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 />
International Health – Leveraging our combined health experience<br />
€bn<br />
GWP 2006–2015e<br />
€bn<br />
1.7<br />
1.8<br />
CAGR +20%<br />
2.4<br />
7.0<br />
9.3<br />
2006 2007 2008e 2013e 2015e<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong><br />
Our strengths<br />
Flexible combination of business model and<br />
products as a unique selling proposition<br />
Outstanding knowledge and experience in<br />
health insurance and reinsurance<br />
2007 and 2008 achievements provide<br />
solid basis for sustainable growth<br />
Going forward,<br />
we will focus our efforts on<br />
successfully implementing ongoing initiatives,<br />
above all the integration of Sterling<br />
identifying additional growth opportunities<br />
Average premium and profit growth >20% p.a. until 2015<br />
Capital management - Milestones<br />
Focus on efficient capitalisation<br />
Derisking<br />
initiative<br />
started<br />
Change to<br />
flexible<br />
dividend<br />
policy 1<br />
Introduction<br />
of RoRaCtarget<br />
(15%)<br />
First buyback<br />
programme<br />
€1bn<br />
CHANGING GEAR<br />
<strong>Re</strong>turning more<br />
than €8bn to<br />
shareholders until<br />
20102 Subordinated bond issue<br />
€1.5bn<br />
First part (€2bn) of current<br />
buy-back programme finalised<br />
Second part (€1bn until AGM<br />
2009) in execution<br />
1 At least 25% of net profit.<br />
2 At least €1bn dividend per year plus share buy-back programme >€5bn. Commitment to €5.50 minimum dividend per share for financial year 2008.<br />
Ongoing capital management to ensure high profitability<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
10<br />
<strong>Munich</strong> <strong>Re</strong> <strong>Group</strong> – October 2008<br />
11
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