DOCSLIB.ORG

SFCR 2019 Solvency and Financial Condition Report Munich Re (Group)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SFCR 2019 Solvency and Financial Condition Report Munich Re (Group) SFCR 2019 Solvency and Financial Condition Report Munich Re (Group) NOT IF, BUT HOW Contents 1 This document is a translation of the original German Executive summary 2 xxx 3 version and is intended to be used for informational A Business and performance 5 purposes only. While every effort has been made to ensure A1 Business 5 the accuracy and completeness of the translation, please A2 Underwriting performance 8 note that the German original is binding. A3 Investment performance 12 A4 Performance of other activities 14 A5 Other information 14 B System of governance 16 B1 General information on the system of governance 16 B2 Fit and proper requirements 23 B3 Risk management system including the own risk and solvency assessment (ORSA) 26 B4 Internal control system 29 B5 Internal audit function 31 B6 Actuarial function 32 B7 Outsourcing 33 B8 Any other information 34 C Risk profile 36 C1 Underwriting risk 38 C2 Market risk 41 C3 Credit risk 44 C4 Liquidity risk 45 C5 Operational risk 46 C6 Other material risks 46 C7 Other risks 47 D Valuation for solvency purposes 50 D1 Assets 50 D2 Technical provisions 60 D3 Other liabilities 67 D4 Alternative methods for valuation 71 D5 Any other information 71 E Capital management 73 E1 Own funds 73 E2 Solvency capital requirement and minimum capital requirement 80 E3 Use of the duration-based equity risk sub-module in the calculation of the solvency capital requirement 81 E4 Differences between the standard formula and any internal model used 82 E5 Non-compliance with the minimum capital requirement and non-compliance with the solvency capital requirement 85 E6 Any other information 85 Annex 86 Templates in accordance with Commission Implementing Regulation (EU) 2017/2190 of 24 November 2017 88 List of abbreviations 99 Executive summary 2 Executive summary Part Page A – Business and The business activities in our reinsurance and ERGO fields of business are broken down 5–14 performance into material lines of business and regions. The technical result in reinsurance and ERGO was below the level of the previous year. In property-casualty reinsurance, the decline was driven by higher claims expenditure due to major losses from natural catastrophes. In life and health reinsurance, the lower result was mostly attributable to claims burdens from Australian disability business, which were only partially offset by good results in the USA and Europe. The technical result also fell in the ERGO field of business. Our investment result improved considerably compared with the previous year, in particular due to higher gains on disposals from our portfolio of fixed-interest securities and equities. B – System of Munich Re has an effective system of governance that is adequate for the nature, scale 16–34 governance and complexity of the risks inherent in its business. The remuneration system introduced in 2018 meets the relevant company and supervisory law requirements, and is in line with our business and risk management strategy. Persons who run the undertaking or perform other key tasks, including the key functions under Solvency II, have the professional qualifications, knowledge and experience to perform the relevant tasks and have the requisite fitness for office. The risk management system, including the own risk and solvency assessment (ORSA), is closely integrated into Group-wide planning, risk strategy and decision-making processes. Processes that are subject to material risks are reviewed on a regular basis as part of the internal control system. The outsourcing of operational activities and functions is monitored. C – Risk profile We quantify the solvency capital requirements (SCR) of the risk categories using an 36–48 internal model. At Group level, the SCR increased to €17.5bn compared with last year’s €14.7bn. Increases were seen in almost all risk categories. In the property-casualty reinsurance segment, the higher capital requirement was mainly attributable to further business growth in areas exposed to natural hazards in accordance with our business strategy. In life and health, the SCR increased mainly due to the fall in interest rates, movements in exchange rates and new business in life reinsurance, and due to the effects of lower interest rates for the ERGO life insurance companies. The credit-risk SCR also rose as a consequence of lower interest rates, as the fair value of fixed-interest investments increased. We use appropriate limit and early-warning systems to manage risks and limit risk concentrations. Risk is mitigated by means of reinsurance and retrocession and through the transfer of risk to the capital markets, for instance using derivative financial instruments. D – Valuation for The differences in measurement between the solvency balance sheet and IFRS financial 50–71 solvency purposes reporting are outlined for individual balance sheet items. These differences in measurement are mainly attributable to the fact that the solvency balance sheet is fully based on fair value, whilst IFRS uses a mixed measurement model based on fair value and amortised cost accounting. For further ease of comparison between the figures, differences between our IFRS accounts and the solvency balance sheet are explained for individual balance sheet items. Three life primary insurance companies (ERGO Lebensversicherung AG, Victoria Lebensversicherung AG, ERGO Versicherung AG, Vienna) apply a transitional deduction on technical provisions, and four primary insurers offering insurances of the person (ERGO Lebensversicherung AG, Victoria Lebensversicherung AG, DKV Belgium S.A., ERGO Insurance N.V.) use the volatility adjustment (Article 308d and Article 77d of Directive 2009/138/EC). Munich Re SFCR 2019 Executive summary 3 E – Capital We pursue active capital management, which ensures that our capitalisation is needs- 73–85 management based and risk-commensurate. Our eligible own funds (EOF) total €48.1bn. EOF in- creased by €4.4bn in the reporting period. Munich Re’s solvency capital requirement totalling €17.5bn as at 31 December 2019 is equivalent to a very comfortable solvency ratio of 274%. The solvency ratio shown includes transitional measures under Solvency II and the dividend for the 2019 financial year, as well as a share buy-back programme for 2020/2021, though the latter has been postponed until further notice. Excluding transitional measures, the solvency ratio would have been 237%. Due to rounding, there may be minor deviations in summations and in the calculation of percentages in the present report. Update due to Covid-19: Status as at 3 April 2020 Coronavirus COVID-19, the novel coronavirus, has been spreading Munich Re has already implemented measures designed to worldwide since early January 2020. The solvency balance cushion potential further repercussions of the COVID-19 sheet as at 31 December 2019 does not reflect the pandemic. potential impacts of COVID-19. Munich Re continues to have a very solid capital base. Measures designed to contain the virus spread in countries Even given the burden from the developments on the capi- such as China, Singapore and Japan seem to be resulting tal markets and COVID-19-related claims, the solvency ra- in some initial successes. However, the number of con- tio of Munich Re (Group) still remains comfortably within firmed COVID-19 cases worldwide is rising dramatically. In our optimal range of 175 – 220% (without application of an effort to slow the spread of the pandemic, many govern- the transitional measures). Even if we were to receive addi- ments have instituted drastic measures – some of which tional insurance claims in the range of a 200-year event, as restrict people’s freedom of movement, for instance, and calculated by Munich Re’s internal pandemic model, our hamper economic development. At present, there is great solvency ratio would still be significantly above 175%. This uncertainty as to what extent the measures put into figure also includes our recommended dividend pay-out practice will prove to be effective. It is also not at all clear and the originally planned share buy-back programme. whether the further spread of COVID-19 can be reduced to manageable levels. This uncertainty and the consequently As announced on 31 March 2020, we will still be proposing unpredictable repercussions for the economy are evident that the Annual General Meeting approve a dividend in- in the ways capital markets have reacted. It is currently crease to €9.80 per share. However, we will be postponing difficult to forecast how things will unfold. At the present the 2020/2021 share buy-back programme until further time, a worldwide pandemic with a high number of notice that was originally announced on 26 February 2020, fatalities combined with a rather prolonged global at least until we have a clearer picture both of the actual fi- recession cannot be ruled out. nancial consequences of COVID-19 and of the capital re- quirements needed to seize any potential organic or inor- Munich Re risk managers are monitoring current events ganic business opportunities. very closely. As part of our assessment of accumulation risk, we limited exposure on account of a worldwide Munich Re is standing by these decisions, even in light of pandemic. In addition, our pandemic scenario considers the statements by the European insurance supervisory au- capital market upheavals and a rise in credit defaults, thority EIOPA and the German Federal Financial Supervi- which can occur as a result of the pandemic’s impact on sory Authority BaFin on 2 April 2020. We have been in the global economy. In the property-casualty segment, we close contact with BaFin and have provided them with evi- expect COVID-19 to result in insurance claims pertaining dence of our solid risk-bearing capacity, even in the face of to cancelled major events. Indirectly, it is possible that extreme losses. BaFin expressed no reservations about our losses will also occur in other lines of business.
Load more

Recommended publications
  • Annual Report
    Annual Report 2006–2007 Group of Thirty 30 Group of Thirty, Washington, DC Copies of this paper are available from: Group of Thirty 1726 M Street, N.W., Suite 200 Washington, DC 20036 Tel.: (202) 331-2472, Fax (202) 785-9423 E-mail: [email protected] WWW: http://www.group30.org Annual Report 2006–2007 Published by Group of Thirty© Washington, DC 2008 Table of Contents I. Introduction ..................................................................................... 5 II. The Group of Thirty Membership ................................................... 7 III. The Work of the Group of Thirty in FY2006 and FY2007 ........... 13 Plenary Sessions .......................................................................... 13 International Banking Seminars ................................................. 13 Study Group Activities ................................................................ 14 Publications ................................................................................. 16 IV. The Finances of the Group .......................................................... 19 Annex 1. Past Membership of the Group of Thirty .......................... 31 Annex 2. Schedule of Meetings and Seminars: .............................. 33 Annex 3. International Banking Seminars ...................................... 35 Annex 4. Plenary Sessions ............................................................... 37 Annex 5. The Group of Thirty (G30) Study on Reinsurance and International Financial Markets ............................................
    [Show full text]
  • TAL Life Boosts Revenue, Strips Internal Costs, and Serves Advisers and Customers with Amazing Speed
    TAL Life boosts revenue, strips internal costs, and serves advisers and customers with amazing speed Automation Solutions The Insurer Not-taken-up rates remained The traditional roots of TAL Life unchanged, and losing sales through Limited (TAL) go as far back as underwriting was unacceptable to 1869 when it began as the New advisers and TAL. Zealand Government Life Office. Later known as TOWER Life, it To make matters worse, customers acquired several Australian life were ending up without the insurance companies during the coverage they needed, and some 1990s. Dai-ichi Life Insurance walked away disillusioned with the Company Limited of Japan became process. Advisers demanded a better a minority shareholder in 2008, and faster solution. Any failure to Automation Solutions moving to full ownership in May satisfy changing needs risked TAL Munich Re 2011, when the company became losing pace as a market leader. Mountain View, Central Park, known as TAL Life. Dai-ichi is the Leopardstown, Dublin 18, second largest life insurer in Japan According to David Denison, Head Ireland. and seventh largest in the world with of Product at TAL, “Our objective Tel: + 353 1 293 2888 assets nearing AUD$400 billion. was to launch a completely new and Automation Solutions Japan Its operations in Japan, Australia, revolutionary customer and adviser Munich Re Vietnam, India, and Thailand employ proposition, to turn underwriting Sanno Park Tower 13F, 57,000 direct staff and 40,000 times on their head. We wanted 85 PO Box 13, 2-11-1 Nagatacho, representatives. percent of underwriting decisions Chiyoda-ku, Tokyo 100-6113, accomplished within three days.” Japan.
    [Show full text]
  • Munich Re Specialty Insurance a Claims Team Like No Other
    Munich Re Specialty Insurance A claims team like no other We have what it takes to handle Legal Professional Liability and Miscellaneous Professional Liability claims professionally, efficiently, and expertly. The MRSI Claims team has decades of experience in professional lines and understands your business innately. Our team includes licensed attorneys with trial experience, and we are experts in claims strategy and litigation management. Most importantly, we handle your claims with the utmost diligence and professionalism. Our E&S professional liability team knows the importance of a close partnership between underwriting and claims. Because of this, we speak your language and can protect you by foreseeing claim pitfalls. Your MRSI team Mary Beth McClellan Chuck Kroh Chief Claims Officer Head of Core Specialty and P&C Claims MRSI [email protected] [email protected] Melanie Brown Bill Quackenboss Head of Complex Claims Claims Practice Lead MRSI [email protected] [email protected] Ed Kozel Sarah Gurka Claims Practice Lead Claims Manager [email protected] Public Entity and Financial and Professional Lines [email protected] Mary Beth McClellan is MRSI’s Chief Chuck Kroh is MRSI’s Head of Core Bill Quakenboss is MRSI’s Claims Claims Officer. Mary Beth has a wealth of Specialty and P&C Claims. Chuck has Practice Lead. Bill has nearly 20 years of knowledge in insurance, claims, and headed Specialty Markets claims for over experience in advising on coverage litigation management spanning North 10 years, with 20 years of claims matters and claims-handling practices. America’s P&C markets. Prior to joining management expertise. Chuck has over Prior to joining MRSI, Bill served as an MRSI, she was Practice Leader for the 35 years of insurance industry Associate General Counsel at Markel Americas at AXA XL for Excess & experience, and manages with an Insurance, where he provided guidance Surplus, Global Programs, U.S.
    [Show full text]
  • Report International Conference on Inclusive Insurance 2020 Digital Edition
    Report International Conference on Inclusive Insurance 2020 Digital Edition Edited by Zahid Qureshi and Dirk Reinhard Report International Conference on Inclusive Insurance 2020 — Digital Edition Conference documents and This report is the summary of the Inter- presentations are available online: national Conference on Inclusive Insur- ance — Digital Edition, which took place from 2 to 6 November 2020. Individual summaries, in various styles, were contributed by a team of international www.inclusiveinsurance.org rapporteurs. Readers, authors and organisers might not share all opinions expressed or agree with the recommen- dations given. These, however, reflect the rich diversity of the discussions. Over 70 speakers participated in the conference. Report International Conference on Inclusive Insurance 2020 — Digital Edition 1 Contents 1 Contents 31 Agenda 61 Agenda 2 Foreword Day 3—4 November 2020 Day 5—6 November 2020 3 Acknowledgements How to reach scale and develop Lessons learnt and next steps 4 Participant overview inclusive insurance markets 62 Session 16 5 Agenda 32 Session 8 Technology driving Day 1—2 November 2020 Integrated risk inclusive insurance Inclusive insurance management solutions amidst a pandemic 65 Session 17 36 Session 9 The ups and downs of 6 Session 1 How digitisation can inclusive insurance: Opening of the conference — spur market growth Learning from experience The landscape of inclusive insurance 2020 39 Session 10 68 Session 18 Lessons learnt from Outlook: What will be the next 9 Keynote national strategies milestones
    [Show full text]
  • Pioneering Cyber Insurance: Munich Re Partners with Google Cloud and Allianz
    Munich Media Release 2 March 2021 Pioneering cyber insurance: Munich Re partners with Google Cloud and Allianz ▪ Combination of market-leading cyber risk-transfer expertise with Google Cloud’s security know-how to address specific client needs ▪ Launch of innovative cyber insurance solution “Cloud Protection +” exclusively for Google Cloud customers ▪ Data-driven submission and underwriting enable an easier, more efficient and more transparent purchase process for customers ▪ Data insights will allow Munich Re to further advance the modelling of cloud specific cyber risks “By combining the expertise of three industry leaders we address the specific risk management needs of organisations that are moving their business to the cloud. Embedded in an efficient underwriting process, our solution Cloud Protection + provides a holistic response to cyber risk. Above and beyond the immediate benefit for Google Cloud customers, the cooperation will contribute to the further enhancement of Munich Re’s cyber risk modelling.” Stefan Golling, Member of the Board of Management The coverage of cyber risks is a strategic field of business in which Munich Re aims to achieve further sustainable growth. As one of the pioneers, Munich Re was early to accept the challenges in cyber insurance. As cyber risks and loss scenarios change quickly and continuously, Munich Re maintains its position among the top providers by steadily developing its own approach and risk modelling, and also by collaborating with clients and partners. Munich Re has now agreed on a cooperation with Google Cloud and Allianz Global Corporate & Specialty (AGCS) focusing on providing cloud specific cover for organisations. The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way of doing business.
    [Show full text]
  • Underwriting Issues and Innovations Seminar
    Underwriting Issues and Innovations Seminar Attendee List by Last Name As of July 12, 2017 Stephen Abrokwah Merly Agellon Geoff Andrews Swiss Re Life & Health America Inc Sun Life Financial Carpe Data Fort Wayne, IN Toronto, ON Santa Barbara, CA David Aronson Thomas Ashley Denise Bates MIB Gen Re Penn Mutual Life Insurance Co Braintree, MA Stamford, CT Horsham, PA Natalie Bergstrom JP Bewley Phillip Beyer AIG Big Cloud Analytics USAA Life Insurance Company Milwaukee, WI Atlanta, GA San Antonio, TX Donnamarie Blake Paul Boudreau Laura Boylan Lexisnexis Risk Solution Munich Re Haven Life Alpharetta, GA Atlanta, GA New York, NY Greg Brandner Colin Bruesewitz Jessica Bublitz Munich Re American Family Insurance Milliman Intelliscript Nashwauk, MN Sun Prairie, WI Brookfield, WI Peggy Buck Marc Cagen Minyu Cao Milliman Intelliscript Fidelity Life Association RGA Brookfield, WI Chicago, IL Chesterfield, MO Eric Carlson Paul Carmody Audrey Chervansky Milliman Inc Pacific Guardian Life Insurance Swiss Re Life & Health America Brookfield, WI Honolulu, HI Armonk, NY Amanda Christensen Juliet Christenson Jennifer Ciollaro Riversource Insurance Royal Neighbors of America Swiss Re Minneapolis, MN Rock Island, IL Fort Wayne, IN Derek Coburn Brian Coens Joanne Collins Unum Clinical Reference Laboratory Stoneriver Worcester, MA Lenexa, KS Waxhaw, NC Chris Connor Sean Conrad Steve Cox Illinois Mutual Life Insurance Hannover Re Oneamerica Financial Partners Company Charlotte, NC Indianapolis, IN Peoria, IL Kathryn Cox Kim Curley Mike Curran RGA Great-West Financial Force Diagnostics, Inc. Chesterfield, MO Greenwood Village, CO Bannockburn, IL Bruce Dahlquist Donna Daniells Ben Davidson Clinical Reference Laboratory AXA US Sagicor Life Insurance Lenexa, KS Charlotte, NC Scottsdale, AZ Jim Davis Dee Davis Paul Dennee Synodex Swiss Re Trustmark Insurance Co Canton, CT Fort Wayne, IN Lake Forest, IL Tedd Determan Ammon Dixon Cris Downey Force Diagnostics, Inc.
    [Show full text]
  • General Terms and Conditions of Purchase of Munich Reinsurance
    General Conditions of Purchase of Munich Reinsurance Company for Works and/or Services (“General Conditions”) 1. SCOPE OF APPLICATION These General Conditions shall apply to each engagement by Munich Reinsurance Company (“Munich Re”) or its Affiliates of a supplier (the “Supplier”) for the provision of works and/or services, provided the parties have expressly agreed to their applicability. 2. PLACING OF ORDERS, SCOPE AND PERFORMANCE OF THE WORKS AND/OR SERVICES 2.1 Offers made by the Supplier are binding. The deadline for their acceptance by Munich Re is 20 calendar days from the date of receipt. 2.2 Details of the works and/or services to be provided and the obligations to be discharged by the Supplier shall be set out in a separate contract document (the “Order”). The Supplier’s offer, Munich Re’s Order, these General Conditions and any amendments or supplements in accordance with Section 22.2 of these General Conditions together form the contract for the purchase of the relevant works and/or services (the “Contract”). 2.3 The Supplier shall inform Munich Re prior to commencing performance if, in its opinion, the terms of the engagement are unclear, incorrect or incomplete or if there are discrepancies in the information, including numerical data, provided by Munich Re. The Supplier will be responsible for any defects or delays resulting from its failure to inform Munich Re accordingly. 2.4 The Supplier is obliged to perform the works and/or services and discharge the obligations described in the Order. The Supplier shall discharge its obligations using all due skill, diligence and expertise, in accordance with the latest standards of science and technology and to a high standard.
    [Show full text]
  • These Comments Are Submitted by Allianz of America,1 Munich
    a ALLIANZ OF AMERICA CORPORATION MUNICH REINSURANCE AMERICA CORPORATION SWISS RE AMERICA HOLDING CORPORATION These comments are submitted by Allianz of America,1 Munich Reinsurance America,2 and Swiss Re America.3 For the past three years, the Administration’s Budget has included a proposal to deny the deduction for property-casualty reinsurance premiums placed with a foreign affiliate by a U.S. insurer.4 The Administration proposal was introduced in the 112th Congress by Rep. Richard Neal (H.R. 3157) and by Sen. Robert Menendez (S. 1693). These comments demonstrate that the Administration proposal would disrupt essential risk distribution practices followed by domestic and foreign insurers, alike; increase premiums and reduce coverage available to U.S. consumers, particularly in catastrophe prone areas along the coastlines; and violate U.S tax treaty obligations and commitments to the World Trade Organization. In addition, the Administration errs in characterizing routine affiliate transactions with treaty partners with significant corporate tax regimes as erosion of the U.S. tax base. BACKGROUND Under current law, a U.S. insurer may deduct the premium for reinsurance placed with another company, whether affiliated, unaffiliated, domestic or foreign. A current deduction for this crucial expense ensures that there is a proper matching of income and expense. The U.S. insurer will include in income any ceding commission received from the reinsurer, and, when it 1 Allianz S.E., a German company, owns Fireman’s Fund Insurance Company, Allianz Global Corporate and Specialty Insurance, Euler Hermes-USA, and Allianz Global Assistance –USA. Together, Allianz’s property- casualty insurance subsidiaries in the U.S.
    [Show full text]
  • Munich Re America Corporation
    MUNICH RE AMERICA CORPORATION Annual Report For The Fiscal Year Ended December 31, 2020 (Pursuant to Section 4.04 of the Indenture between the Company and the holders of the Company’s 7.45% Senior Notes*) 555 College Road East PRINCETON, NEW JERSEY 08543 (609) 243-4200 *IN MARCH 2002 THE COMPANY DEREGISTERED THE NOTES IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE ACT OF 1934. THIS FINANCIAL REPORT IS NOT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. March 31, 2021 MUNICH RE AMERICA CORPORATION TABLE OF CONTENTS Page Business ...............................................................................................................................................1 Risk Factors .........................................................................................................................................2 Selected Financial Information of the Company .................................................................................13 Management’s Discussion and Analysis of the Company’s Results of Operations and Financial Condition ......................................................................................................................13 Financial Statements and Supplementary Schedules ...........................................................................F-1 Unless indicated otherwise, all financial data presented herein are derived from or based on Munich Re America Corporation’s consolidated financial statements prepared in accordance with accounting principles generally
    [Show full text]
  • 2021 CRC Registration
    2021 CRC Registration NAME COMPANY Kevin Pledge Acceptiv Jessica Newman Actuarial Design Steven Clayburn American Council of Life Insurers Patrick Lesage Arch Reinsurance Ltd. Igor Afanassiev Berkshire Hatahway Group, Reinsurance Division Zlata Jagurinac Berkshire Hatahway Group, Reinsurance Division Christina Lee Berkshire Hatahway Group, Reinsurance Division York Lee Berkshire Hatahway Group, Reinsurance Division Lisa Loisel Berkshire Hatahway Group, Reinsurance Division Karen Smyth Berkshire Hatahway Group, Reinsurance Division Lucy Sun Berkshire Hatahway Group, Reinsurance Division Michael Wang Berkshire Hatahway Group, Reinsurance Division Michelle Wong Berkshire Hatahway Group, Reinsurance Division Kevin Wu Berkshire Hatahway Group, Reinsurance Division Ivy Zhang Berkshire Hatahway Group, Reinsurance Division Sherry Zhou Berkshire Hatahway Group, Reinsurance Division Judy Chan Berkshire Hathaway Group, Reinsurance Division Larry Cho-Chu Berkshire Hathaway Group, Reinsurance Division Salvatore Desiato Berkshire Hathaway Group, Reinsurance Division Jennifer Fitzgerald Berkshire Hathaway Group, Reinsurance Division Renee Gao Berkshire Hathaway Group, Reinsurance Division Ralph Germaine Berkshire Hathaway Group, Reinsurance Division Graham Grieve Berkshire Hathaway Group, Reinsurance Division Chris Odugbemi Berkshire Hathaway Group, Reinsurance Division Charles Rodricks Berkshire Hathaway Group, Reinsurance Division Brian Smith Berkshire Hathaway Group, Reinsurance Division Adrian Wong Berkshire Hathaway Group, Reinsurance Division
    [Show full text]
  • READ the RELEASE Munich Re Extends Client Portfolio in France
    Dublin – 19 March 2019 News Announcement Munich Re extends client portfolio with successful digital underwriting implementations in France Munich Re Automation Solutions Ltd., leading insurtech specialist and subsidiary of the Munich Re group, has announced successful implementations of their ALLFINANZ new business and underwriting solution with leading insurance companies in France. Natixis Assurance and Aviva France now provide a full-digital, automated underwriting solution to their customers, enabling best-in-class customer experiences and operational excellence. Luc Heurtaux, Project Director at Natixis Assurance commented: “Thanks to ALLFINANZ, our customers can complete their medical underwriting digitally. We give them a much better customer experience and faster processing of their application." Bruno Fischer, Aviva France's provident products and medical expertise director commented: “After incorporating ALLFINANZ in our sales process, we offer a completely digital process between the broker, the underwriter and the client. Using the ALLFINANZ suite, we have both increased our efficiency by automating straightforward decisions and increased customer satisfaction with a shorter journey.” France is the latest addition to the list of countries where Munich Re has successfully implemented its new business technology. ALLFINANZ is now deployed in 39 countries, making it the most widely used underwriting rules engine in the world. Munich Re Automation Solutions Ltd. has experienced double digit growth over the past 30 years and has
    [Show full text]
  • Munich Reinsurance Company Annual Report
    2000 Munich Reinsurance Company Annual Report SEEING THE WHOLE PICTURE >> Münchener Rück Munich Reinsurance Company Annual Report 2000 – English M Munich Re Group Munich Reinsurance Company 1998* 1999 2000 in €min €min €m Gross premiums written 9,952 10,955 12,818 Investments 36,062 40,211 43,384 Net underwriting provisions 29,227 32,355 34,559 Shareholders’ equity 3,324 3,951 4,228 Profit for the year 158 328 441 Dividend 81 168 221 Dividend per share in € 0.92 0.95 1.25 Share price at 31st December in € 206.31 251.80 380.00 Market capitalization at 31st December 36,103 44,548 67,239 * Balance sheet date changed to 31st December. CONTENTS Munich Reinsurance Company Report for the 121st year of business 1st January 2000 to 31st December 2000 PAGE 01 SUPERVISORY BOARD 2 02 BOARD OF MANAGEMENT 6 03 MANAGEMENT REPORT 8 FINANCIAL STATEMENTS AS AT 31.12.2000 18 04 Balance sheet 20 Income statement 24 Notes to the financial statements 28 Auditor’s report 42 Proposal for appropriation of profit 43 Note: The abbreviation T€ used in this report stands for thousand euros. 1 01 01 SUPERVISORY BOARD REPORT OF THE SUPERVISORY BOARD Ladies and gentlemen, We were informed in detail by the Board of In the business year 2000 Munich Re took import- Management about the strategic planning for ant strategic steps to consolidate and extend its the business year 2001. In this context we closely position in the insurance and reinsurance markets. considered the existing management tools and In so doing, it was able to continue building on the possibilities for refining the planning and con- very solid financial foundations.
    [Show full text]