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>Re</strong>alisation of untapped profit pools in life reinsurance<br />
Strong top-line growth<br />
Sustainable earnings …<br />
<strong>Re</strong>insurance life – Gross premiums written EV earnings (as % of EV BoY)<br />
€bn<br />
2.7<br />
Key considerations<br />
CAGR 9.4%<br />
6.0<br />
1998 2007<br />
Focus on mortality risk<br />
Geographically well diversified<br />
Target of 15% VANB-growth on average until<br />
2011<br />
Ambitious targets<br />
Primary insurance ERGO<br />
Ambitious targets to sustain excellent profitability<br />
PREMIUMS 2012<br />
>€23bn<br />
NET PROFIT 2012<br />
>€900m<br />
TEV MCEV<br />
15.6<br />
16 16.2 2 16 16.6 6<br />
14.7<br />
13.3 13.5<br />
11.3<br />
9.0<br />
9.8<br />
8.9<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong><br />
14.4<br />
11.8<br />
2002 2003 2004 2005 2006 2007<br />
Operating EV earnings Total EV earnings<br />
… and in hindsight conservative assumptions<br />
Experience variances/operating assumption changes<br />
€m<br />
TEV MCEV<br />
121<br />
Strengthen sales organisation<br />
<strong>Re</strong>align strategy in life<br />
Increase share of international business<br />
Optimise capital structure<br />
69<br />
124<br />
2002 2003 2004 2005 2006 2007<br />
RoE 2010<br />
66<br />
~13.5%<br />
RoE 2012<br />
~15%<br />
11<br />
88<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
8<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
9
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