Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
Munich Re Group Changing Gear gg
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Ambitious targets<br />
<strong>Changing</strong> <strong>Gear</strong> – Basis for profitable growth<br />
<strong>Changing</strong> <strong>Gear</strong> programme 2007–2010<br />
<strong>Munich</strong> <strong>Re</strong> targets 2010<br />
Most profitable among<br />
top 5 global reinsurers<br />
PROPERTY-CASUALTY RE<br />
Growth initiatives<br />
contribute >€250m net profit<br />
LIFE RE<br />
15% VANB<br />
average growth p.a.<br />
Ambitious growth target<br />
Best in class<br />
Capital efficiency<br />
Expansion in<br />
primary insurance<br />
Sustainable<br />
RoE 12–15%<br />
Ambitious targets<br />
<strong>Re</strong>alisation of untapped profit pools in p-c reinsurance<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong><br />
Market leadership in<br />
International Health<br />
Average premium<br />
and profit growth<br />
>20% p.a.<br />
Net profit reinsurance property-casualty1 Underwriting result<br />
€bn €m <strong>Changing</strong> <strong>Gear</strong> growth initiatives<br />
Current reinsurance portfolio<br />
3<br />
2.6<br />
CAGR >10% ~665 665<br />
1.2<br />
0.4<br />
2.1<br />
2<br />
2004 2005 2006 2007<br />
1 Segmental view (not consolidated).<br />
2 Adjusted due to first-time application of IAS 19 (rev. 2004). <strong>Re</strong>sult impacted by –€1.5bn due to Atlantic windstorms KRW.<br />
3 Underwriting result: Net premiums written less losses, management expenses and deductions (e.g. commissions, fees).<br />
482<br />
~225<br />
~440<br />
2007 2010e<br />
<strong>Changing</strong> <strong>Gear</strong> growth initiatives<br />
>€250m net profit contribution in 2010<br />
2010 underwriting result estimation based on<br />
97% combined ratio<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
6<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
7
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