Munich Re Group

• Result for 2004 of approximately EUR 1.8bn 
  
  
• Proposed dividend of EUR 2.00 (previous year: EUR 1.25). ERGO back in the profit zone 
  
  
•  American Re's result down on previous year

The very positive result for 2004 now taking concrete shape for the Munich Re Group confirms its most recent forecasts: a profit for the year of approximately EUR 1.8bn is expected (previous year: – EUR 0.4bn). This result is largely due to the good performance of the reinsurance business. A positive contribution also came from the ERGO Insurance Group which, with a result for the year of EUR 202m (previous year: – EUR 1,431m), made a striking return to the profit zone. By contrast, American Re's profit for the year dropped to USD 103m (263m), owing to high claims costs from the autumn cyclones and reserve strengthening totalling USD 482m (previous year: USD 368m).

Given the good development of the Group's result, the Board of Management will propose to the Supervisory Board and the AGM that the Company pay an increased dividend of EUR 2.00 (1.25) for its 125th year of business. This is naturally subject to the proviso that the Supervisory Board's examination of the company and consolidated financial statements does not give rise to any changes.

Further details of Munich Re's company and consolidated financial statements will be announced at its balance sheet press conference on 15 March 2005.

Munich, 15 February 2005

Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München
Königinstraße 107
80802 München