|Traded as||FWB: MUV2|
|Founded||3 April 1880|
|Joachim Wenning (Chairman of the Board of Management), Bernd Pischetsrieder (Chairman of the supervisory board)|
|Products||Reinsurance, primary insurance, asset management|
|Revenue||€49.1 billion (2017)|
|€1,241 million (2017)|
|Total equity||€28.2 billion (2017)|
Number of employees
Munich Re Group or Munich Reinsurance Company (German: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers. ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm. Munich Re's shares are listed on all German stock exchanges and on the Xetra electronic trading system. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices.
In 1880, Carl von Thieme, a native of Erfurt, whose father was the director of Thuringia, founded Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck (co-owner of the Merck Finck & Co bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890. Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of the supervisory board until 1924. Munich Re became renowned after the San Francisco earthquake of 1906 as the only insurer that remained solvent after paying out all the claims.
In 2017 the company's shareholders' equity amounted to €28.2 billion. The group’s premium income for the year (gross premiums written) was €49.1 billion, with its consolidated result amounting to €392 million.
Besides its reinsurance business, the Munich Re Group also transacts primary insurance business through the ERGO Group, and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH).
Munich Re has clients (insurance companies) worldwide. It assures part of the risk covered by these insurance companies, as well as providing comprehensive advice on insurance business. In addition to its Munich head office, Munich Re has more than 50 Business Units around the world. Munich Re provides reinsurance cover for life, health, casualty, transport, aviation, space, fire and engineering business. In 2017, gross premiums written in the reinsurance segment amounted to around €31.6bn.
Primary insurance: ERGO Group
Munich Re’s primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO writes all types of life and health insurance and most types of property and casualty insurance. Outside Germany, ERGO is present in more than 30 countries around the world, servicing around 35 million clients. Members of the ERGO Group include the insurance subsidiaries D.A.S., DKV and Europäische Reiseversicherung AG, and the IT service provider ITERGO. With a gross premium written of about €17.5bn in 2017, ERGO is one of the largest primary insurers in Germany and Europe.
Founded in 1999, MEAG MUNICH ERGO AssetManagement GmbH manages the assets of Munich Re, ERGO, and external clients. Their purpose is to manage and increase investments of Munich Re and ERGO and third parties. MEAG manages Munich Re’s global investments amounting to €264bn.
- Institutional investors (80.4%)
- Private investors (19.6%)
Most shareholders are located in Germany (around 41.2%), followed by North America (25.7%), other European countries (21.4%), UK (11.4%), other countries (0.3%).
- Munich Reinsurance America
- American Modern Insurance Group
- Hartford Steam Boiler Inspection and Insurance Company
- Munich Reinsurance Trading LLC
Accounts prepared according to IFRS.
|Gross premiums written (€bn)||38.2||37.4||37.3||37.8||41.4||45.5||49.5||52||51.1||48.8||50.4||48.9||49.1|
|Operating result (€m)||4,156||5,877||5,573||3,834||4,721||3,978||1,180||5,350||4,409||4,027||4,819||4,025||1,241|
|Taxes on income (€m)||1,014||1,648||801||1,372||1,264||692||-552||866||-108||312||-476||-760||298|
|Consolidated result (€m)||2,751||3,519||3,923||1,579||2,564||2,422||712||3,211||3,342||3,171||3,122||2,581||392|
|Technical provisions (€bn)||154.0||153.9||152.4||157.2||163.9||171.1||181.2||186.1||187.7||198.4||198.5||202.2||205.8|
|Return on equity (%)||12.5||14.1||15.3||7.0||11.8||10.4||3.3||12.6||12.5||11.3||10.0||8.1||1.3|
|Number of employees as of 31. December||37,953||37,210||38,634||44,209||47,249||46,915||47,206||45,437||44,665||43,316||43,554||45,437||42,410|
Munich Re Foundation
The Munich Re Foundation is a charitable organisation, which was founded by Munich Re; the foundation started its work on 7 April 2005.
The foundation is equipped with a capital of €50 million and works predominantly in newly industrializing and developing countries. The main topics of the foundation are:
- Environmental and climatic changes
- Microinsurance and poverty reduction
- Water as a resource and risk factor
- Disaster prevention.
The prime concern of the foundation is to develop solutions for people at risk. The knowledge of Munich Re's experts should therefore be translated into action. Hence, the working motto of the foundation is ‘Munich Re Foundation – from knowledge to action’. The main activities of the foundation concentrate on four fields: knowledge accumulation and implementation, clarification and sensitisation, networking of experts as well as direct help and support of local projects.
The foundation works with local, national as well as international partners. The majority of projects fit within a global framework. Since adaptation to climate and environmental change is much more difficult for poorer countries, the focus of the foundation is primarily on people in the developing world.
Munich Re Art Collection
The Munich Re Art Collection’s history begins with the company’s founding by Carl von Thieme, who commissioned artists such as Reinhold Max Eichler and Fritz Erler to decorate the new company headquarters built on Munich’s Königinstraße in 1912-13. The Collection was geared to modern art, which from the outset has been successively expanded over the decades with works by important artists. It includes works by Rudolf Belling, Barbara Hepworth, Rupprecht Geiger (“Concave rounded”, 1973), Norbert Kricke and Joseph Beuys.
Purchases for the Collection increased from the mid-1990s. The Walking Man by Jonathan Borofsky has stood outside a Munich Re building on Leopoldstraße since 1995 and has since become a symbol of Munich. Sculptures and installations from the Munich Re Art Collection by artists such as Olafur Eliasson (“Light Curtain”, 2002) and Roxy Paine (“Discrepancy”, 2011) are also found in the public spaces.
Artists like Angela Bulloch, Keith Sonnier and James Turrell have designed light installations for the extensive network of underground passages that link the company’s buildings in Schwabing, Munich.
The Collection, which now comprises more than 3,000 works, is being constantly enlarged and is displayed in the company’s Munich offices. Employees can also borrow art works from the Collection to display in their offices. In addition to internationally famous artists such as Jenny Holzer, Andy Hope 1930 and Wolfgang Tillmans, the Collection also acquires works by up-and-coming artists. The offices on Berliner Strasse, designed by the architectural practice of Sauerbruch Hutton, hold regularly changing exhibitions of contemporary art.
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- "Rudolf Belling". www.munichre.com. Retrieved 2017-02-09.
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- "Rupprecht Geiger". www.munichre.com. Retrieved 2017-02-09.
- "Norbert Kricke". www.munichre.com. Retrieved 2017-02-09.
- "Angela Bulloch". www.munichre.com. Retrieved 2017-02-09.
- "Keith Sonnier". www.munichre.com. Retrieved 2017-02-09.
- "James Turrell". www.munichre.com. Retrieved 2017-02-09.
- "Jenny Holzer". www.munichre.com. Retrieved 2017-02-09.
- "Andy Hope 1930". www.munichre.com. Retrieved 2017-02-09.
- "Wolfgang Tillmans". www.munichre.com. Retrieved 2017-02-09.
- "Projects | Munich Re - Corporate Art". www.munichre.com. Retrieved 2017-02-09.
- Official website
- Topics Online − Re Magazine for Insurers
- Yahoo! - Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft Company Profile
- Documents and clippings about Münchener Rückversicherungs-Gesellschaft AG in the 20th Century Press Archives of the German National Library of Economics (ZBW)