Third-party investments

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MEAG MUNICH ERGO AssetManagement GmbH is the asset manager of Munich Re and the ERGO Insurance Group. In addition to its function as asset manager for the Group, MEAG also offers its expertise to private and institutional clients.

The monies managed by MEAG in private-client business decreased to €1.7bn (2.5bn) due to the negative market trend affecting equities and bonds alike. On account of the market ructions, private investors were also very restrained where new investments were concerned – so much so that they even disregarded the incentive of not having to pay tax on gains made on the future sale of equity funds purchased before the end of 2008.

MEAG’s assets under management for institutional clients grew slightly over the course of the year to €6.8bn (6.7bn). Owing to the difficult environment, the result of this business decreased to €36m (60m).

The assets managed by PICC Asset Management Company Ltd. (PAMC), Shanghai, 81% of which belongs to PICC People’s Insurance Company of China, and 19% to MEAG, reached €11.0bn (6.5bn).