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Munich Re Report of the Board of Management Gross premiums in DM million 2,766 12,050 3,165 13,517 Life Non-life 3,414 15,645 3,446 15,402 3,539 14,968 1991 1992 1993 1994 1995 Reinsurance As the world’s leading reinsurer, Munich Re works together with direct insurance companies in more than 150 different countries. We operate on the one hand directly from our head office in Munich, Germany; on the other hand we are represented in 32 other countries through reinsurance subsidiaries, branch offices, service companies and liaison offices. A geographical balancing of risks by means of a global presence is as essential for conducting professional reinsurance as financial strength. In the last few years, these requirements have resulted in an ongoing process of consolidation throughout the reinsurance industry worldwide. The acquisition of American Re by Munich Re agreed in August 1996 may be seen as part of this process. The Munich Re Group’s position in the US market will be considerably strengthened as a result. In addition, the acquisition will enable Munich Re to supplement its own outstanding expertise in international reinsurance business with American Re’s strengths, especially the latter’s highly specialized knowledge in the areas of financial reinsurance and alternative markets. In the year under review the development of our reinsurance business was again influenced by our clear profit orientation. We only wrote new business or increased shares in cases where prices and conditions were commercially acceptable. We again terminated business connections that did not offer any tangible prospects of reasonable development. All in all, the combined premium income from the business we renewed and potentially profitable new shares showed growth of 2.8 % in original currencies. When the figures are translated into our balance sheet currency, however, this growth is more than neutralized by the negative effects of changes in exchange rates amounting to approximately DM 871 million. The consolidated gross premium income of our reinsurers is therefore, at DM 18,507 million, 1.8 % down on the previous year. More than 80 % of this premium income was again written by the Munich Reinsurance Company. The net premium income from reinsurance business changed very little in the year under review, amounting to DM 16,526 million (previous year: DM 16,531 million). The geographical division of the Group’s reinsurance premium was as follows: 1995 Previous year DM million DM million Germany 8,846 8,947 Rest of Europe 3,881 4,427 North America 3,124 2,617 Middle East, Far East Australia, New Zealand 1,580 1,685 Africa, Near East 730 732 Latin America 346 440 Total 18,507 18,848 14
Munich Re Report of the Board of Management Business divisions North America New York Atlanta Chicago Columbus Dallas Hartford Philadelphia San Francisco Toronto Montreal Vancouver Latin America Mexico City Bogotá Caracas Buenos Aires Reinsurance premiums 48 % 21 % 17 % 18 % 14 % 12 % 15 Germany Rest of Europe Munich Madrid London Paris Brussels Geneva Milan Athens Istanbul Moscow Africa, Near East Johannesburg Blantyre Durban Harare Cape Town Nairobi Port Louis Pretoria Windhoek Tel Aviv Germany Rest of Europe North America Middle East, Far East, Australia, New Zealand Africa, Near East Latin America Middle East, Far East, Australia, New Zealand Karachi Kuala Lumpur Singapore Hong Kong Taipei Manila Seoul Tokyo Sydney Brisbane Melbourne Perth Auckland
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Further information is obtainable f
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