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Munich Re Board of Management From left to right: Dr. jur. Fedor Nierhaus Dr. phil. Detlef Schneidawind Hans-Dieter Sellschopp Hans Rathnow Dr. jur. Hans-Jürgen Schinzler (Chairman) Dieter Göbel Dr. jur. Heiner Hasford Rudolf Ficker Dr. jur. Wolf Otto Bauer Dr. jur. Hans-Wilmar von Stockhausen Dr. jur. Claus Helbig Until 31st December1995: Dieter Nonhoff 9
Munich Re Dr. jur. Hans-Jürgen Schinzler Chairman of the Board of Management Dear Shareholders, For the third year in succession we are able to report a notable improvement in the performance of Munich Re’s business. Whilst the premium income of the companies consolidated in the Group accounts remained almost unchanged at DM 29.0 billion, we again succeeded in improving the result in the business year 1995/96: the profit for the year achieved by the Group as a whole rose by over 80 % to DM 595 million and the earnings per share more than doubled in comparison with the previous year, reaching an exceptionally high level of DM 140. The Munich Reinsurance Company’s profit for the year was DM 233 million. The Supervisory Board and Board of Management therefore propose increasing the dividend by DM 2.50 to DM 16 per share. The overall dividend amount will thus be increased to DM 133 million, which means that it will have almost doubled over the past four years. In addition, it will again be possible to allocate an appropriate amount to the company’s revenue reserves. These achievements provide us with confirmation that our business policy is the right one. Although we have to bear in mind that the positive development of our results was due in part to a reduced incidence of large losses and a generally favourable situation in many markets, it is our conviction that, for all the susceptibility of risk experience to fluctuations, our profit-oriented business policy has succeeded in structurally improving our results. This has been confirmed by developments so far in the business year 1996/97. This gratifying development of our business is due in large part to the efforts of our staff. We wish to thank them both for their hard work and commitment and for their loyal and constructive cooperation. Following the good results of the past three years, competition in the reinsurance sector has intensified again. Thanks to our worldwide organization and our highly qualified specialists we are, however, well equipped to face this challenge. In addition to conventional reinsurance covers, we also offer our clients financial reinsurance products, enabling them to optimize their risk management through individual reinsurance solutions. In our wide range of service products and other support services, we make every effort not only to maintain but also constantly to improve on the high quality that our clients have come to expect from us. Direct insurers these days are paying increasing attention to the financial solidity of their reinsurers. Munich Re, with its outstanding financial strength, is well equipped to compete in this respect as well. It is our aim to continue extending our market position in all important and potentially profitable business sectors. For us, however, growth is not an end in itself. It is desirable only if we are able at the same time to achieve our profitability targets. 10
Page 1 and 2: MMünchener Rück Munich Re 1995/96
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