Further information about the line items in the financial statements can be found on pages 143 and 151. Risk information can be found on pages 165 ff. of the notes to the consolidated financial statements, and on pages 73 ff. of the combined management report.
The financial statement risk Provisions in life and health mainly comprise the provision for future policy benefits and the provision for outstanding claims. The provision for future policy benefits excluding unit-linked life insurance in the ERGO Life and Health Germany segment is €89,698m, and amounts to €12,607m in the life and health reinsurance segment. In ERGO International, most of the provision for future policy benefits of €9,641m is for life and health business. The provision for outstanding claims in the life and health reinsurance segment is €9,563m and amounts to €2,970m in ERGO Life and Health. The Group’s deferred acquisition costs amount to €9,272m (net), and most of this refers to life and health business.
An annual liability adequacy test checks at the level of uniformly managed portfolios whether the balance from the aggregate policy reserves and the deferred acquisition costs is appropriate as a whole to satisfy the liabilities incurred. The test is based on expected future gross profit margins, calculated on the basis of current realistic actuarial assumptions, and is dependent on the same assumptions as the provision for future policy benefits. If the liability adequacy test should determine a deficit, acquisition costs will first be impaired. If a deficit still remains, the provision for future policy benefits will be increased.
Our audit approach In auditing the provisions in life and health business, 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 and the valuation of deferred acquisition costs, identified key controls, and tested their design and effectiveness. Our particular focus was on controls to ensure that changes to assumptions were correctly implemented in the systems.
− We assessed the appropriateness of key assumptions by analysing the actuarial methods used to derive those assumptions. We placed particular emphasis on the reasonable and standard-compliant use of discount rates.
Our observations The valuation method used for the provision for future policy benefits, the provision for outstanding claims in life and health, and deferred acquisition costs in life and health is appropriate. The valuation assumptions used were derived appropriately. The explanatory notes and disclosures in the notes to the consolidated financial statements are complete and appropriate.
The valuation of investments whose fair values are determined on the basis of valuation models or values assessed by third parties is subject to uncertainty. Measurement carried out on the basis of valuation methods that use inputs observable in the market particularly affects non-listed securities, infrastructure loans, other loans, and derivatives. The greater the number of input factors used that are not observable in the market but are based on internal estimates, the greater the scope for discretion.
Judgement is especially necessary in measuring land and buildings, real estate funds, private equity funds, and investments in affiliated companies and associates. The fair value of investments determined on the basis of valuation models or values assessed by third parties is allocated to valuation categories Level 2 and Level 3 of the fair value hierarchy of IFRS 13.
Our audit approach Our audit of the investments essentially comprised the following procedures: − We assessed the adequacy of the internal controls set up for the valuation process and are convinced of their effectiveness after carrying out functional tests. Our focus was on controls on the use of market inputs and quality assurance.
Our observations The methods used to calculate the fair values of investments are appropriate. The valuation assumptions are reasonable. Subsequent accounting measurements and determination of the impact on profit or loss are appropriate. The explanatory notes and disclosures in the notes to the consolidated financial statements are complete and appropriate.
The other information also includes the remaining parts of the Annual Report. The other information mentioned above does not include the consolidated financial statements and the audited contents of the combined management report, or our accompanying auditor’s report.
Responsibilities of management and the Supervisory Board for the consolidated financial statements and the combined management report Management is responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e(1) of the Commercial Code (HGB) and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, management is responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Dr. Ellenbürger Voß Wirtschaftsprüfer Wirtschaftsprüferin (German public auditor) (German public auditor)
“To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the combined management report for Münchener Rückversicherungs -Gesellschaft Aktiengesellschaft in München and the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group.”
Münchener Rückversicherungs-Gesellschaft (Munich Reinsurance Company) is a reinsurance company organised under the laws of Germany. In some countries, including the United States, Munich Reinsurance Company holds the status of an unauthorised reinsurer. Policies are underwritten by Munich Reinsurance Company or its affiliated insurance and reinsurance subsidiaries. Certain coverages are not available in all jurisdictions.
Quarterly figures 31.12.2019 30.9.2019 30.6.2019 31.3.2019 Balance sheet Investments (incl. insurance-related investments) €m 237,927 241,980 235,270 232,547 Equity €m 30,576 31,578 29,543 28,990 Net technical provisions €m 217,941 219,289 214,231 214,572 Balance sheet total €m 287,553 291,741 282,603 280,137 Shares Share price € 263.00 237.40 220.70 211.00 Munich Reinsurance Company’s market capitalisation €bn 38.0 34.3 31.9 31.6 Other Combined ratio
18 March 2020 Publication of the Group Annual Report 2019 29 April 2020 Annual General Meeting 7 May 2020 Quarterly Statement as at 31 March 2020 6 August 2020 Half-Year Financial Report as at 30 June 2020 5 November 2020 Quarterly Statement as at 30 September 2020
Important dates 2021 25 February 2021 Balance sheet media conference for 2020 consolidated financial statements (preliminary figures)
17 March 2021 Publication of the Group Annual Report 2020 28 April 2021 Annual General Meeting 6 May 2021 Quarterly Statement as at 31 March 2021 10 August 2021 Half-Year Financial Report as at 30 June 2021 9 November 2021 Quarterly Statement as at 30 September 2021