The Münchener Verein Versicherungsgruppe was able to increase its premium income to EUR 808 million in the 2021 financial year. Premium growth thus achieved an increase of around four percent compared to the previous year, which is above the industry growth of 1.1 percent.
The companies of the Münchener Verein Versicherungsgruppe increased their accumulated equity in the 2021 financial year by 3.4 percent compared to the previous year to EUR 365.3 million. Capital investments grew by 2.6 percent to 7.63 billion euros.
In 2021, premium income from health insurance increased by 3.4 percent year-on-year to a total of EUR 586.3 million (previous year: EUR 566.8 million). Supplementary health insurance was again one of the growth drivers in new business in 2021. For the first time, more than 500,000 people had health insurance with the Munich association. At 94 percent, a particularly high proportion of the surplus was passed on directly to customers in 2021.
The gross premiums written in life insurance amounted to EUR 167.5 million (previous year: EUR 155.3 million). New business increased significantly by almost 29 percent and reached a new high in 2021 thanks to innovative and opportunity-oriented products. At 50 percent, the strategic business area of company pension schemes (bAV) accounted for the largest share of new business. The strategic business area of unit-linked insurance also developed very positively. New business in fund products increased by 49 percent in 2021.
The written gross premium income from general insurance fell slightly compared to the previous year by 1.6 percent to 54.2 million euros. New production was roughly at the level of the 2020 financial year. Despite various natural disasters and major losses, the combined ratio was again significantly better than the industry figure, thus demonstrating the stability of the company.
“We were even able to surpass the previous year’s record new business by 14.8 percent. We have again received numerous awards, the hit was of course ‘Insurer of the Year’ for the tenth time in a row. We also actively promote sustainability, an essential point of our corporate strategy, in the Munich association. After signing the German Climate Agreement as the first insurer, we joined the ‘Sustainability in Life Insurance Industry Initiative’ in 2021,” says Rainer Reitzler, CEO of the Munich Insurance Group Association.
“The figures for our new business in the first half of 2022 give reason to expect another financial year with very good figures,” emphasizes Reitzler. “In the second half of the year we will be launching new products for our sales partners and customers in the areas of life insurance, motor insurance and property liability. I am particularly pleased that we will soon be launching our company health insurance. We have our finger on the pulse of the times and offer employers added value in the war for talent. But before we look to the future, we are celebrating our 100th birthday together with our employees tonight with a hearty anniversary party.”