Munich Re, number one in terms of profitability

Despite the heavy total loss experience in natural catastrophes, the German reinsurer has seen its 2005 results climb by 45% at 2.74 billion EUR (3.32 billion USD). Although the group has lost its ranking as the world number one, it has confirmed its leadership in terms of cost effectiveness, thanks especially to the diversification of its portfolio. For 2006, it targets a combined ratio of 97% in non-life reinsurance and 95% in direct insurance, as well as an international development with a primary focus on the Chinese market.