Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
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Backup: <strong>Re</strong>insurance<br />
<strong>Re</strong>insurance life<br />
Global strategy life reinsurance<br />
Expansion in life reinsurance<br />
1 Risk capital.<br />
Strategic ambition<br />
"To achieve quantum growth in our earnings as measured by Embedded Value earnings and<br />
IFRS <strong>Re</strong>turn on Capital1 by developing and pursuing sustainable business models"<br />
Improve<br />
core business<br />
Backup: <strong>Re</strong>insurance<br />
Grow<br />
non-traditional<br />
business<br />
Our key strategies<br />
1 2 3 4<br />
Investigate<br />
alternative<br />
distribution<br />
Additional enabling initiatives<br />
I. Put in place superior financial model<br />
II. Put in place new organisational and cultural model<br />
Leading to 15% VANB average growth p.a.<br />
<strong>Re</strong>insurance life<br />
Strong profitability underscored by MCEV<br />
Distribution of life reinsurance GPW<br />
%<br />
Germany<br />
UK<br />
USA<br />
CCanada d<br />
Other<br />
33<br />
16<br />
19<br />
12<br />
20<br />
19<br />
17<br />
21<br />
20<br />
23<br />
2002 2007<br />
Total 2007: €5,959m<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong><br />
Evaluate<br />
non-organic<br />
growth opportunities<br />
Key considerations<br />
Consolidation leading to higher pricing power<br />
Room for expansion in USA and other markets<br />
Benefit from demographic developments<br />
Continue profitable organic growth by taking<br />
advantage of changes in accounting (IFRS)<br />
and regulatory requirements (Solvency II)<br />
Well-balanced portfolio with predominant<br />
mortality risk<br />
Operating EEV earnings 2007: 11.8%<br />
Net premium 2007 by type of product<br />
Longevity<br />
4%<br />
Living benefits<br />
24%<br />
Non-proportional<br />
0%<br />
Mortality<br />
72%<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
38<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
39
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