Outlook 2014

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Outlook 2014

Munich Re (Group)

Gross premiums written1 Return on investment Net result
~€48bn   ~3.5%   slightly above €3bn
(prev. €3bn)
Focus on bottom-line prevails Solid return given ongoing low-interest-rate environment Q1–3 earnings above expectations
Reinsurance Primary Insurance Munich Health
Combined ratio Combined ratio Combined ratio
(prev. ~95%)
  ~95%   ~99%  
Net result Net result2 Net result
(prev. €2.3–2.5bn)
(prev. €400–500m)
(prev. ~€100m)

1 By segment: Reinsurance slightly above €26bn, primary insurance slightly above €16.5bn, Munich Health slightly below €5.5bn.

2 Well on track to exceeding initial target. However, the introduction of a new segmentation at year-end may trigger write-downs of intangible assets in excess of possible tax benefits in Q4.

Status: 06.11.2014

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