Munich Re is one of the world’s largest reinsurers. Founded in the late 19th century, today Munich Re has more than 43,000 employees in over 50 locations around the globe, in addition to its head office in Munich. In 2016 alone, the company wrote total premiums of nearly € 49 billion, out of which € 27.8 billion came from the reinsurance business alone. In addition to its reinsurance business, Munich Re also transacts primary insurance business through the ERGO group, which in itself is one of the largest insurance groups in Europe. In 1999, Munich Re created MEAG, an asset management wing, which manages all of Munich Re investments in addition to investments from third party investors. As of 31st December 2016, MEAG managed over € 264 billion, of which € 229 billion belonged to Munich Re itself.
Munich Re’s Retakaful unit is a fully fledged Retakaful operator licensed by Bank Negara Malaysia in December 2007, to conduct worldwide life and non-life Retakaful business. Combining Shariah compliance under the Shariah Advisory Board which represents Southeast Asia, Middle East and the Indian subcontinent, with innovation and optimization strategies, Munich Re provides solutions to the specific needs of Islamic societies. Based in Kuala Lumpur, Malaysia, Munich Re Retakaful operates as a pure Wakala model, and: is one of the strongest Retakaful operators worldwide financially.
