Munich Re Group Annual Report 2006 (PDF, 1.8

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Munich Re Group Annual Report 2006 into long-term strategic partnerships: thanks to flexible general conditions and close cooperation on the underwriting side, we have offered selective cedants the chance to make themselves less dependent on the capital markets. Through an exclusive partnership with an international corporation in the US agricultural industry, we have also acquired an alternative direct distribution channel that can, in addition, be transferred to other markets. In sum, we were able to substantially increase our market share in US agricultural insurance. Our primary insurers place the emphasis of their research and development on forecasting demographic trends and incorporating the results into product design. For these trends constitute important parameters for calculating policy terms and thus for structuring products. Besides this, demographic change is affecting social security systems and consequently influencing our clients’ need for private provision. In order to be able to work with all the available information, ERGO collaborates closely with the Intergenerational Compacts Research Centre at the Albert Ludwig University in Freiburg, whose areas of research include old-age provision, healthcare, long term care and tax. Our product development combines the scientific findings of the research centre with our own knowledge and ERGO insurers’ own extensive experience with clients. ERGO’s life insurers also use their own mortality tables in order to have customised data available for their specifically structured portfolios. The health insurers make use of the mortality tables developed by the German Association of Private Health Insurers. Our actuaries work closely with the German Association of Actuaries to constantly extend and update their knowledge of client life expectancy. Munich Re Group staff Primary insurance companies 29,509 (79.3%) 106 Staff Management report_Other success factors Our staff provide the basis for our success with their competence, motivation and commitment. They embody the qualities with which Munich Re turns risk into value. That is why we invest consistently in further developing their skills. Facts and figures On 31 December 2006, 37,210 (37,953) staff were employed with the Munich Re Group worldwide, 6,928 (6,798) in reinsurance, 29,509 (30,465) in primary insurance and 773 (690) in asset management. In primary insurance, the number of employees sank by 956 to 29,509 compared with the end of 2005. This largely reflects the changes in Group companies: ERGO’s sale of the IT service provider ADA alone resulted in a reduction of around 1,100 employees in Germany. The acquisition of the Turkish I . sviçre Group has led to the addition of 478 employees outside Germany. On balance, owing to strong growth abroad, we are expanding personnel there, whereas in Germany we show a net reduction of 1,688 staff. Where jobs have been cut, this has been done through natural fluctuation and with due regard to social aspects, avoiding redundancies. In reinsurance and asset management, on the other hand, staff numbers increased slightly by 130 and 83 respectively. Munich Re’s staff turnover rate has been consistently low for years, a fact that indicates our attractiveness as an employer and our employees’ identification with the Company. ERGO’s higher figure is mainly attributable to group acquisitions and disposals. Reinsurance companies 6,928 (18.6%) Asset management 773 (2.1%)
Munich Re Group Annual Report 2006 Management report_Other success factors Reinsurance – Staff by region Asia and Australasia 6.2% Rest of Europe 10.9% Germany 48.9% Primary insurance – Staff by region Germany 72.4% Overall turnover at the main Group companies in Germany ERGO Munich Reinsurance Company MEAG 2.8% Initial and further training Initial and further training rank among our strategic tasks, not least for reasons of risk management in the human resources sector. Our staff must be highly qualified and motivated to ensure the continued success of our operations. Their knowledge edge is critical to designing solutions for new market developments at an early stage and to meeting the growing requirements of our business. We ensure the necessary qualifications and skills through systematic personnel measures that take into account individual abilities and future requirements. Hence, we consistently offer a large number of internal seminars for personal and specialist training. We are also firmly committed to giving young people sound professional training and good career perspectives: in 2006, a total of 1,295 trainees were employed in the Munich Re Group. At ERGO, the percentage of trainees was 5.8% (6.5%). 5.9% Africa, Near and Middle East 6.9% North America 25.3% Latin America 1.8% Rest of Europe 25.1% Rest of the world 2.5% 8.0% International promotion of talent Since 1997, Munich Re Munich has been systematically identifying and preparing staff for future management tasks with its scheme for assessing and developing staff potential (POE). We have now extended this system to the international reinsurance group. Highly talented and qualified staff are selected and groomed for management functions in Munich and for leading functions at business units abroad. As a result, we create career prospects for our staff internationally throughout the reinsurance group and can fill vacancies with particularly suitable employees. The ERGO Management Academy (EMA) offers a broad range of programmes to support executive staff, be they experienced managers or employees at home and abroad who are assuming managerial responsibilities for the first time. Special attention is devoted to the international exchange of views and ideas between executives of the ERGO companies. 107
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Munich Re Group Annual Report 2006
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The Munich Re Group Our operations
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Munich Re Group in 2006 Tireless an
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Quarterly figures Balance sheet 31.
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© 2007 Münchener Rückversicherun
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