Munich Re Group Annual Report 2006 (PDF, 1.8

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Munich Re Group Annual Report 2006 value basis, will contribute to the IFRS consolidated profit and thus to reaching the RORAC target, even though IFRS consolidated results follow the narrower individual financial-year perspective. Our targets – Ambitious but attainable In selecting suitable targets, contrasting aspects have to be considered and weighed up. On the one hand, undue complexity has to be avoided in order to ensure transparency for investors, staff and the public. On the other hand, the challenge lies in reflecting economic realities as closely as possible, avoiding oversimplification, and enshrining added value as the Group’s overriding guiding principle. As the above description shows, the background is complex, especially as the parallel use of different performance indicators is unavoidable. That is why we have devoted considerable space to this topic. We are convinced that we are on the right track with the key performance indicators of RORAC and embedded value. Taking into account all the relevant factors, we consider that our targets are economically meaningful – ambitious, but attainable nonetheless. Binding standards for underwriting and pricing In reinsurance, CUGC is not only responsible for business with our global clients but also develops guidelines and best-practice principles for the underwriting of our reinsurance business. Corporate Underwriting defines standards for the underwriting, pricing and claims management of the reinsurance group. Besides this, regular reviews are conducted to make sure that these standards are complied with. In this way, we ensure that the quality of our business is consistently high throughout our reinsurance operations and that we respond swiftly to changes and new developments. Since Corporate Underwriting is closely linked to our operative business, we can generate needs-oriented products and services for our clients there as well. In primary insurance, we write both personal lines and commercial business. This results in a heterogeneous portfolio of risks. We therefore have line- and segment-related guidelines for pricing and underwriting designed to ensure the requisite risk balance in the community of policyholders. In addition, the actuaries responsible (life and health insurance) and the heads of the actuarial departments 56 Management report_Munich Re Group (property-casualty insurance) make sure that pricing is appropriate and that sufficient reserves are set up to cover the obligations assumed. We regularly check by means of independent audit processes whether these guidelines are appropriate.
Munich Re Group Annual Report 2006 Management report_Munich Re Group Governing bodies of the Munich Re Group Board of Management Dr. jur. Nikolaus von Bomhard (Chairman of the Board of Management) (Chairman of the Group Committee) Group Investments (from 1 March 2007) Group Development Press Internal Auditing Executive Offices, Group Top Executives Dr. rer. pol. Ludger Arnoldussen (from 1 October 2006) Asia, Australasia, Africa (until 31 December 2006 together with Mr. Wittmann) Germany, Asia Pacific and Africa (from 1 January 2007) General Services (from 1 March 2007) Dr. rer. pol. Thomas Blunck Special and Financial Risks Organisational Design and Development (from 1 March 2007) Information Technology Georg Daschner Europe 2 and Latin America (until 31 December 2006) Europe and Latin America (from 1 January 2007) Corporate Communications (from 1 January 2007) Dr. jur. Heiner Hasford (until 28 February 2007) Group Investments, Corporate Finance, M&A Legal and Regulatory Affairs, Compliance General Services Organisational Design and Development Dr. rer. nat. Torsten Jeworrek (Chairman of the Reinsurance Committee) Corporate Underwriting/Global Clients Reinsurance Investments Accounting, Controlling and Central Reserving for Reinsurance Christian Kluge (until 31 December 2006) Europe 1 Corporate Communications John Phelan North America Dr. jur. Jörg Schneider Group Accounting Group Controlling Corporate Finance, M&A (from 1 March 2007) Integrated Risk Management Legal and Regulatory Affairs, Compliance (from 1 March 2007) Taxes Investor and Rating Agency Relations Dr. oec. publ. Wolfgang Strassl (Board member responsible for personnel and welfare matters, within the meaning of Section 33 of the German Co-Determination Act) Life and Health Human Resources Karl Wittmann (until 31 December 2006) Asia, Australasia, Africa (as from 1 October 2006 together with Dr. Arnoldussen) 57
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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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