Aktiengesellschaft in Munich
|founding||April 3, 1880|
|Seat||Munich , Germany|
|Number of employees||39,662|
|sales||51.46 billion euros
(gross premiums, 2019)
|As of December 31, 2019|
The Munich Reinsurance Company Aktiengesellschaft in München (short Munich Re ), based in Munich is a German reinsurance company . The company has been operating under the Munich Re brand since 2009 . The Ergo Group , which conducts primary insurance, is part of the company.
The company's equity amounts to EUR 30.6 billion, consolidated annual sales (gross premiums written) amounted to EUR 51.5 billion with a consolidated profit of EUR 2.7 billion (all figures for the 2019 financial year). Of the Group's 41,410 employees, around 12,000 work in reinsurance. A large part is accounted for by the primary insurance subsidiary ERGO (around 29,000 employees) and the asset manager MEAG (around 850 employees).
The main building at Koeniginstrasse 107 was built in 1912/13 according to the designs of the architects Oswald Eduard Bieber and Wilhelm Hollweck. The entrance courtyard surrounded by Ionic columns and the lavish interior design are intended to represent the company's aspirations. The building, which is characterized by Art Nouveau and Classicism , has been a listed building since 1973 .
In 1880 Carl von Thieme , Bavarian general agent since 1870, founded the Thuringia insurance company , of which his father was director, with the help of the industrialist and financier Theodor von Cramer-Klett and his confidants, above all Wilhelm von Finck (partner in the Merck Finck & Co ) and Hermann Pemsel (general representative of Cramer-Klett since 1872), as well as the Darmstädter Bank for Trade and Industry the Munich Reinsurance Company. In 1890, Allianz-Versicherungs-Aktiengesellschaft was founded . Carl von Thieme headed the company until 1921, Wilhelm von Finck was chairman of the supervisory board until 1924.
The Munich Reinsurance Company became famous through the San Francisco earthquake of 1906 , as it was then the only insurance company that was still solvent after all claims had been settled.
During the Nazi era, Munich Re benefited indirectly from the persecution of Jewish customers who were forced to terminate life insurance policies prematurely with financial losses and to sell real estate below market value. From 1940 onwards, the company was also involved in Allianz's dealings with the SS through reinsurance : the contracts in question insured barracks and factories in seven concentration and extermination camps. Board member Kurt Schmitt joined the SS and NSDAP in 1933 and in the meantime served as Reich Economics Minister in the Hitler cabinet . From 1938 until the end of the war, Schmitt was CEO of Munich Re. The other four board members who were in office at the end of the war were not members of the NSDAP.
In the 1970s, Gerhard Berz set up the elementary hazards division , which was later renamed GeoRiskResearch and gained the reputation of one of the world's leading institutes in the field of geo- risk research in the insurance industry.
Munich Re has been operating under the "Munich Re" brand since 2009.
Munich Re and the German Research Center for Artificial Intelligence (DFKI) announced in January 2019 that Munich Re had acquired a stake in DFKI. No information was given about the purchase price.
In addition to reinsurance, the Munich Re Group also operates primary insurance through the ERGO Group and, since 1999, has been managing assets through MUNICH ERGO AssetManagement GmbH (MEAG).
The Munich Re has around 4,000 customers (insurance companies). She takes on parts of the risk of these insurance companies and provides them with comprehensive advice on the insurance business. In addition to its headquarters in Munich , Munich Re has more than 50 branch offices. Life , health , liability , accident , motor, transport / aviation / space, fire and technical insurance are reinsured . In 2017, the gross premiums written for the reinsurance line were around EUR 31.6 billion.
The ERGO Group is Munich Re's main provider of primary insurance and offers all forms of life and health insurance as well as most forms of property and casualty insurance. Outside Germany, ERGO is represented in more than 30 countries worldwide and looks after around 35 million customers. The ERGO Group includes the insurance subsidiaries DAS , DKV and ERGO Reiseversicherung .
With current income from insurance premiums of over 17.5 billion euros, the Ergo Group is one of the largest primary insurers in Germany and Europe in 2017.
MUNICH ERGO AssetManagement GmbH ( MEAG ) was founded in 1999 as an asset manager for Munich Re and ERGO. MEAG manages capital investments of € 264 billion worldwide and also offers its expertise to private and institutional investors.
Share and shareholders
The company's share capital is divided into around 140 million no-par registered shares . The free float is 100%. The number of shareholders entered in the share register is 277,000 (as of June 2020). Private investors hold 20.4% of the share capital and institutional investors 79.6%. Within ten years, the share of private investors has almost doubled from 10.5% (2010).
The shareholder structure is made up as follows:
|proportion of||Shareholders (as of May 2020)|
|93.42%||remaining free float|
The shareholders are mainly in Germany (41.1%), North America (22.5%), the rest of Europe (21.1%) and Great Britain (15.1%).
Munich Re is one of the most reliable dividend payers among the companies listed in Germany. The company states that it wants to increase the dividend annually, or at least keep it at the previous year's level. In fact, Munich Re has not cut or suspended the distribution since 1970. Even in years with declining profits, the dividend was kept constant compared to the previous year. In the past ten years the distribution has been increased eight times and kept constant twice. Due to the consistently above-average dividend yield over the years, Munich Re shares have been included in the DivDAX without interruption since September 2005 .
Business figures for the group
|Gross premiums written (billion euros)||38.2||37.4||37.3||37.8||41.4||45.5||49.6||52.0||51.1||48.8||50.4||48.9||49.1||49.1||51.5|
|Operating result (million euros)||4.156||5,877||5,573||3.834||4,721||3,978||1,180||5,350||4,409||4.027||4,819||4.025||1,241||3,725||4,004|
|Income taxes (million euros)||1.014||1,648||801||1,372||1,264||692||552||−878||−108||312||−476||−760||298||−576||−483|
|Group result (million euros)||2,751||3,519||3,923||1,579||2,564||2,430||712||3.211||3,342||3,171||3.122||2,581||392||2,275||2,707|
|Investments (billion euros)||177.2||176.9||176.2||174.9||182.2||193.1||201.7||213.8||209.5||218.9||215.1||219.4||217.6||216.9||228.8|
|Technical provisions (billion euros)||154.0||153.9||152.4||157.2||163.9||171.1||181.2||186.1||187.7||198.4||198.5||202.2||205.8||208.3||217.9|
|Equity (billion euros)||24.3||26.3||25.3||21.1||22.3||23.0||23.3||27.4||26.2||30.3||31.0||31.8||28.2||26.5||30.6|
|Return on equity (%)||12.5||14.1||15.3||7.0||11.8||10.4||3.3||12.6||12.5||11.3||10.0||8.1||1.3||8.4||9.2|
|Employees on December 31st (number)||37,953||37.210||38,634||44.209||47,249||46,915||47.206||45,437||44,665||43,316||43,554||43,428||42,410||41,410||39,662|
General directors / CEOs
|Term of office||Surname|
|1880-1922||Carl von Thieme|
|2004-2017||Nikolaus von Bomhard|
|since 2017||Joachim Wenning|
Munich Re Art Collection
The history of the Munich Re Art Collection begins with the company founding by Carl von Thieme , who commissioned artists such as Reinhold Max Eichler and Fritz Erler to design the new company headquarters on Koeniginstrasse in Munich . The collection, which has been geared towards contemporary art from the outset, has been gradually expanded over the decades to include works by important artists. These include, for example, works by Rudolf Belling , Barbara Hepworth , Rupprecht Geiger ("Konkav rounded", 1973), Norbert Kricke and Joseph Beuys .
Collection activities were intensified from the mid-1990s. Since 1995, the stands Walking Man by Jonathan Borofsky in front of a commercial building in Munich Re on Leopoldstrasse. It has now become one of Munich's landmarks. In the public space there are also sculptures and installations from the Munich Re Art Collection by artists such as Ólafur Elíasson and Roxy Paine.
Artists such as Angela Bulloch , Keith Sonnier and James Turrell designed light installations for the extensive network of underground passages that connect the company's buildings in Munich-Schwabing .
The collection, which now comprises more than 3,000 works, is constantly being expanded and presented in the company's Munich office buildings. Employees can also borrow works of art from the collection for their office. In addition to internationally known artists such as Jenny Holzer , Olaf Metzel , Andy Hope 1930 , Wolfgang Tillmans and Katharina Gaenssler , works by up-and-coming artists are also acquired for the collection. In the commercial building on Berliner Strasse, which was designed by the architects Sauerbruch Hutton , temporary exhibitions of contemporary art take place at regular intervals.
- Johannes Bähr , Christopher Kopper : Munich Re. The history of Munich Re; 1880-1980. Verlag CH Beck, Munich 2015, ISBN 978-3-406-68361-9 .
- Munich Reinsurance Company (ed.): Talking Images. Munich Re Art Collection , Munich 2012.
- Munich Reinsurance Company (ed.): Munich Re. Building and Design , Munich 1993.
- Official Munich Re website
- Early documents and newspaper articles on Munich Re in the 20th century press kit of the ZBW - Leibniz Information Center for Economics .
- Annual Report 2019. (PDF) In: MunichRe.com. February 28, 2020, accessed May 4, 2020 .
- Reinhard Spree: Two Chapters on early history of the Munich Reinsurance Company: The Foundation / The San Francisco Earthquake. January 2010, accessed January 15, 2019 .
- Caesura 2: Munich Re in the Nazi era (1933 to 1945). Retrieved March 23, 2020 .
- Johannes Bähr, Christopher Kopper: Munich Re - The Company History 1880–1980 . CH Beck, Munich 2016, ISBN 978-3-406-69823-1 , p. 227 .
- German biography: Schmitt, Kurt - German biography. Retrieved March 23, 2020 .
- 16 German insurers founded the specialty insurer EXTREMUS in 2002. Retrieved January 16, 2019 .
- Munich Reinsurance Company (Munich Re) - Historical Lexicon of Bavaria. Retrieved June 13, 2020 .
- münchener RückversicherungsGesellschaft 2010 Annual General Meeting. Accessed on June 13, 2020 .
- Munich Re: Munich Re takes over technology company Relayr | Munich Re. Retrieved January 8, 2019 .
- Munich Re new DFKI partner. Retrieved February 6, 2019 .
- Munich Re: Key Figures (IFRS). Retrieved January 15, 2019 .
- Key figures | ERGO Group AG. Retrieved January 15, 2019 .
- DGAP generalvoting rights: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in Munich. In: Finanznachrichten.de. April 30, 2020, accessed April 30, 2020 .
- Munich Reinsurance: The share. In: munichre.com. June 30, 2020, accessed July 26, 2020 .
- BaFin - Significant shares of voting rights according to Sections 33, 38 and 39 of the Securities Trading Act (WpHG). In: bafin.de. May 14, 2020, accessed July 26, 2020 .
- Daniel Eckert: Low interest rates: The secret of the eternal dividend . November 15, 2014 ( welt.de [accessed January 20, 2019]).
- shareholders | Munich Re. Retrieved January 20, 2019 .
- Frequently Asked Questions - Share | Munich Re. Retrieved January 20, 2019 .
- Munich Re: dividend remains stable despite slump in profits. Retrieved January 20, 2019 .
- These papers pay high dividends every year. FOCUS Online, accessed on January 20, 2019 .
- An overview of the dividend | Munich Re. Retrieved May 2, 2019 .
- Historical Index Compositions of the Equity- and Strategy Indices of Deutsche Börse. Version 9.3. Retrieved May 2, 2019 .
- CV Joachim Wenning. In: Munich Re. Retrieved July 10, 2017 .
- Munich Reinsurance Company (Ed.): Munich Re. Build and design . Munich 1993.
- Munich Reinsurance Company (ed.): Talking Images. Munich Re Art Collection . Munich 2012.
- Welcome | Munich Re - Corporate Art. In: www.munichre.com. Retrieved December 22, 2016 .
- Enno Burmeister: Koeniginstrasse 107 . In: Münchener Rückversicherungs-Gesellschaft (Ed.): Münchener Rück. Build and design . Munich 1993, p. 20-67 .
- Heidi C. Ebertshäuser, Beate Menke: Rudolf Belling and Fritz Erler: Examples of artistic trends in Germany at the beginning of the 20th century . In: Münchener Rückversicherungs-Gesellschaft (Ed.): Münchener Rück. Build and design . Munich 1993, p. 282-299 .
- Rudolf Belling. Retrieved December 22, 2016 .
- Barbara Hepworth. Retrieved December 22, 2016 .
- Rupprecht Geiger. Retrieved December 22, 2016 .
- Norbert Kricke. Retrieved December 22, 2016 .
- Otto Herbert Hajek: Tasks of art in public space - art in the Munich Re . In: Münchener Rückversicherungs-Gesellschaft (Ed.): Münchener Rück. Build and design . Munich 1993, p. 192-231 .
- Olafur Eliasson. Retrieved December 22, 2016 .
- Roxy Paine. Retrieved December 22, 2016 .
- Angela Bulloch. Retrieved December 22, 2016 .
- Keith Sonnier. Retrieved December 22, 2016 .
- James Turrell. Retrieved December 22, 2016 .
- Jenny Holzer. Retrieved December 22, 2016 .
- Olaf Metzel. Retrieved December 22, 2016 .
- Andy Hope 1930. Retrieved December 22, 2016 .
- Wolfgang Tillmans. Retrieved December 22, 2016 .
- Katharina Gaenssler. Retrieved December 22, 2016 .
- Projects | Munich Re - Corporate Art. In: www.munichre.com. Retrieved December 22, 2016 .
- Review. Retrieved January 25, 2019 .