Munich Re Group
Munich Re
Native name
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München[1]
Company typeAktiengesellschaft
DAX Component
IndustryFinancial services
Founded3 April 1880; 144 years ago (1880-04-03)[2]
HeadquartersMunich, Germany
Area served
Key people
Joachim Wenning (Chairman of the Board of Management), Nikolaus von Bomhard (Chairman of the supervisory board)
Revenue€67.1 billion (2022)[3]
€3.58 billion (2022)[4]
€3.41 billion (2022)[5]
Total assets€298.5 billion (2022)[6]
Total equity€21.2 billion (2022)[7]
Number of employees
41,389 (2022)[8]
SubsidiariesErgo Group
HDFC ERGO General Insurance Company

Munich Re Group or Munich Reinsurance Company (German: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a German multinational insurance company based in Munich, Germany. It is the world's largest reinsurer.[9] ERGO, subsidiary of Munich Re, serves as the primary insurance arm of the Group. Munich Re's shares are publicly listed. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices.


In 1880 Carl von Thieme, a native of Erfurt who was the representative in Bavaria of his father's Thuringia insurance company, founded in Munich Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck (co-owner of the Merck Finck & Co. bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890 in Berlin. Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of the supervisory board until 1924. Munich Re became renowned after the San Francisco earthquake of 1906 as the only insurer that remained solvent after paying out all the claims, a total of 15.5 million Marks .[10]

During the Nazi dictatorship Munich Re benefited from anti-Semitic persecution. Jewish customers had to cancel their life insurances prematurely leading to huge profits for the insurance companies.[11] At the same time Munich Re could acquire several properties owned by Jews at prices below the market rate. Starting from 1940 the company was involved in Allianz' insurance business with the SS: Munich Re served as reinsurance company for contracts insuring the barracks and operations in the concentration and extermination camps Auschwitz, Buchenwald, Dachau, Neuengamme, Ravensbrück, Sachsenhausen and Stutthof.[12] Supervisory board member Kurt Schmitt joined the NSDAP and SS in 1933 and took the position as Reich Economy Minister for one year.[13] In 1938 he became Director General of Munich Re and stayed in this position until the American military authorities relieved him of all offices at the end of the war.

In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder.[14] As of December 2015, he reduced his holdings to less than 3 percent.[15]

In 2018, the company's shareholders' equity amounted to €26.5 billion. The group's premium income for the year (gross premiums written) was €49.1 billion, with its consolidated result amounting to €2,275 million.[16]


Munich Re courtyards

Besides its reinsurance business, the Munich Re Group also transacts primary insurance business through the ERGO Group and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH).


Munich Re has clients (insurance companies) worldwide. It assures part of the risk covered by these insurance companies, as well as providing comprehensive advice on insurance business. In addition to its Munich head office, Munich Re has more than 50 Business Units around the world. Munich Re provides reinsurance cover for life, health, casualty, transport, aviation, space, fire and engineering business. In 2018, gross premiums written in the reinsurance segment amounted to around €31.3bn.[16]

Primary insurance – ERGO Group

Walking Man by Jonathan Borofsky in front of the business premises on Munich's Leopoldstraße

Munich Re's primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO writes all types of life and health insurance and most types of property and casualty insurance. Outside Germany, ERGO is present in more than 30 countries around the world, servicing around 35 million clients. Members of the ERGO Group include the insurance subsidiaries D.A.S., DKV and Europäische Reiseversicherung AG, and the IT service provider ITERGO. With a gross premium written of about €17.8bn in 2018, ERGO is one of the largest primary insurers in Germany and Europe.[17]

Asset management

Founded in 1999, MEAG MUNICH ERGO AssetManagement GmbH manages the assets of Munich Re, ERGO, and external clients. Their purpose is to manage and increase investments of Munich Re and ERGO and third parties. MEAG manages Munich Re's global investments amounting to €264bn.


Free float is stated to be nearly 100%, with around 236,000 shareholders (June 2019).[18]

Shareholder profile:[18]

Most shareholders are located in Germany (around 39.4%), followed by North America (24.9%), other European countries (28.8%), UK (13.4%), other countries (0.5%).[19]


Key figures

Accounts prepared according to IFRS.

Key figures Munich Re[20]
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Gross premiums written (€bn) 38.2 37.4 37.3 37.8 41.4 45.5 49.5 52 51.1 48.8 50.4 48.9 49.1 49.1 51.5 54,9 59,6
Operating result (€m) 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 3,430 1,986 3,517
Taxes on income (€m) 1,014 1,648 801 1,372 1,264 692 -552 866 -108 312 -476 -760 298 -576 -483 -269 -552
Consolidated result (€m) 2,751 3,519 3,923 1,579 2,564 2,422 712 3,211 3,342 3,171 3,122 2,581 392 2,275 2,707 1,211 3,517
Investments (€bn) 177.2 176.9 176.2 174.9 182.2 193.1 201.7 213.8 202.2 218.9 217.6 221.8 217.6 216.9 228.8 232.95 240.3
Technical provisions (€bn) 154.0 153.9 152.4 157.2 163.9 171.1 181.2 186.1 187.7 198.4 198.5 202.2 205.8 208.3 217.9 221.5 234.0
Equity (€bn) 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 30.0 30.9
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 11.7 5.3 12.6
Number of employees as of 31. December 37,953 37,210 38,634 44,209 47,249 46,915 47,206 45,437 44,665 43,316 43,554 45,437 42,410 41,410 39,662 39,642 39,281

Munich Re Foundation

The Munich Re Foundation is a charitable organisation, which was founded by Munich Re; the foundation started its work on 7 April 2005.

The foundation is equipped with a capital of €50 million and works predominantly in newly industrializing and developing countries. The main topics of the foundation are:

The prime concern of the foundation is to develop solutions for people at risk. The knowledge of Munich Re's experts should therefore be translated into action. Hence, the working motto of the foundation is 'Munich Re Foundation – from knowledge to action'. The main activities of the foundation concentrate on four fields: knowledge accumulation and implementation, clarification and sensitisation, networking of experts as well as direct help and support of local projects.

The foundation works with local, national as well as international partners. The majority of projects fit within a global framework. Since adaptation to climate and environmental change is much more difficult for poorer countries, the focus of the foundation is primarily on people in the developing world.

Munich Re Art Collection

The Munich Re Art Collection's history[21][22] begins with the company's founding by Carl von Thieme, who commissioned artists such as Reinhold Max Eichler and Fritz Erler to decorate the new company headquarters built on Munich's Königinstraße in 1912-13. The Collection was geared to modern art, which from the outset has been successively expanded over the decades with works by important artists. It includes works by Rudolf Belling,[23] Barbara Hepworth,[24] Rupprecht Geiger[25] ("Concave rounded", 1973), Norbert Kricke[26] and Joseph Beuys.

Purchases for the Collection increased from the mid-1990s. The Walking Man by Jonathan Borofsky has stood outside a Munich Re building on Leopoldstraße since 1995 and has since become a symbol of Munich. Sculptures and installations from the Munich Re Art Collection by artists such as Olafur Eliasson ("Light Curtain" Archived 2017-02-11 at the Wayback Machine, 2002) and Roxy Paine ("Discrepancy" Archived 2019-05-31 at the Wayback Machine, 2011) are also found in the public spaces.

Artists like Angela Bulloch,[27] Keith Sonnier[28] and James Turrell[29] have designed light installations for the extensive network of underground passages that link the company's buildings in Schwabing, Munich.

The Collection, which now comprises more than 3,000 works, is being constantly enlarged and is displayed in the company's Munich offices. Employees can also borrow art works from the Collection to display in their offices. In addition to internationally famous artists such as Jenny Holzer,[30] Andy Hope 1930[31] and Wolfgang Tillmans,[32] the Collection also acquires works by up-and-coming artists. The offices on Berliner Strasse, designed by the architectural practice of Sauerbruch Hutton, hold regularly changing exhibitions of contemporary art.[33]


In Oct, 2019, Munich Re invested $250 million in NEXT Insurance Inc. in a funding round that valued the small-business insurance provider at more than $1 billion.[34]

In October 2022, Munich RE acquired the API Business Operations platform apinity [35][36] from Allianz Group. The two parties did not disclose the amount.


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  9. ^ "Top 50 Global Reinsurance Groups". Reinsurance news. 1 May 2024. Retrieved 2024-05-01.
  10. ^ Spree, Reinhard (January 2010). "Two Chapters on early history of the Munich Reinsurance Company: The Foundation/ The San Francisco Earthquake" (PDF). Ludwig-Maximilians-Universität München.
  11. ^ "A second seismic shift: Munich Re under National Socialism (1933–1945)". Retrieved 2020-03-23.
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  13. ^ "A second seismic shift: Munich Re under National Socialism (1933–1945)". Retrieved 2020-03-23.
  14. ^ "Warren Buffett now Munich Re's biggest shareholder". Finanz Nachrichten. AFX News. 12 February 2010. Retrieved 17 November 2011.
  15. ^ "Notifications relating to holding of voting rights 2015 - Munich Re". Retrieved 9 April 2018.
  16. ^ a b "Munich Re Annual Report 2018". Munich Re. Retrieved 13 August 2019.
  17. ^ "Kennzahlen / ERGO Group AG". Retrieved 16 September 2019.
  18. ^ a b "Shareholder Profile". Munich Re. Retrieved 2018-12-22.
  19. ^ "Shareholder Regional Breakdown". Munich Re. Retrieved 2019-09-16.
  20. ^ "Munich Re Annual Report 2017". Munich Re. Archived from the original on 18 May 2018. Retrieved 18 May 2018.
  21. ^ "The art collection | Munich Re - Corporate Art". Archived from the original on 2019-05-31. Retrieved 2017-02-09.
  22. ^ Talking Images. Munich Re Art Collection. Munich: Münchener Rückversicherungs-Gesellschaft. 2012.
  23. ^ "Rudolf Belling". Retrieved 2017-02-09.[permanent dead link]
  24. ^ "Barbara Hepworth". Retrieved 2017-02-09.[permanent dead link]
  25. ^ "Rupprecht Geiger". Retrieved 2017-02-09.[permanent dead link]
  26. ^ "Norbert Kricke". Retrieved 2017-02-09.[permanent dead link]
  27. ^ "Angela Bulloch". Retrieved 2017-02-09.[permanent dead link]
  28. ^ "Keith Sonnier". Retrieved 2017-02-09.[permanent dead link]
  29. ^ "James Turrell". Retrieved 2017-02-09.[permanent dead link]
  30. ^ "Jenny Holzer". Retrieved 2017-02-09.[permanent dead link]
  31. ^ "Andy Hope 1930". Retrieved 2017-02-09.[permanent dead link]
  32. ^ "Wolfgang Tillmans". Retrieved 2017-02-09.[permanent dead link]
  33. ^ "Projects | Munich Re - Corporate Art". Archived from the original on 2019-05-31. Retrieved 2017-02-09.
  34. ^ Chernova, Yuliya. "Next Insurance Raises $250 Million From Munich Re". WSJ. Retrieved 2019-10-07.
  35. ^ "Munich Re übernimmt Insurtech Apinity von der Allianz". (in German). Retrieved 2023-01-20.
  36. ^ "Munich Re buys API-focused insurtech | Munich Re". Retrieved 2023-01-20.