Munich Re wins licence in Malaysia to conduct ReTakaful business

2006/09/19

Reinsurance

The Bank Negara of Malaysia, the supervisory authority of the country, has granted Munich Re as the first foreign reinsurer a composite license to conduct ReTakaful business. This licence entitles Munich Re, independently of any joint venture, to offer ReTakaful solutions to its clients. Munich Re expects that Takaful and ReTakaful business will gain in momentum in regard to premium growth as well as variety of products offered. In anticipation of being granted the licence, Munich Re has been active in product development and in positioning itself vis-à-vis the growing number of Takaful insurers in Southeast Asia and beyond.

Münchener Rückversicherungs-Gesellschaft
signed Wittmann           signed Küppers
The Munich Re Group operates worldwide, turning risk into value. In the business year 2005, it achieved a profit of €2,743m, the highest in its 126-year corporate history. In 2005, its premium income amounted to approximately €38bn and its investments to around €177bn. The Group is characterised by particularly pronounced diversification. It has approximately 38,000 employees at over 50 locations throughout the world and operates in all lines of insurance. With premium income of around €22bn in the year 2005 from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group, the second-largest provider in the German primary insurance market and a leading player in several other European insurance markets.
Disclaimer
This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

Further Information

For media inquiries please contact:
en
Regine Kaiser
Munich Re Group
Mobile +49 160 47 69 572
Phone
+49 (89) 3891-2770
We use cookies on our websites to improve your experience as an internet user, and to optimise our online services. They comprise cookies that are required for technical purposes, and without which the website functionality could not be guaranteed. We also employ cookies to carry out statistical evaluations of the reach of our websites. These evaluations are anonymised. You can find further information on the cookies we use, and ways to object to the use of cookies for statistical evaluations, in our cookie guidelines.