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Munich RE

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Outlook 2014

Munich Re (Group)

Gross premiums written Return on investment Net result
 2013 €51bn 2013 3.5% 2013
Target 20141 ~€50bn Target 2014 ~3.3% Target 2014 €3bn
Focus on bottom-line growth prevails Solid return given ongoing low interest-rate environment RoRaC target of 15% after tax over the cycle to stand
Reinsurance Primary Insurance Munich Health
Combined ratio Combined ratio Combined ratio
92.1% 2013
97.2% 2013
Target 2014 ~94% Target 2014 ~95% Target 2014 ~99%
Net result Net result Net result
2013 €2.8bn 2013 €433m 2013 €150m
Target 2014 €2.3–2.5bn Target 2014 €400–500m Target 2014  ~€100m

1 By segment: Reinsurance ~€28bn, primary insurance slightly above €16.5bn, Munich Health slightly above €5.5bn.

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