June 22, 2018 / 2:57 PM / in a month

Munich Re CEO says wants to strengthen asset management amid sale reports

MUNICH, June 22 (Reuters) - Munich Re wants to strengthen its asset management unit, perhaps through cooperating with partners, the company’s chief told employees on Friday.

The internal memo by CEO Joachim Wenning comes amid reports that the German reinsurer is in talks to sell Munich Ergo Asset Management GmbH (MEAG).

“Investment will remain an integral part of the value chain in primary insurance and reinsurance in the future,” Wenning wrote.

“Therefore, it would make no sense at all for us to withdraw from investment activities. On the contrary, it is in our strategic interest to continually develop and strengthen our asset management.” (Reporting by Alexander Huebner Writing by Tom Sims Editing by Maria Sheahan)

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