Munich Re Group Annual Report 2006 (PDF, 1.8

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Munich Re Group Annual Report 2006 Primary insurance The second main pillar of the Munich Re Group is primary insurance business. Beyond our core markets of Germany and Europe, we are seeking to develop business in Asian primary insurance markets long term. In 2006, some 30.7% of our premium income totalling €16.7bn derived from property-casualty and 69.3% from life and health insurance. Munich Re primary insurance group ERGO Versicherungsgruppe AG Europäische Reiseversicherung Watkins Syndicate Germany Life Hamburg-Mannheimer Versicherungs-AG Victoria Lebensversicherung AG Vorsorge Lebensversicherung AG KarstadtQuelle Lebensversicherung AG Neckermann Lebensversicherung AG International * Life ERGO Previdenza S.p.A., Milan Hamburg-Mannheimer N.V., S.A., Brussels Victoria Seguros de Vida, S.A., Lisbon Victoria-Volksbanken Versicherungsaktiengesellschaft, Vienna Vorsorge Luxemburg Lebensversicherung S.A., Munsbach I . sviçre Hayat Sigorta A.S¸., Istanbul 50 Subsidiaries in the Czech Republic, Denmark, France, Italy, Spain, Sweden, and the UK, and participating interests in Austria, Hungary, the Netherlands, the Slovak Republic and Ukraine. Health DKV Deutsche Krankenversicherung AG Victoria Krankenversicherung AG KarstadtQuelle Krankenversicherung AG Health DKV Belgium S.A., Brussels DKV Seguros y Reaseguros S.A., Saragossa PICC Health Insurance Company Limited, Beijing (associate) Property-casualty Victoria Versicherung AG Hamburg-Mannheimer Sachversicherungs-AG D.A.S. Versicherungs-AG KarstadtQuelle Versicherung AG Property-casualty * Only ERGO companies with a premium volume of more than €50m are listed by name. STU ERGO Hestia S.A., Sopot ERGO Assicurazioni S.p.A., Milan I . sviçre Sigorta A.S¸., Istanbul Management report_Munich Re Group Mercur Assistance Legal expenses D.A.S. Allgemeine Rechtschutz-Versicherungs-AG Hamburg-Mannheimer Rechtsschutzversicherungs-AG Legal expenses D. A. S. Subsidiaries and branches in Austria, Belgium, Canada, the Czech Republic, Estonia, Greece, Hungary, Italy, Luxembourg, the Netherlands, Poland, the Slovak Republic, Spain, Switzerland and the UK
Munich Re Group Annual Report 2006 Management report_Munich Re Group Our primary insurance operations have essentially been combined in the ERGO Insurance Group. But our primary insurance segment also includes Europäische Reiseversicherung, the Watkins Syndicate, and the assistance services provider Mercur Assistance. We sold our majority stake in the Karlsruher Insurance Group in late 2005. The ERGO Insurance Group is made up of the longestablished German companies Victoria, Hamburg-Mannheimer, DKV and D. A. S., as well as KarstadtQuelle Versicherungen. ERGO’s main companies outside Germany are the life insurer ERGO Previdenza in Italy, the health insurer DKV Seguros in Spain, the Polish property-casualty insurer ERGO Hestia, and the Turkish ERGO Ísviçre Group (acquired in 2006). Segment responsibility within ERGO is centralised at holding level, while keeping the strong individual brand identities and sales forces intact. The main emphasis of the ERGO Insurance Group’s business is on personal lines, especially insurances of the person, i.e. life, health, and personal accident insurance. Another segment of ERGO’s business is insurance for small and medium-sized firms and also, on a selective basis, industrial business. Moreover, ERGO is one of the leading providers in the market for company pensions. In health insurance and legal expenses insurance, it is market leader in Europe. ERGO’s marketing strategy is built on the interplay of different distribution channels. Apart from its own strong sales organisations, its exclusive banking partnership with the HVB Group in Germany plays an important role. ERGO also has a joint venture with KarstadtQuelle AG for the sale of insurance products. ERGO Versicherungsgruppe AG MEAG MUNICH ERGO AssetManagement GmbH MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH With numerous subsidiaries and affiliated companies in 12 countries, as well as a network of strategic cooperation agreements, Europäische Reiseversicherung is an effective international alliance. Its most important product is travel cancellation insurance. The Watkins Syndicate, which operates within Lloyd’s of London, has been part of the Munich Re Group since 1997. It specialises in marine insurance business and has taken advantage of the favourable conditions over the last few years to significantly strengthen its market position and broaden its risk profile. Today it is the largest marine insurance syndicate at Lloyd’s and is represented in the UK, Hong Kong, Singapore and Dubai. Mercur Assistance offers 24-hour assistance services worldwide in the field of medicine and mobility. Our International Health Board, established in 2006, is responsible for the cross-segment management of our health primary insurance activities outside Germany and our global reinsurance operations in that line of business. Asset management MEAG MUNICH ERGO AssetManagement GmbH combines Munich Re’s and ERGO’s investment activities. Virtually the entire asset management of the Munich Re Group is concentrated in MEAG, which at the end of 2006 had a total of around €172.4bn in Group assets under management. The subsidiary MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH is one of the major investment fund companies in Germany, managing around €38bn in special and retail funds. Munich Reinsurrance Company 40% 60% 100% 100% 3 regional companies 3 facility management companies 51
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Munich Re Group Annual Report 2006
Page 3 and 4: The Munich Re Group Our operations
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Quarterly figures Balance sheet 31.
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© 2007 Münchener Rückversicherun
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Munich Re Group Annual Report 2006 (PDF, 1.8

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