Munich Re divides Board responsibility for Life, HealthCare and Human Resources

2008/11/10

Group

Joachim Wenning appointed to the Board of Management with responsibility for Life. Board member Wolfgang Strassl to focus on Human Resources and the profitably growing field of International Health business.

At its regular meeting today, Munich Re’s Supervisory Board appointed a separate member of the Board of Management for life reinsurance. This change is intended to reflect the increasing importance of life reinsurance in Munich Re’s business. The new Board member with responsibility for Life will be Joachim Wenning, who has been appointed by the Supervisory Board to the Board of Management with effect from 1 January 2009.

Wolfgang Strassl, currently responsible for Life, HealthCare and Human Resources on the Board of Management, will focus on HR and the profitable, rapidly growing field of International Healthcare business. The latter segment has developed dynamically under Strassl’s leadership and is now to be positioned more independently.

Wenning, 43, has been CEO of Munich Re’s subsidiary New Re in Geneva since 2005. Having obtained a doctorate in economics, he joined Munich Re in 1991 and – apart from a short spell with Hamburg-Mannheimer – worked at the Group’s headquarters in Munich, latterly as Head of Department in the Life Division, before taking up his position in Geneva.

With reference to the appointment, Munich Re CEO von Bomhard commented: "Given the demographic trends and the need to make more private provision for old age and disability, life reinsurance will play an increasingly important role in tackling the challenges of the future. In Joachim Wenning, we have a knowledgeable colleague who can focus exclusively on this segment, which we have developed very successfully over the past few years.

The Munich Re Group operates worldwide, turning risk into value. In the financial year 2007, it achieved a profit of €3,937m, the highest since the company was founded in 1880, on premium income of approximately €37bn. The Group operates in all lines of business, with around 43,000 employees at over 50 locations throughout the world and is characterised by particularly pronounced diversification, client focus and earnings stability. With premium income of around €21.5bn from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 34 million clients in 26 countries place their trust in the services and security it provides. The global investments of the Munich Re Group amounting to €176bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
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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 Munich Re. The company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.

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