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    • Result for 2004 of approximately EUR 1.8bn 

    • Proposed dividend of EUR 2.00 (previous year: EUR 1.25). ERGO back in the profit zone 

    •  American Re's result down on previous year

    The very positive result for 2004 now taking concrete shape for the Munich Re Group confirms its most recent forecasts: a profit for the year of approximately EUR 1.8bn is expected (previous year: – EUR 0.4bn). This result is largely due to the good performance of the reinsurance business. A positive contribution also came from the ERGO Insurance Group which, with a result for the year of EUR 202m (previous year: – EUR 1,431m), made a striking return to the profit zone. By contrast, American Re's profit for the year dropped to USD 103m (263m), owing to high claims costs from the autumn cyclones and reserve strengthening totalling USD 482m (previous year: USD 368m).

    Given the good development of the Group's result, the Board of Management will propose to the Supervisory Board and the AGM that the Company pay an increased dividend of EUR 2.00 (1.25) for its 125th year of business. This is naturally subject to the proviso that the Supervisory Board's examination of the company and consolidated financial statements does not give rise to any changes.

    Further details of Munich Re's company and consolidated financial statements will be announced at its balance sheet press conference on 15 March 2005.

    Munich, 15 February 2005

    Münchener Rückversicherungs-Gesellschaft
    Aktiengesellschaft in München
    Königinstraße 107
    80802 München

    This announcement contains and refers to statements relating to the future. Such forward-looking statements are based on current expectations, estimates, forecasts and prognoses as well as assessments and assumptions of the management of Munich Reinsurance Company. Such statements contain in particular comments regarding plans, strategies and outlooks. Words such as "expect" and similar expressions characterise such forward-looking statements. These statements are no guarantee that results will actually materialise in the future and they are subject to risks, uncertainties, and assumptions that are difficult to foresee. Therefore, actual consequences and results could deviate substantially from those anticipated in these forward-looking statements.