Munich Re Group – Primary insurance
The second pillar of the Munich Re Group is primary insurance business. Beyond our core markets of Germany and Europe, we are seeking to develop business in Asian primary insurance markets long term.
With premium income amounting to € 17.7 billion, ERGO is one of the major insurance groups in Europe. Worldwide, ERGO is represented in over 30 countries, focussing on the regions of Europe and Asia. In Europe, ERGO is the No. 1 in the health and legal expenses insurance segments. Within her home market of Germany, ERGO is among the market leaders across all the different insurance segments. 40 million customers – thereof 20 million customers in Germany alone - currently place their trust in the services, expertise and financial strength provided by ERGO and its companies.
Our strategy
ERGO pursues a multi-brand strategy and relies on the strength of its brands and operations to reach clients through a wide variety of marketing channels, continually adjusting to clients’ needs and enhancing its offering. Internally, consistent concentration on competencies and resources ensures optimised, cost-effective processes. Internationally, ERGO develops new markets in growth regions in Europe and Asia, in close collaboration with its headquarters in Munich. Profitable growth thus creates lasting value for clients, staff and shareholders.
Milestones of success
Since ERGO came into being more than ten years ago through a merger of DKV, D.A.S., Hamburg-Mannheimer and Victoria, the Group has grown steadily. In 2002, direct insurer KarstadtQuelle Versicherungen was added to the group; with HypoVereinsbank, which later became part of the Italian UniCredit Group, ERGO gained a strong partner in the area of bancassurance. Premium volume from international business grew through acquisitions and participations in southern and eastern Europe and in Asia, and most recently attained a 22% level. Step by step, central structures and standardised processes were established in the domestic German market. Today, ERGO’s German insurance companies have a single back office and a uniform IT platform.
Agenda 2012
ERGO is aiming to join the top international insurance groups in Europe within the next five years. The international portion of business with a firm footing in many markets is to continue to expand. ERGO is steering towards growth in all segments – and premium income in excess of €23bn p.a. by 2012 – while maintaining sustained profitability that translates into a return on equity of 12–15%.
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