Munich Re uses HVB capital increase to further reduce its commitment in the financial services sector / Dr. Nikolaus von Bomhard: "As a shareholder and partner, we consider HypoVereinsbank to be on the right track."

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26 February 2004 | Group

Press release

Munich Re uses HVB capital increase to further reduce its commitment in the financial services sector / Dr. Nikolaus von Bomhard: "As a shareholder and partner, we consider HypoVereinsbank to be on the right track."

Munich Re views the capital increase announced by HypoVereinsbank as a logical and important step towards realigning the second-largest private bank in Germany. However, Munich Re Group will not participate in the capital increase due to the already high proportion of financial stocks in its investment portfolio. Chairman of the Board of Management, Dr. von Bomhard: "We consider that HVB has a very positive future. As a strategic partner, we have a sustained interest in the company's successful development."

Historically, Munich Re has always had above-average shareholdings in German banks and insurance companies, and (as previously stated) has therefore gradually reduced its interests in this sector; it has already lowered its shares in Allianz and sold its Hypo Real Estate stock. HVB's capital increase offers a further opportunity to continue this trend. Due to its non-participation, Munich Re's stake in HypoVereinsbank will fall from its current level of 25.7% to under 20%. The strategic character of its interest in HVB will remain unaffected.


Disclaimer
This press release 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 forward-looking expressions are no guarantee that events or results will actually materialise in the future and 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.


Notes for editorial departments:
In case of enquiries, please contact Rainer Küppers on +49 (89) 38 91-25 04 or Irmgard Joas on +49 (89) 38 91-93 92.

Munich, 26 February 2004

Münchener Rückversicherungs-Gesellschaft
signed Dr. von Bomhard          signed Küppers

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