Annual Report 1997/1998 - Munich Re

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Munich Re Scandinavian Countries Netherlands Asset Management/ Real Estate and Equities UK, Ireland General Services Asia and Company Structure North America Australasia and Organization Casualty Karl Wittmann Dr. jur. Heiner Hasford Hans Rathnow (from 1st January 1998) Dr. jur. Wolf Otto Bauer Stefan Heyd Dieter Göbel (from 1st January 1998) Fire/Treaty Casualty Italy, Malta Fire/Facultative Greece, Cyprus Financial Reinsurance Spain, Portugal Retrocession Latin America Engineering For seats held on supervisory boards and comparable bodies see page 124 f. 9
Munich Re Dr. Hans-Jürgen Schinzler, Chairman of the Board of Management, during the 1997 AGM Dear Shareholders, Growth of 38% in premium income and an increase of 64% in the profit for the year – these figures show the success of the Munich Re Group in the business year 1997/98. The improved operating position is reflected in the earnings per share, which have risen to DM 19.42. The pleasing development in the result will enable us to increase the dividend from DM 1.70 to DM 1.80. The Group’s success is also reflected in the performance of Munich Re’s registered shares: the share price has risen by almost 120% since the beginning of 1997. The Munich Re warrants whose exercise period expired in March 1998 also performed outstandingly well, yielding a return of around 500% over the four years. The business environment for reinsurance has changed markedly in recent years. We have therefore changed Munich Re as well: it has become the Munich Re Group, in which premium income derives almost equally from direct insurance and reinsurance. Munich Re’s core business is and will remain reinsurance. In many countries and classes of insurance we are market leaders – in some cases we have been for decades. We intend to maintain and improve on this outstanding position. In pursuing this objective, we are having to deal with increasingly large competitors. In the medium to long term only those players can be successful as reinsurers that provide services and products which clients really need, which create added value for them. We have therefore been pressing ahead with the development of new products and services that take account of clients’ changing requirements. This applies both to the growing demand for comprehensive financial concepts, e.g. financial reinsurance for insurers, and to the demand for innovative coverage concepts in the so-called alternative markets; it also applies to those business sectors such as life and health insurance where private insurance solutions can supplement or replace state social insurance. 10
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Annual Report 1997/1998 - Munich Re

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