The company assumes part of the risk covered by the insurance companies counted among its clients. The ultimate goal of reinsurance is to reduce exposure to loss by passing on the risk to a reinsurer or a group of reinsurers. Munich Re provides cover for life, health, transport, casualty, space, fire and engineering.
The value of gross premiums written by Munich Re in 2018 amounted to 49.1 billion euros and the gross reinsurance premiums exceeded 31 billion euros in that year. The company closed the financial year 2018 with net income amounting to around 2.28 billion euros.
The insurance business of the group is carried out by ERGO, a subsidiary of Munich Re. ERGO deals with such insurance segments as health, life, international, property-casualty, direct and travel insurances.
In 2018, Munich Re employed 41,410 people worldwide.