Structure of the Munich Re Group

The Munich Re Group is one of the world’s leading risk carriers. Our business covers the whole value chain in insurance and reinsurance, and we are also active in the field of asset management.

The reinsurance companies in our Group operate globally. Our primary insurers traditionally concentrate on Germany and European markets with strong growth, but have meanwhile been looking to extend their activities to highpotential Asian markets such as South Korea or India. We conduct our business from our respective headquarters and also via a large number of branches, subsidiaries and holding companies. Domination and profit-transfer agreements are in place with many subsidiaries, especially between ERGO Versicherungsgruppe AG and its subsidiaries. Since 2005, “unified control” within the meaning of the German Stock Companies Act has existed between Munich Reinsurance Company and the ERGO Insurance Group. The relevant statutory regulations and a Group directive govern the distribution of responsibilities and competencies for key decisions between Group management and ERGO.

The Board of Management, which for legal purposes represents Munich Reinsurance Company externally, has created two Board committees, the Group Committee and the Reinsurance Committee, with a view to maintaining clearly defined strategic management of the equal-ranking business fields and to clearly assigning responsibility.

This management report summarises the activities of our Group according to the business fields of reinsurance, primary insurance and asset management rather than on the basis of the Group’s legal or corporate structure or individual companies. Such segmentation is determined by how we manage our business internally. International Health (health reinsurance worldwide and health primary insurance outside Germany), which is still only a “virtual” field of business, has not yet reached a size that would justify separate presentation; for health reinsurance and Sterling Life Insurance Company (Sterling), the business written is therefore booked in the reinsurance segment life and health, and for health primary insurance and German business it is booked in the primary insurance segment life and health.