Our business model is based on the combination of primary insurance and reinsurance under one roof. We take on risks worldwide of every type and complexity, and our experience, financial strength, efficiency and first-class service make us the first choice for all matters relating to risk. Our client relationships are built on trust and cooperation.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. In the financial year 2016, Munich Re Group achieved a profit of €2.6bn on premium income of €48.9bn. It operates in all lines of insurance, with almost 43,000 employees throughout the world.
With premium income of around €28bn from reinsurance alone, Munich Re is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after business partner. Our roughly 12,000 staff in reinsurance possess unique global and local knowledge. Munich Re attaches great importance to its client service, which regularly receives top ratings.
Our primary insurance operations are mainly concentrated in the ERGO Insurance Group. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. ERGO offers a comprehensive spectrum of insurance, provision and services. In its home market of Germany, ERGO ranks among the leading providers across all segments. More than 29,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2016, ERGO recorded a premium income of €16bn.
The units of the Munich Health field of business were integrated into other divisions as of 1 February 2017. The reinsurance units were merged with the Life reinsurance division, and primary health insurance business was transferred to ERGO. Under the Munich Health brand, Munich Re combines its global healthcare knowledge in primary insurance and reinsurance with a premium income of €5.0bn in the financial year 2016. 2,500 experts located across the globe use this wealth of knowledge to offer our international clients innovative solutions and individual consultancy and services. Our unique business model means we can respond quickly and effectively to changes in local markets, thus ensuring the long-term success of our clients.
The Group’s worldwide investments are managed by MEAG. The quality of our asset management proved its worth during the recent financial crisis, which Munich Re weathered with continued financial strength. MEAG also offers its expertise to private and institutional clients. The volume of these assets under management amounts to a total of €19.2bn.