Ad-hoc announcement from 22 March 2002

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22 March 2002 | Translation of the German ad-hoc announcement

Munich Reinsurance Company

Provisional figures for 2001

Munich Re key provisional figures for 2001: Group profit of Euro 250m despite unprecedented claims burdens and weak capital markets / Supervisory Board and Board of Management envisage unchanged dividend of Euro 1.25 per share / Successful round of renewals for 2002 in reinsurance / Further strong growth also expected in primary insurance / Changes on the Board of Management

Munich Re announces the following key provisional figures for the business year 2001:

Premium growth in the Munich Re Group was even stronger in 2001 than in the previous year. Gross premium income rose by 16.1% to Euro 36.1bn. Mainly owing to the extremely high claims costs from the terrorist attack of 11th September and the need to strengthen provisions for earlier claims years in the US, but also because of the global weakness of the capital markets, the Group profit fell by Euro 1.5bn to Euro 250m; this includes positive exceptional factors of Euro 830m. Earnings per share amount to Euro 1.41 after Euro 9.89 in the previous year. The Supervisory Board and the Board of Management will propose at the AGM on 17th July that an unchanged dividend of Euro 1.25 be paid for the business year 2001, thus maintaining the increase of the previous year, when the dividend was raised 30% from Euro 0.95.

Details on reinsurance, primary insurance, investments, outlook for 2002, changes on the Board of Management and the overview of provisional figures for 2001 are contained in the press release which will be published immediately after this ad hoc announcement.

Munich, 22nd March 2002
Munich Reinsurance Company
Board of Management

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