investors' day on life reinsurance - munich re · life reinsurance market with solid growth...

Munich Re Group

Investors' Day on Life Reinsurance

7 October 2008

Agenda

9.00 Life reinsurance – Essential segment for sustainable Group profits Torsten Jeworrek 2

Ensuring sustainable profitability and growth Wolfgang Strassl 13and growth

Q&A

10.15 Break 15 min.

10.30 Excellence in core business:North American best practice Mary Forrest – Michael DeKoning 28

Growth opportunities in Asia:Positioned for leadership Rudolf Lenhard – Daniel Cossette 39

Superior value-based management Hermann Pohlchristoph – Erwin Schnauder 51

Conclusion Wolfgang Strassl 63

12.30 Informal get-together

2

Investors' Day on life reinsurance Third event to present Munich Re strategy in business segments

Life reinsurance – Essential segment for sustainable Group profits

Third event to present Munich Re strategy in business segments

Munich Re Groupp

Life reinsuranceInternational Health

Gross premiums written 2007, before consolidation

r 200

8

€6.0bn€2.1bn1

Today

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ay o

n Li

fe R

eins

u

Primary insurance€16.5bn2

P-C reinsurance€14.2bn

e G

roup

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vest

ors'

3

Mun

ich

Re

Total €38.8bn3

1 Incl. €0.3bn health reinsurance not allocated to international health.2 Excl. internation health.3 Consolidation: €1.5bn.

After consolidation: €37.3bn3

Life reinsuranceCore segment for sustainable Group profits


Core segment for sustainable Group profits

Key takeaways

Munich Re is second-largest player in global life reinsurancer 2

008

Munich Re successfully combines life and non-life reinsurance to increase value for shareholders

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Life reinsurance is a consistently profitable and low volatile core element that contributes to Munich Re Group's target:

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Most profitable among the top 5 reinsurers

Steer life reinsurance

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roup

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vest

ors'Steer life reinsurance

operations in line withGroup profitability target

Life reinsurance targetby 2011 confirmed

15% VANB average growth

Mid-termexpectation by 2015

VANB >€600m

4

Mun

ich

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At least 15% RoRaCp.a. to >€440m VANB >€600m

Estimated market volume development Life reinsurance market with solid growth prospects


Life reinsurance market with solid growth prospects

Thereof life reinsuranceGlobal reinsurance market1

€b

37

50

50193

260CAGR 5.8%€bnCAGR 5.6%€bn

r 200

8

30

37

210

3037160

193

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130 156210

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2006 2010e 2015e2006 2010e 2015e

LifeRegional split 2006 2015 ∆ €bn CAGREurope 11 16 5 ~5%

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roup

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vest

ors'P-C

Europe 11 16 5 5%North America 14 21 7 ~4%Asia, Australasia 4 11 7 ~9%Latin America 0.5 1 0.5 ~11%Af i N /Middl E t 0 5 1 0 5 11%

5

Mun

ich

ReAfrica, Near/Middle East 0.5 1 0.5 ~11%

Total 30 50 20 5.8%

Gross premiums written. Source: Munich Re Economic Research.

1 Updated in 06/2008.

Life reinsuranceMunich Re life reinsurance Essential pillar with increased importance


Munich Re life reinsurance – Essential pillar with increased importance

€bnGross premiums written life reinsurance Munich Re segmental split reinsurance2

%

25 027.1

30.4

€bnCAGR 5.1% 100 100

%r 2

00819.4

25.0

8070

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6 1 6 0

CAGR 9.1%

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2.74.8

6.1 6.0

2030

e G

roup

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vest

ors'1998 2001 2004 2007

Munich Re Global market1998 2007

P-CLife

9 1% life reinsurance CAGR Life reinsurance share

1

6

Mun

ich

Re9.1% life reinsurance CAGR,

mainly based on organic growth Life reinsurance share

increased by 50% 1 Source: Munich Re economic research. 2007: Estimate.2 Share in reinsurance gross premiums written.

Split of Munich Re consolidated result in reinsurance Strong and sustainable contribution by life and health business


Strong and sustainable contribution by life and health business

%

Segmental split in reinsurance1

%

100 100 100 100

r 200

8

74

30

Life reinsurance contribution to overall

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70

74 79 78 contribution to overall reinsurance result

sustainably exceeds 20%

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26

70

21 22

exceeds 20%

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2004 2005 2006 2007P-CL&H

2

7

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ich

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1 Before consolidation. Health business includes only medical reinsurance; little impact. 2 P-C negatively influenced by high NatCat claims (Katrina, Rita, Wilma).

Life reinsurance supplements cycle management Stable development of life result due to low correlation with P C reinsurance


Stable development of life result due to low correlation with P-C reinsurance

… evolves from unique characteristicsLife low volatile business compared to P-C …

Long-term business

Profits locked in by business in force persist on average in excess of 10 years

800

Relative change in result1%

r 200

8

10 years

High independencies of risks within homogeneous portfolios

Correlation to P-C reinsurance only in400

600

P-C

L&H2

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erCorrelation to P C reinsurance only in very limited number of event scenarios

Excellent data availability and 0

200L&H

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statistics increase statistical certainty

-400

-200

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roup

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vest

ors'

-6001999 2000 2001 2002 2003 2004 2005 2006 2007

8

Mun

ich

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1 Based on result before impairment losses of goodwill, finance costs and taxes on income.2 Health business includes only medical reinsurance; little impact.

Risk capital requirementsDiversification effects significantly reduce capital requirements


Diversification effects significantly reduce capital requirements

Economic risk capital (ERC) in reinsurance segment1

12Sum of

100100Increased diversification mainly

driven by mortality, morbidity and longevity risks

%

r 200

8

12 21 stand-alone ERC

Those are largely

and longevity risks

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88 79

Those are largely uncorrelated to market

and P-C risk

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Excl. life Incl. life

Increased importance due to acknowledgement of diversification

effects also in external models e g QIS4

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Diversification effectDiversified ERC

effects also in external models, e.g. QIS4 model (Solvency II) and rating models

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Inclusion of life reinsurance almost doubles diversification effect

1 Before diversification with primary insurance.

Impact of Solvency IIMunich Re in optimal position to cover new business opportunities


Munich Re in optimal position to cover new business opportunities

Possible impact of Solvency II on life insurance Munich Re's solvency consulting unit

Investigate impact of current developments with clients

Act as sparring partner

Increased capital requirementsLong-term products Consideration of guarantees and options

Hi h i k it l i t f i

Consultingr 2

008

Interactive Solvency II seminars

Illustrate quantitative impacts of reinsurance to clients

Higher risk capital requirements for aggressive asset allocation Available financial resources may rise, but with increased volatility

Interaction

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erreinsurance to clients

Stochastic modelling approach for biometric risks

Risk capital calculation: Standard

increased volatilityQuantitative modelling of overall risk situation and increased transparencyProduct adaptations due to risk capital intensity Modelling

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Final standard risk model not yet decidedBut: Insurers expect general advice on Client view: Munich Re offers best

Risk capital calculation: Standard model vs. Munich Re capital model

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p gSolvency II from reinsurers right now Solvency II information in market1

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ich

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Munich Re well positioned to meet clients needs and generate new business

1 Source: 2008 Flaspöhler Reports Europe Non-Life and Life.

Financial strength and client perceptionMunich Re best positioned to benefit under current market developments


E cellent risk management Pro idingSignificant capital market stress red ces

Munich Re best positioned to benefit under current market developments

Recent market developments Munich Re's commitmentExcellent risk management – Providing maximum capacity with superior security

Focus on client and underwriting excellence

Q lit i B id it d

Significant capital market stress reduces capital base in financial services industryInsurance industry faces restricted refinancing options in capital market

r 200

8

Quality reinsurer – Besides capacity and security providing service, expertise and innovative solutions

Increased uncertainty likely to result in lower tolerance to risk and weak securityRising demand for highly rated reinsurancecapacity

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Munich Re's position and competitive edge confirmed by independent institutions

capacity

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S&P1

"Risk-based capital adequacy as measured by S&P’s model showed a redundancy at the AAA l l t d 2007"

Flaspöhler survey 20082

"Best reinsurer overall non-life and life"

"Preferred reinsurer" in5 t f 7 f i l f t

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roup

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vest

ors'level at year-end 2007"

"We consider Munich Re's strong balance sheet to be a competitive advantage"

5 out of 7 professional factors7 out of 8 operating attributes18 out of 21 lines of business

11

Mun

ich

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Unique combination of capacity, security, quality and brand

1 Rating report on Munich Re, published on 8 September 2008.2 2008 Flaspöhler Reports Europe Non-Life and Life.

Outlook Expansion of life reinsurance is in line with Changing Gear programme


Expansion of life reinsurance is in line with Changing Gear programme

Leverage strong market position in core segment and growth in adjacent segments

Life reinsurance market provides room for further profitable growth

Biometric risks

Forward integration on value chain

r 200

8Strong market position in traditional life reinsurance core business

Asset protection

Traditional

Distribution power

Riskknow-how

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erlife reinsurance core business

Munich Re life reinsurance business

Traditional reinsurance

Leverage thecore business

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model enables further expansionRiskcapacity

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vest

ors'Low-volatile profitability

supplements non-life business Financially motivated life reinsurance

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ich

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Global Life Strategy facilitates expansion of life reinsurance

Agenda

Life reinsurance – Essential segment for sustainable Group profits Torsten Jeworreksustainable Group profits

Ensuring sustainable profitability Wolfgang Strassl

r 200

8

and growth Wolfgang Strassl

Excellence in core business: M F t Mi h l D K i

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North American best practice Mary Forrest – Michael DeKoning

Growth opportunities in Asia:

' Day

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Positioned for leadership Rudolf Lenhard – Daniel Cossette

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roup

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vest

ors'

Superior value-based management Hermann Pohlchristoph – Erwin Schnauder

13

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Conclusion Wolfgang Strassl

Competitive positionMunich Re One of the two leading global life reinsurers

Ensuring sustainable profitability and growth

Global market share1

Munich Re – One of the two leading global life reinsurers

Principles

Swiss Re

Munich Re 21

23Focus on organic growth

%r 2

008

RGA

Hannover Re

SCOR

11

8

7

Strict profit orientation

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GenRe

Transamerica

Scottish Re

5

5

4

Focus on underwriting profits instead of relying on capital market gains

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XL Re

Partner Re

2

1

4

Prudent actuarial assumptions

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Other 13

Superior risk capabilities confirmed by independent Flaspöhler client survey:

Client view

14

Mun

ich

ReTop 2 players dominate the global

life reinsurance market1 Source: Munich Re Economic Research. Based on net earned premiums 2007.2 Source: 2008 Flaspöhler Reports Europe Non-Life and Life.

independent Flaspöhler client survey: Best overall life reinsurer2

Premium growth and profitabilitySolid success story founded on organic growth


%

Solid success story founded on organic growth

Gross premiums written EV earnings (as % of EV beginning of year)

5 46.1

6.5 6.46.0

%€bn

16.2 16.6

14 4

TEV MCEV

r 200

8

5.413.3 13.5

11.3

8.9

11.8

9.0 9.8

14.4

CAGR basic book ~5%

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4.5 4.8 5.2 5.3 5.4

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2003 2004 2005 2006 2007 2003 2004 2005 2006 2007Operating EV earnings Total EV earnings

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Business with planned recapturesBasic book of business

EV = Embedded valueTEV = Traditional embedded valueMCEV = Market-consistent embedded value

1

15

Mun

ich

Re

Basic book of business with stable growth and consistent profitability1 Planned recaptures of three large-volume accounts in Canada and Germany. All other treaties allocated to basic book of business.2 According to Munich Re's current MCEV methodology. Based on 2004 published CFO Forum EEV principles.

MarketsLeading position in most regions


Leading position in most regions

Distribution of gross premiums written Market share

%

Excellent geographic diversification Significant market shares, but …

21Global market

%r 2

008

Germany 53

50

Canada

Germany

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UK

USA

50

28

y

UK

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Canada

Other

14

10

Asia

Rest of Europe

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TOTAL 2007

9USA

room for further expansion

16

Mun

ich

ReTOTAL 2007

€6.0bn… room for further expansion

in some markets

Munich Re market splitNorth America with significant contribution


Contribution to VANB by region

North America with significant contribution

Continental Europe, Asia1

19%Canada

34%

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ance

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USAUK, Australia, Africa

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TOTAL 2007€277m

27%20%

17

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ich

Re

1 Incl. rest of world.

Risk portfolioEmphasis on mortality and morbidity risks


Emphasis on mortality and morbidity risks

Products

Inherent risks

Ordinary life1

Grouplife1

Living benefits2 Annuity Biometric risk

portfolio3 Munich Re risk appetiter 2

008Bio-

metric

Mortality 72%

Morbidity 24%

Focus on mortality and morbidity

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ermetric risks

Morbidity 24%

Longevity 4%Longevity d i

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Lapse risk S l ti h

under review

e G

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vest

ors'risk

Invest-mentrisks

Selective approachto lapse and

investment risk

18

Mun

ich

Rerisks

Selective coverFull cover1 Ordinary life and group life include all types of mortality covers such as term life and permanent life.

2 Living benefits business comprises critical illness, disability income and long term care.3 Share of net premium 2007.

Sustainable profitabilityPrudent risk management pays off


Prudent risk management pays off

€mConsistently positive experience variances and operating assumption changes€m

124TEV MCEV1

Focus on risks we understand

r 200

8

69

88 Application of prudent actuarial assumptions in pricing

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er69 66

Adequate assumptions for valuation

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11

assumptions for valuation

Continuous

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2003 2004 2005 2006 2007Continuous

optimisation of in-force business

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ich

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Solid risk management and underwriting

1 According to Munich Re's current MCEV methodology. Based on 2004 published CFO Forum EEV principles.

Strategic ambition Extension of profitable growth


Extension of profitable growth

Strategic ambition

Quantum growth in EV earnings by doubling our VANB until 2011 r 2

008

VANB development

CAGR >8%€m

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>440

>600

CAGR 15%

CAGR >8%

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228

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2006 2011 2015

20

Mun

ich

ReIn accordance with

Munich Re Group RoRaC-target of 15%

Global Life StrategyAchieve ambition through key strategies and enabling initiative


Strategic ambition

Achieve ambition through key strategies and enabling initiative

Quantum growth in EV earnings by doubling our VANB until 2011

VANB 2006 €228m

r 200

8

Enabling initiative

Our key strategies

1 2 3 plus

Total contribution

VANB 2006 €228m

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Put in place superior

financial model

Continuously improve core

business

Grow non-traditional business

Expand business

model

Evaluate non-organic growth opportunities

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€35m€120m €40m €25mAdditional VANB by 2011

€220m

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ors'

€€ € €

Additional VANB by 2015

€

VANB 2011 > €440m

21

Mun

ich

Re€10m€95m €65m €5m €175m

VANB 2015 >€600m

Strategy 1: Continuously improve core businessBest in class capabilities in biometric analysis and underwriting


Best-in-class capabilities in biometric analysis and underwriting

Excellence in biometric analysis Continuous improvements in price differentiation

Share best-in-class actuarial and biometric know-how

IllustrativePrice

Highr 2

008

Leverage large market-specific data base

Continuous enhancement of risk segmentation and modelling

Low level of segmentation

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errisk segmentation and modelling

Underwriting expertise Low High level of segmentation

segmentation

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Cutting edge clinical expertise in medical underwriting

g

RiskLowHigh

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vest

ors'

State-of-the-art underwriting manual and analysis tools

Efficient control systems for

Avoid adverse selection

C titi i i f d i k

22

Mun

ich

Rey

internal and client reviews Competitive pricing for good risks

Strategy 2: Grow non-traditional businessAsset protection for variable annuity business


Asset protection for variable annuity business

Demand for financial solutions Munich Re's approach to asset protectionI t l t i f " t t ti "Shift in lines and policy

Variable annuities and unit-linked policies growth Increased risk awareness in

Productd l t

Riskt f

Active risk management/ Risk

t lli

Internal steering of "asset protection"

r 200

8

Increased risk awareness in respect of options and guarantees

Raise demand for protection f lif i ' li biliti

development transfer ghedging controlling

Advice in developing

Transfer of investment/

Platform for effective

uran

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erof life insurer's liabilitiesNaturally extending to variety of ALM issues, where holistic cover is sought for overall

manageable products

insurance risks

management

Value proposition for client

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Close cooperation with cedant at early stage

balance sheetMunich Re approach

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Combined insurance and financial markets expertise to structure and price risks resulting from these productsSound platform for management of inherent complexity resulting f h b id i d fi i l i k

23

Mun

ich

Refrom hybrid insurance and financial risks

Strategy 3: Expand business modelMunich Re contributes to underwriting and processing


Munich Re contributes to underwriting and processing

Benefits for Munich ReProvide underwriting and processing services

Become indispensable partner for clients

Improved underwriting quality and ff

Extend consulting service range

Processing and admin tools combined with Munich Re's underwriting expertise

r 200

8

Life insurance

efficiency

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Productdevelopment Distribution Underwriting Processing/

AdminClaims

handlingRisktaking

value chain

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Benefits for Munich ReSupport alternative channels

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Create reinsurance opportunities in mature and emerging markets

Substitute fully integrated primary

Cooperate with banks or brokers as direct distribution channel for insurance products

Close involvement in product development

24

Mun

ich

Reinsurer in parts of value chainRisk-taking support through reinsurance

Outlook VANB growth ambition achievable


VANB growth ambition achievable

Munich Re VANB development €m

>600

€m

CAGR >8%

r 200

8

348399

444CAGR 15%

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228277 286

348

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2006 actual

2007 actual

2008forecast

2009 plan

2010 plan

2011 target

... 2015expectation

25

Mun

ich

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VANB growth ambition: Well on track

According to Munich Re's current MCEV methodology. Based on 2004 published CFO Forum EEV principles.

Global Life Strategy Following presentations will provide more detail


Following presentations will provide more detail

Strategic ambition

Quantum growth in EV earnings by doubling our VANB until 2011

Enabling initiativeKey strategies

r 200

8

Enabling initiative

Put in place

Key strategies

Continuously i

Grow non-t diti l

Expand b i

Evaluate non-i th

1 2 3 plus

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ersuperior financial model

improve core business

traditional business

business model

organic growth opportunities

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Presentations detail initiatives in exemplary markets and introduce steering methodology

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Excellence in core business: Growth opportunities in Asia: Superior value-based

26

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North American best practicepp

Positioned for leadershipp

management

Key takeaways


Key takeaways

Ensuring sustainable profitability

Strong track record in life reinsurance is based upon superior risk management and excellent underwriting

r 200

8Ambition: Significantly extend profitability growth achieving >€440m VANB in 2011. Expected VANB 2015: >€600m

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erExpected VANB 2015: >€600m

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Clear strategy to strengthen the core and expand business model

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vest

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Leverage our excellence in

biometric analysis

Grow our proportion in non-

t diti l b i

Opportunistically evaluate non-organic growth

Extend our positioning on the

lif i k l h i

27

Mun

ich

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and underwriting traditional business g gopportunities life risk value chain

Agenda

Life reinsurance – essential segment for sustainable Group profits Torsten Jeworreksustainable Group profits


r 200

8



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North AmericaThe largest and most developed markets

Excellence in core business: North American best practice

Munich Re portfolio

The largest and most developed markets

Global life reinsurance market

Canada34%

UK, Australia,Africa

VANB by region%

Other27%

Canada7%

Distribution of life gross premiums written%

r 200

8

34%Africa20%

27% 7%

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USA50%

UK10%

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USA27%

Continental Europe, Asia1

19%Germany 6%

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Source: Munich Re Economic Research 1 Incl. rest of world.

29

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ich

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Growth opportunity in price competitive and sophisticated market place

North American business philosophyTranslate core principles into entrepreneurial approach


Translate core principles into entrepreneurial approach

Business model Operations modelClient model

Large case capacity with unsurpassed financial strength Client focus

Employ industry leaders in allSuperior knowledge of

Availability and ability to utilise data better than competitors

Profit-maximising and

r 200

8

Employ industry leaders in all key roles

Superior knowledge of customer

Profit maximising and risk-management mindset

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Nimble and opportunistic approach to the market

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Allocate resources and capital to opportunities with greatest

Retrench from markets where risk-reward balance is not

Strive to anticipate client needsSuperior local capital management

e G

roup

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vest

ors'to opportunities with greatest

profit potentialrisk-reward balance is not

appropriate Regulatory development knowledge Deal structuring skills

30

Mun

ich

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Munich Re Canada: Market share and premium developmentMunich Re has become the unrivalled market leader in Canada


Munich Re has become the unrivalled market leader in Canada

Munich Re Canada market share% of gross premi ms ritten% of gross premiums written

Decline in premium and market share

driven by44 47 4855

63 63 6153

r 200

8

driven by scheduled

termination of one short-term non-

traditional business treaty

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Munich Re Canada premium development

business treaty2000 2001 2002 2003 2004 2005 2006 2007

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CAN$ m

1 295 1,306 1,156 645

1,664

2,330 2,453 2,371 1,947

e G

roup

–In

vest

ors'

744 772 933 931 1,035 1,147 1,215 1,302 19 134140

7331,295 ,

645

763 906 1,073 Non-traditionalTraditional

31

Mun

ich

Re744 772

2000 2001 2002 2003 2004 2005 2006 2007

New businessMunich Re No 5 with upside potential


US$ b M k h

2007 US recurring new business assumed

Munich Re No. 5 with upside potential

US$ bn Market share

RGA 161 23.6%Transamerica 144 21.1%Swiss Re 126 18.6%

Top 5 control 85%

of market

r 200

8

Generali USA 73 10.8%Munich Re 60 8.8%Canada Life 26 3.8%SCOR 24 3 6%

of market

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erSCOR 24 3.6%Scottish Re 22 3.3%General Re 14 2.1%Wilton Re 7 1.1%

Large gap between

Munich Re and next competitor

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Optimum Re 7 1.0%Hannover Re 6 0.8%Ace-Tempest 5 0.7%XL Re 4 0.6%

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vest

ors'%

Total 683 100.0%

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Mun

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High potential for future development

Source: Munich Re reinsurance survey conducted on behalf of the Society of Actuaries.

Market development and market share Stable market share due to underwriting discipline


Stable market share due to underwriting discipline

Cession rate Peak of US competitive cycle

62%59% 62% 60%

56%

Munich Re market share

r 200

842%

51% 52%56%

47%

40%37%

High cession rates in peak primarily l t d t i ti l

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er37% related to irrational pricing by reinsurers

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6% 6%9%

12% 11%7%

10% 13% 12% 11%9%

Munich Re market share remains within

10% range

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roup

–In

vest

ors'

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

33

Mun

ich

Re

Munich Re with stable position over years –In a market that has seen rising and falling stars

Changed market conditions and scope of businessSignificant improvements support Munich Re to benefit from market changes


Significant improvements support Munich Re to benefit from market changes

High competition in pricing results in market action and changed market conditions

Scottish Re

ING even paid for US life re business transfer

Swiss Re

Improved pricing for traditional life business

RoE

Market profitability increased from mid

Cession rates

Declined due to more

r 200

8

life re business transfer due to underpricing

traditional life business in the US

increased from mid single to double digit

to more rational pricing

uran

ce –

7 O

ctob

er

Munich Re well prepared for future challenges

Re-priced every treaty in 2005/06

' Day

on

Life

Rei

nsup y y

Enhanced management information systems and mortality analysis capabilities

e G

roup

–In

vest

ors'

Restructured sales and pricing functions resulting in greater pricing discipline and risk management

34

Mun

ich

Re

Profit margin improved by 50% since 2000

Large case programmeAbility to provide large capacity differentiates Munich Re from competitors


Ability to provide large capacity differentiates Munich Re from competitors

Superpool programme: Innovation example for North America

Purpose Detail

Maximise benefits of Munich Re's increased per life capacity

Clients get access to increasing levels

r 200

8

Create sustainable competitive advantage for selected clients

Control access to larger retention for

Clients get access to increasing levels of Munich Re's US$50m capacity per life

uran

ce –

7 O

ctob

erControl access to larger retention for retention management purposes

Capacity

Tiered based on volume ceded

Unencumbered by retrocession constraints

' Day

on

Life

Rei

nsuUnencumbered by retrocession constraints

Programme well on track in Canada and US

e G

roup

–In

vest

ors'

35

Mun

ich

Re

Large case programme supports growth and profit ambitions

Best practice North AmericaLeveraging strengths across North America


Leveraging strengths across North America

Early example – Life underwriting

Moved to a US$50m per life

Introduction of one uniform improved

Usage of one uniform improved

Implemented a North American underwriting

r 200

8

retention underwriting manual underwriting system best practices leader

uran

ce –

7 O

ctob

er

More opportunities to be looked at in next 6–9 months

Administration and claims processes and tools

' Day

on

Life

Rei

nsuAdministration and claims processes and tools

Operational and financial information systems

e G

roup

–In

vest

ors'

Human resources

36

Mun

ich

Re

Scope of businessLeveraging best practices in all lines of business


Leveraging best practices in all lines of business

Not a "one-trick pony"

Long term care (LTC)incl. LifePlans Critical illness

Individual

r 200

8Individual disability income Group life and Group LTC

life

uran

ce –

7 O

ctob

er

Individual life is core, but leading positions in all lines of business

' Day

on

Life

Rei

nsu

e G

roup

–In

vest

ors'

Diversification of VANB

Options for future growth

Enhanced solution-orientation through cross-line offerings

37

Mun

ich

Re

Key takeaways


Extremely strong franchise in CanadaExtremely strong franchise in Canada, with significant potential for profitable growth in the US

r 200

8

We will leverage resources and best practices across North America

uran

ce –

7 O

ctob

er

Growth will only come with strict adherence to disciplined pricing and underwriting

' Day

on

Life

Rei

nsug g

Our goal: to be nimble, entrepreneurial and

e G

roup

–In

vest

ors'

business-minded with unparalleled customer focus

38

Mun

ich

Re

Agenda



r 200

8



uran

ce –

7 O

ctob

er



' Day

on

Life

Rei



e G

roup

–In

vest

ors'


39

Mun

ich

Re


Life reinsurance markets in AsiaStrong growth prospects in Asian markets

Growth opportunities in Asia: Positioned for leadership

Strong growth prospects in Asian markets

N d d i 2008 US$

Relative attractiveness of Asian marketsStatus quo – China and Korea dominateNew ceded premiums 2008 US$ m

India

SEA

Greater China

SEA Japan

I di

r 200

8

Growth rates

SEA

Japan

South Korea

Greater China South Korea

India

uran

ce –

7 O

ctob

er

SEA = South-East AsiaSource: NMG Life and Health Reinsurance Programme 2008

Total US$454m Reinsurance volume

SEA = South-East Asia

' Day

on

Life

Rei

nsu

Significant growth i d l i

High demand for i ' i Increasing weight

Drivers for future growth

By far largest l ti ith t

e G

roup

–In

vest

ors'in underlying

insurance marketreinsurers' service,

capital and expertise

g gof Takaful modelpopulation with strong

economic growth

40

Mun

ich

Re

gekürztEXPECTED TOTAL NEW CESSION MARKET GROWTH

10–15% p.a.

Future growth prospectsMunich Re initiatives support above market growth expectation


Munich Re initiatives support above-market growth expectation

Ambitious growth expectations

223256

Gross premiums written, €mCAGR 19%

r 200

8

144 151180

MID-TERM GROWTH EXPECTATION

>15% p.a.

uran

ce –

7 O

ctob

er

p

' Day

on

Life

Rei

nsu

2006 2007 2008e 2009e 2010e

Global Life Strategy

e G

roup

–In

vest

ors'

Clear focus on profitabilityAdditional growth from health and

41

Mun

ich

ReClear focus on profitability non-traditional business expected

Munich Re in AsiaStrong presence basis for significant share in future growth


Strong presence basis for significant share in future growth

Strong and increasing market share% of estimated total new reinsurance premiums in 2008

Local presence in every important market% of estimated total new reinsurance premiums in 2008

14%

19%

Munich Re

RGA

Multinational reinsurer (70%)

●●●Tokyo

SeoulBeijing

r 200

87%

8%

12%

Hannover Re

Gen Re

Swiss Re

●●

●

●

Shanghai

TaipeiHong Kong

Mumbai

uran

ce –

7 O

ctob

er

5%

2%

3%

Other

Trans-america

Scor

D i i (30%)■●

Kuala Lumpur Singapore

' Day

on

Life

Rei

nsu

8%

7%

15%

Other

China Re

Korea Re

Domestic reinsurer (30%)

e G

roup

–In

vest

ors'

Regional head office in Singapore t bli h d i 2007 M lti l l ti id

Source: NMG Life and Health Reinsurance Programme - 2008

8%Other

Market dominated by top 3 global life i d ti i f

42

Mun

ich

Re

Asia excludes Australia, New Zealand, Middle East and Pakistan.

established in 2007 – Multiple locations provide flexibility and advanced marketability

reinsurers; domestic reinsurers face more intensified competition

Business, relationship and operational management quality indexLeading perception in business quality and operational management


Leading perception in business quality and operational management

Operational management quality index (diff. from avg.)Market penetration

60

80

1001.0

0.9

0.8

0 7

r 200

8

-20

0

20

40Munich Re

Munich Re

0.7

0.6

0.5

0.4

uran

ce –

7 O

ctob

er

-80

-60

-40

20

0.3

0.2

0.1

' Day

on

Life

Rei

nsu

-100-100 -80 -60 -40 -20 0 20 40 60 80 100

Relationship management quality index (diff. from avg.) –All respondents

550 600 650 700 750

Business quality index – All respondents

0

e G

roup

–In

vest

ors'

Source: NMG Life and Health Reinsurance Programme 2008 Source: NMG Life and Health Reinsurance Programme 2008

43

Mun

ich

Re

Superior retention supported by high level of customer satisfaction

Favourable terms of trade based on superior business quality index

Key growth initiativesParticipate in Asian growth ensured by selected initiatives


Participate in Asian growth ensured by selected initiatives

Munich Re's key growth initiativesMunich Re s key growth initiatives r 2

008

Product development TakafulFinancially motivated reinsurance Process consulting

uran

ce –

7 O

ctob

er

Infrastructure processes and data management system improved continuously

' Day

on

Life

Rei

nsuInfrastructure, processes and data management system improved continuously

e G

roup

–In

vest

ors'

Significant demand for consulting service across Asia

44

Mun

ich

Re

Product developmentRemains key business strategy


Remains key business strategy

Client needs Munich Re benefits

Example: Living benefits Leveraging exclusive partners

Fast-growing segment

Underwriting, claims, actuarial and product

LifePlans – LTC expertise

Best Doctors – Exclusive joint venture

r 200

8

design expertise needed

Mostly long term care (LTC), disability income and critical illness (second

ti )

agreement across Asia

uran

ce –

7 O

ctob

ergeneration)

Expertise in Germany – Direct and

Leveraging global network

' Day

on

Life

Rei

nsuExpertise in Germany Direct and

reinsurance level

Expertise from advanced Anglo-Saxon markets

e G

roup

–In

vest

ors'

45

Mun

ich

Re

Financially motivated reinsuranceLarge potential for future growth


Large potential for future growth

Environmental factors

Joint venture partners with limited capital New business growth is capital intensiveNew solvency regime

Subprime and credit crisisHigh volatility in equity marketUnfavourable environment to raise equity or debt capital

r 200

8

capital

uran

ce –

7 O

ctob

er

Ability to structure and leverage local knowledge

Structuring expertise in Germany and Singapore regional head office

Key success factors Munich Re's position

' Day

on

Life

Rei

nsug

Availability of capital and collateralFinancial strength

g p gStrong local knowledge with offices in all key marketsAvailability of collateral

e G

roup

–In

vest

ors'

Excellent balance sheet as leading global reinsurer

46

Mun

ich

Re

Strict focus on genuine risk transfer transactions

Process consultingAllfinanz brings international best practice to Asia


Allfinanz brings international best practice to Asia

Combining the strength of two leading companies in their respective area of expertise

r 200

8

AUTOMATEDUNDERWRITING UNDERWRITING

RULESSOFTWARESOLUTIONS

uran

ce –

7 O

ctob

erRULESSOLUTIONS

' Day

on

Life

Rei

nsu

We expect Asia to follow trend of UK and Australia

More compelling proposal for distribution and customers

e G

roup

–In

vest

ors'

Clear advantages: Superior data management, lower costs, UW consistency and improved profitability

47

Mun

ich

Re

Allfinanz will be significant contributor to Munich Re's long-term success in Asia

Munich Re RetakafulParticipating in significant Takaful growth


Islamic markets with low insurance penetration

Participating in significant Takaful growth

Munich Re´s International Retakaful Hub

4050607080

8

10

12

14Composite Retakaful license by Central Bank of Malaysia in 2007

First foreign Retakaful operator in Malaysia

Highest rated Retakaful operator worldwide under

r 200

8010203040

0

2

4

6

d K a d a an E an ar ait a

Wakala model

International Shari´a Advisor Board to ensure worldwide compliance

uran

ce –

7 O

ctob

er

Wor

l UK

Mal

aysi

Thai

lan d

Indo

nesi

Pak

ist a

UA

Om

a

Qat

a

Kuw

a

Sau

di A

rabi

Life insurance penetration GDP per capita (US$) Genuine Retakaful model, high rating and full service

Munich Re´s unique value proposition

' Day

on

Life

Rei

nsu

capabilities

Already placed treaties in Malaysia, Indonesia, Pakistan and Middle East

Trend towards conversion from conventional

Strong growth potential in countries with low life insurance penetration, high GDP per capita and

large and young Muslim populations

e G

roup

–In

vest

ors'reinsurance to Retakaful

Expect higher reinsurance penetration rate under Takaful model

Increasing acceptance of Takaful, Islamic Banking and "Bancatakaful"

48

Mun

ich

Re

Munich Re aims to be the dominant player in the worldwide Retakaful market

Need for service, capacity and capitalMunich Re competitive advantages


Munich Re competitive advantages

Consulting service Capacity Capital management

Access to reinsurers´know-how

Risk transfer Improve balance sheet or finance growth

Intellectual capital Good understanding of Structuring expertise in

Motivation

r 200

8

Intellectual capital capabilities due to unique positioning as direct insurance and

Good understanding of risk: Research and experience studies

High internal retentions

Structuring expertise in Munich and Singapore

Easy access to collateral

Large and solid balance

uran

ce –

7 O

ctob

er

Munich Re position

reinsurance player in all lines of business

Strong local knowledge and presence

g

Strong rating: S&P AA-Large and solid balance sheet

' Day

on

Life

Rei

nsuand presence

Exclusive partners –Allfinanz and LifePlans

e G

roup

–In

vest

ors'

49

Mun

ich

Re

Key takeaways


Key takeaways

Significant competitive advantage and high barrier to entrySignificant competitive advantage and high barrier to entry due to strong local presence and intellectual capital

r 200

8

Aggressive service strategy to ensure solid growth

uran

ce –

7 O

ctob

er

Growth will come together with strict underwriting discipline geared to profitability

' Day

on

Life

Rei

nsu

Combination of strong capital management expertise and capacity provides

e G

roup

–In

vest

ors'incommensurable reliability in volatile environment

50

Mun

ich

Re

Agenda



r 200

8



uran

ce –

7 O

ctob

er

Excellence in core business: North American best practice Mary Forrest – Michael DeKoning


' Day

on

Life

Rei



e G

roup

–In

vest

ors'


51

Mun

ich

Re


Gross premiums writtenSteady growth of base business despite more difficult market environment

Superior value-based management

Life

Steady growth of base business despite more difficult market environment

Top-line developmentIFRS gross premiums written Decrease from 2005 onwards result of planned

recaptures of three large-volume accounts in

Drivers

€bn6 5 6 4

r 200

8

Canada and Germany

Portfolio excluding those treaties shows steady growth …

5.46.1 6.5 6.4 6.0

CAGR basic book ~5%

uran

ce –

7 O

ctob

er

… partially offset by trend of treaties being transformed from coinsurance to pure risk premium reinsurance4.5 4.8 5.2 5.3 5.4

CAGR basic book ~5%

' Day

on

Life

Rei

nsu

Recent impacts: strengthening of euro andslight reduction of cession rates in North America and Europe2003 2004 2005 2006 2007

e G

roup

–In

vest

ors'Business with planned recaptures

Basic book of business

52

Mun

ich

ReSteady capitalisation on profitable growth opportunities

along with strict adherence to profitability targets


Underwriting resultIFRS underwriting result reveals contribution of operations to overall success

Life and health

IFRS underwriting result reveals contribution of operations to overall success

Transition from IFRS underwriting result to reported IFRS consolidated result 20071. Underwriting result 2. Consolidated result€m €m

r 200

8

827–5,433

7,024 705 –189

–251

uran

ce –

7 O

ctob

er

725

' Day

on

Life

Rei

nsu

–1,958 460 30 Health

430

e G

roup

–In

vest

ors'

460

Net earned premiums

Income from technical

Expenses for claims and

Operating expenses

Underwriting result

Underwriting result

Other investment

Other result

Income taxes

Consolidated result

430 Life

53

Mun

ich

Repremiums technical

interestsclaims and

benefitsexpenses result

1 Investment result from assets backing technical provisions. 2 Investment result of reinsurance L&H less investment result from assets backing technical provisions.

1 2result investment

resultresult taxes result

Underwriting resultValue orientation at Munich Re is already reflected in improved IFRS result


Life

Value orientation at Munich Re is already reflected in improved IFRS result

Steady increase in IFRS results – but slight volatility unavoidable

… and its driversIFRS underwriting result separated for life

Result contribution of life reinsurance …

€m

r 200

8

329

430 Margins flowing through from historical superior business selection

Exceptionally good mortality and morbidity

~€300m normalisedl l

uran

ce –

7 O

ctob

er

215

Exceptionally good mortality and morbidity experience in 2007

Development in line with portfolio growth and value orientation

ExpectationSlight, but steady

level

' Day

on

Life

Rei

nsu

140 value orientationyincrease fromcurrentnormalisedlevel

e G

roup

–In

vest

ors'

2004 2005 2006 2007

54

Mun

ich

Re

Munich Re's course for profitable growth visible in IFRS figures –Strong performance to continue in the future

Market-consistent embedded value (MCEV)The challenge is to adequately value and steer long term business


The challenge is to adequately value and steer long-term business

Long-term life reinsurance business … Pattern of shareholder cash-flows Illustrative

r 200

8ur

ance

–7

Oct

ober

… but what is the shareholder value at present?

' Day

on

Life

Rei

nsu

Present value of future profits available to shareholder

Present value of future after tax regulatory profits

Time value of financial options and guarantees

Cost of non-hedgeable risks

e G

roup

–In

vest

ors'

Adjustments for risks of cash flows

C it l i d f / ll t d

-

Required capital

Cost of non hedgeable risksCost of double taxation and cost of asset management related to assets backing required capital

MCEV

55

Mun

ich

ReCapital required for/allocated

to the portfolio at time of valuation+Required capital

Free surplus

MCEV movement analysisMCEV discloses the drivers of value creation in life reinsurance


Munich Re MCEV earnings 20071

MCEV discloses the drivers of value creation in life reinsurance

6,662

277 88

336 10148 -159€m

r 200

8

5,962

277 88

uran

ce –

7 O

ctob

er

Operating MCEV earnings

Opening Total MCEV earnings Closing

' Day

on

Life

Rei

nsu

Capital andcurrency

movements

Other non-operating variances

OpeningMCEV

Expectedreturn

Economic variances

ClosingMCEVExperience

variances & assumption

changes

VANB

e G

roup

–In

vest

ors'

Value generation through management

actionChanges due to external factors

Risk-freerate ofreturn

56

Mun

ich

Re

Focus of internal steering approach1 According to Munich Re's current MCEV methodology. Based on 2004 published CFO Forum EEV principles.

Munich Re's life reinsurance business Timing of the emergence of distributable earnings


Distributable earnings (undiscounted)

Timing of the emergence of distributable earnings

2.4

2 0

€bn, 5-year steps, as at 2007

r 200

8

2.0 1.91.6

1.41.2

uran

ce –

7 O

ctob

er

0.90.8 0.7 0.5 0.4

0.3 0 2

' Day

on

Life

Rei

nsu0 3 0.2 0.1 0.1 0.0

2008–

2012

2013–

2017

2018–

2022

2023–

2027

2028–

2032

2033–

2037

2038–

2042

2043–

2047

2048–

2052

2053–

2057

2058–

2062

2063–

2067

2068–

2072

2073–

2077

2078–

2082

2083–

2087

e G

roup

–In

vest

ors'

PRESENT VALUE EQUALS EMBEDDED VALUE EXCLUDING FREE SURPLUS

57

Mun

ich

RePRESENT VALUE EQUALS EMBEDDED VALUE EXCLUDING FREE SURPLUS

€5.8bn

BenefitsMCEV perfectly combines external requirements with internal steering


MCEV perfectly combines external requirements with internal steering

Strong theoretical foundation through Market value of liabilities fully compatible with finance theorymarket consistency

Standardised rules ensure high degree of transparency and consistency

Market value of liabilities fully compatible with finance theory

Compliance with MCEV Principles and Guidance as published in June 2008 by CFO Forum (representing 20 of the largest European life (re)insurers)

r 200

8

In conformity with IASB, European regulators and the CRO Forum

Using rationale for determining cost of capital comparable to CFO Forum

European life (re)insurers)

uran

ce –

7 O

ctob

er

Overall methodology perfectly suits our

Allowing for optimal integration of economic risk capital

Powerful alignment of pricing, valuation and controlling of

Adopting Munich Re economic risk capital model enables steering of life business on overall RoRaC targets

' Day

on

Life

Rei

nsugy p y

steering and pricing philosophyg p g g

business

e G

roup

–In

vest

ors'

58

Mun

ich

Re

Risk capital in MCEVRisk capital requirements clearly reflected in MCEV in two ways


Risk capital requirements clearly reflected in MCEV in two ways

Definition of required capital in ANW1 Allowance for non-hedgeable risksMaximum of Cost of non-hedgeable risks

Minimum level of solvency capital requirements IAnnual charge

Economic risk capital for non-hedgeable risk

X

r 200

8

Minimum target level of capital demand by third partiesII

Annual charge

Cost of

XNon-hedgeable risk rate

Present value of annual charge

uran

ce –

7 O

ctob

er

IIInon-hedgeable

risk

Present value of annual charge discounted at risk-free interest rateRequirements from internal risk model

' Day

on

Life

Rei

nsu

e G

roup

–In

vest

ors'

Allocation of required capital fully reflects all requirements from regulators,

rating agencies and internal risk models

Approach to calculating cost of non-hedgeablerisk entirely in line with

Munich Re's risk capital model

59

Mun

ich

Re

1 Asset net worth.

Derived VBM targetsInternal steering at Munich Re aims for maximum value creation


Internal steering at Munich Re aims for maximum value creation

Absolute VANB target to ensure desired level of1 VANB ≥ Target VANB

Absolute VANB target to ensure desired level of new business generation in terms of size and profitability

r 200

8

New business targets

2 VANB at "target RoRaC spread" ≥ 0Relative target ensuring a minimum return relative to inherent business risk consistent with the RoRaC steering principle of Munich Re

uran

ce –

7 O

ctob

er

3 VANB at "target IRR spread" ≥ 0Relative target ensuring a minimum return relative to the full capital invested to meet overall expectations on return on equity

' Day

on

Life

Rei

nsu

In-force business

target4 Operating experience variances +

operating assumption changes ≥ 0

Absolute target based on movement analysis ensuring adequate actuarial assessment and risk management

e G

roup

–In

vest

ors'target management

60

Mun

ich

Re

All management incentive schemes are strictly based on these VBM targets

Connection between MCEV and IFRSConvergence between MCEV earnings IFRS result and cash flows


Life

Convergence between MCEV earnings, IFRS result and cash flows

Development of MCEV earnings vs. IFRS result

High investment in the first year mainly due to acquisition costs

Shareholder cash flows

Shareholder cash flow After tax IFRS result MCEV earnings

Illustrative

r 200

8

Compensated for in subsequent returns

IFRS result

Shareholder cash flow After tax IFRS result MCEV earnings

uran

ce –

7 O

ctob

erProfits distributed evenly (as a percentage of IAS benefit reserves) over the lifetime of the business

Fi t fit ll l t

1 2 3 4 5 6 7 8 9 10 11 Σ

' Day

on

Life

Rei

nsu

MCEV earnings

First-year profit usually close to zero

Value creation shown at time of policy

e G

roup

–In

vest

ors'

p yissue

Expected return based on roll-forward of MCEV

61

Mun

ich

Re

MCEV most appropriately reflects the value of life business

Key takeaways


We continuously advance our steering methodology to ensure profitabilityr 2

008

MCEV reflects adequate actuarial approach to risk management

uran

ce –

7 O

ctob

er

Applying MCEV for internal steering with RoRaC target ensures consistency with overall Group targets

' Day

on

Life

Rei

nsu

Development and prognoses of IFRS result and VANB

e G

roup

–In

vest

ors'prove Munich Re's ability to generate profitable business

62

Mun

ich

Re

Agenda



r 200

8



uran

ce –

7 O

ctob

er

Excellence in core business: North American best practice Mary Forrest – Michael DeKoning


' Day

on

Life

Rei



e G

roup

–In

vest

ors'


63

Mun

ich

Re


Conclusion of the day

Life reinsurance is an attractive market

W h l f f d l Lif i i l

Life reinsurance is an attractive market, Munich Re has successfully established a global leadership position

r 200

8

We have a clear strategy for future development – Life reinsurance is not always sexy, but will create value for clients and shareholders

uran

ce –

7 O

ctob

er

Profitability is key – dependent on market situation we adjust market shares in different countries

' Day

on

Life

Rei

nsu

We are persistent in our approach –therefore we invest today into the growth markets of the future

e G

roup

–In

vest

ors'

Superior steering is basis of our success – therefore we are at the forefront in developing state-of-the-art industry standards

64

Mun

ich

Re

Appendix

Financial calendar

Contacts

Disclaimer

r 200

8ur

ance

–7

Oct

ober

' Day

on

Life

Rei

nsu

e G

roup

–In

vest

ors'

65

Mun

ich

Re

Financial calendar

Appendix

Financial calendar

7 November 2008 Interim report as at 30 September 2008

3 March 2009Balance sheet press conference for 2008 financial statements (preliminary figures)Analysts' conference, Munich

r 200

8

22 April 2009 Annual General Meeting

23 April 2009 Dividend payment

uran

ce –

7 O

ctob

er

6 May 2009 Interim report as at 31 March 2009

4 August 2009 Interim report as at 30 June 2009; Half year press conference

' Day

on

Life

Rei

nsu4 August 2009 Interim report as at 30 June 2009; Half-year press conference

5 November 2009 Interim report as at 30 September 2009

e G

roup

–In

vest

ors'

66

Mun

ich

Re

66

For information please contact

Appendix

For information please contact

Sascha Bibert Ralf Kleinschroth

Head of Investor & Rating Agency RelationsTel.: +49 (89) 38 91-39 10E-mail: [email protected]

Tel.: +49 (89) 38 91-45 59E-mail: [email protected]

r 200

8

Dr. Thomas Dittmar


Christine Franziszi


uran

ce –

7 O

ctob

er

Andreas Silberhorn Martin Unterstrasser

' Day

on

Life

Rei

nsu



e G

roup

–In

vest

ors'

Münchener Rückversicherungs-GesellschaftKöniginstrasse 107, 80802 München, Germany

Fax: +49 (89) 38 91-98 88@

67

Mun

ich

ReE-mail: [email protected]

Internet: www.munichre.com

67

Disclaimer

Appendix

Disclaimer

This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance

r 200

8

p , p , pof our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

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investors' day on life reinsurance - munich re · life reinsurance market with solid growth...

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