Outlook 2013
|
Munich Re (Group)
|
|
Gross premiums written
|
Return on investment
|
Net result
|
|
2012
|
€52bn
|
2012
|
3.9%
|
2012
|
€3.2bn
|
|
Target 20131 |
€50–52bn
|
Target 2013
|
~3.3%
|
Target 2013
|
Close to €3bn
|
|
Focus on profitable growth prevails – No specific top-line ambition
|
Ongoing low interest rate environment gradually reducing running yield to ~3.5%
|
RoRaC target of 15% after tax over the cycle to stand
|
|
Reinsurance
|
Primary insurance
|
Munich Health
|
|
Combined ratio
|
Combined ratio
|
Combined ratio
|
|
2012
|
91%
|
2012
|
98.7%
|
2012
|
100.2%
|
|
Target 2013
|
~94%
|
Target 2013
|
~95%
|
Target 2013
|
~100%
|
|
Net result
|
Net result
|
Net result
|
|
2012
|
€3.1bn
|
2012
|
€247m
|
2012
|
–€92m
|
|
Target 2013
|
€2.3–2.5bn
|
Target 2013
|
€400–500m
|
Target 2013
|
Further loss cannot
be excluded
|
1 By segment: Reinsurance €27–28bn, primary insurance slightly above €17bn, Munich Health slightly above €6.5bn.
Status: 13 March 2013
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