Munich Re
| Munich Re | |
| Company type | Public company |
| Industry | Reinsurance; Insurance; Asset management |
| Founded | 3 April 1880 |
Key people | Joachim Wenning (Chairman of the Board of Management); Thomas Blunck; Nicholas Gartside; Stefan Golling; Michael Kerner; Christoph Jurecka; Achim Kassow; Clarisse Kopff; Mari‑Lizette Malherbe; Markus Rieß Nikolaus von Bomhard (Chairman of the Supervisory Board) |
| Revenue | € 60.8 billion (2024) |
Number of employees | 43,584 (2024) |
| Website | https://www.munichre.com |
Münchener Rückversicherungs-Gesellschaft, known as Munich Re, is a global reinsurance company headquartered in Munich, Germany.[1] It is the world’s largest reinsurer and also owns the Ergo Group, which conducts primary insurance operations. Munich Re shares are listed on all German stock exchanges and on Xetra, and form part of the DAX, DivDAX and Dow Jones Euro Stoxx 50 indices. In 2022 the Group recorded gross written premiums of € 67.1 billion and a net income of € 3.4 billion.[2][3] Of its 43,584 employees at end‑2024, approximately 25,500 work at Ergo, 13,800 in reinsurance, and 850 at its asset manager MEAG.
Headquarters
The main building at Königinstraße 107 was erected in 1912–13 to designs by Oswald Eduard Bieber and Wilhelm Hollweck. Its Ionic‑columned courtyard and elaborate interiors reflect the company’s stature. The Jugendstil- and Neoclassical‑influenced building has been listed since 1973.[4]
History
Munich Re was founded on 3 April 1880 by Carl von Thieme, Theodor von Cramer-Klett, Wilhelm von Finck and Hermann Pemsel, together with Darmstädter Bank. In 1890 the founders also established Allianz. Carl von Thieme led the company until 1921, and Wilhelm von Finck served as supervisory board chairman until 1924. Munich Re gained renown for remaining solvent after the San Francisco earthquake of 1906.
During the Nazi era the company benefited from forced policy surrenders by persecuted Jewish clients and, from 1940, underwrote camp facilities for the SS in concentration and extermination camps. Kurt Schmitt, an early Nazi Party and SS member, was on the board and served as Reich Economics Minister in 1933. He chaired Munich Re from 1938 to 1945; the other board members at war’s end were not party members.[5]
In the 1970s Gerhard Berz established the “Elemental Perils” division, later GeoRisk Research, which became a world leader in georisks. In 2002 Munich Re co‑founded Extremus, a terrorism risk insurer. Since 2009 the company has traded under the brand Munich Re.[6] In September 2018 Munich Re acquired IoT sensor startup Relayr for USD 300 million.[7] In January 2019 it became a shareholder in the German Research Center for Artificial Intelligence.[8]
Group structure
Munich Re operates in reinsurance, primary insurance under the Ergo Group, and asset management via MEAG.
- Reinsurance: Serves around 4,000 insurers worldwide in life, health, P&C, transport, aviation, marine, fire, motor, and engineering. In 2020 gross premiums were € 37.3 billion. It maintains over 50 international offices and a new Global Specialty Insurance board division that includes American Modern Insurance Group, Hartford Steam Boiler, Munich Re Specialty Insurance, Munich Re Syndicate and Aerospace, and Great Lakes Insurance.[9]
- Ergo Group: Offers life, health, property, and casualty insurance in over 30 countries to approximately 35 million customers. Subsidiaries include D.A.S., DKV, Ergo Travel Insurance, and the financial distribution network Ergo Pro. In 2020 gross premiums reached € 17.6 billion.
- MEAG: Founded in 1999 by Munich Re and Ergo, MEAG manages € 336 billion of institutional and private assets.[10]
As of 31 December 2024 Munich Re’s share capital comprises approximately 136 million no‑par value shares, with 100 % free float and around 341,000 registered shareholders. Private investors hold 24.1 % and institutions 75.9 %. Major registered stakes as of April 2025: BlackRock 6.18 %, free float 93.82 %. Geographic allocation: Germany 43.6 %, rest of Continental Europe 18.2 %, North America 20.5 %, UK 17.0 %.[11]
Dividend policy
Munich Re has raised or maintained its dividend every year since 1970, never cutting or suspending payout. Over the past decade the dividend was increased eight times and held constant twice. The company aims to increase the dividend annually or at least maintain it. Munich Re has been in the DivDAX since its inception in September 2005.[12]
Key financial data (IFRS)
| Year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Gross written premiums (EUR bn) | 59.6 | 67.1 | 57.9 |
| Operating result (EUR m) | 3,517 | 3,582 | 5,702 |
| Net income (EUR m) | 2,932 | 3,419 | 4,597 |
| Investments (EUR bn) | 240.3 | 219.8 | 218.5 |
| Technical provisions (EUR bn) | 234.0 | 232.5 | 72.4 |
| Equity (EUR bn) | 30.9 | 21.2 | 29.8 |
| ROE (%) | 12.6 | 13.5 | 15.7 |
| Employees at year end | 39,281 | 41,389 | 42,812 |
| Dividend per share (EUR) | 11.00 | 11.60 | 15.00 |
Board Chairs
| Period | Chair |
|---|---|
| 1880–1922 | Carl von Thieme |
| 1922–1938 | Wilhelm Kißkalt |
| 1938–1945 | Kurt Schmitt |
| 1945–1950 | Eberhard Reininghaus |
| 1950–1969 | Alois Alzheimer |
| 1969–1993 | Horst Jannott |
| 1993–2004 | Hans‑Jürgen Schinzler |
| 2004–2017 | Nikolaus von Bomhard |
| 2017–present | Joachim Wenning |
Munich Re Art Collection
The Munich Re Art Collection began with the commissioning of artists for the 1912–13 corporate headquarters. Over 3,000 works by leading and emerging artists – including Reinhold Max Eichler, Fritz Erler, Rudolf Belling, Barbara Hepworth, Rupprecht Geiger, Norbert Kricke, Joseph Beuys, Jonathan Borofsky (Walking Man, 1995), Ólafur Eliasson, Roxy Paine, Angela Bulloch, Keith Sonnier, James Turrell, Jenny Holzer, Olaf Metzel, Andy Hope 1930, Wolfgang Tillmans and Katharina Gaenssler – are displayed across Munich Re buildings. The collection is curated by Susanne Ehrenfried. Staff may borrow works for their offices, and rotating exhibitions are held at the Berlin Street building designed by Sauerbruch Hutton.[13]
Investments
- October 2019: invested USD 250 million in NEXT Insurance Inc. in a financing round valuing the company at over USD 1 billion.
- October 2022: acquired insurtech platform Apinity from Allianz (terms undisclosed).
References
- ↑ Top 50 Global Reinsurance Groups - Reinsurance News. Retrieved February 11, 2022.
- ↑ Employees | Munich Re. Retrieved on May 5, 2023 .
- ↑ Group Annual Report 2021. Retrieved on April 28, 2022 .
- ↑ BauNetz: Energy efficiency - Administration building in Munich remodeled by Baumschlager & Eberle. May 7, 2002, accessed April 28, 2022.
- ↑ Turning Point 2: Munich Re during the Nazi era (1933 to 1945). Retrieved on March 23, 2020 .
- ↑ Munich Reinsurance Company (Munich Re) – Historical Dictionary of Bavaria. Retrieved on June 13, 2020.
- ↑ Munich Re: Munich Re acquires technology company Relayr | Munich Re. Retrieved on January 8, 2019.
- ↑ Munich Re is a new DFKI shareholder. Retrieved on February 6, 2019.
- ↑ Munich Re creates new board position. In: Versicherungswirtschaft-heute. December 15,2022 , accessed February 9, 2023 (German).
- ↑ Annual Report 2020. (PDF) In: MunichRe.com. March 16, 2021, accessed March 18, 2021.
- ↑ Munich Reinsurance: The Share. In: munichre.com. December 31,2022 , accessed May 12, 2023 .
- ↑ Historical Index Compositions of the Equity and Strategy Indices of Deutsche Börse. Version 9.3. Formerly in the original (no longer available online) ; accessed on May 2, 2019 (English).
- ↑ Projects | Munich Re - Corporate Art. In: www.munichre.com. Retrieved on December 22, 2016 .
External links
- Official website: https://www.munichre.com
