Munich Re targets China as growth engine
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Munich Re targets China's solid economic expansion as a growth engine for its Asian business and sees the country having a bigger portfolio in the firm's business, a senior executive said in Shanghai Wednesday.
"Our business in China, including the Chinese mainland, Hong Kong and Taiwan, is growing above the Asia average in terms of premiums over the long term of five to 10 years" said Tobias Farny, chief executive of China and Southeast Asia at Munich Re.
"We won't cut staff but will continue to hire talented people as we continue our commitment here despite the financial crisis," Farny said.
Munich Re has about 200 employees in China, most of whom are local professionals.
"Asia's share to the Munich Re group will rise substantially with China giving a much greater portfolio," he said.
The world's biggest re-insurer has branches in Beijing and Hong Kong and representative offices in Shanghai and Taiwan.
Munich Re's premiums in the country jumped 54 percent to 590 million euros (US$826.65 million) in 2008, the latest available.
Munich Re wrote premiums of 41.4 billion euros globally in 2009, up 10 percent.
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