Munich Re Group Acquisition of Sterling Life Insurance Company Important step for the International Health strategy
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1 Munich Re Group Acquisition of Sterling Life Insurance Company Important step for the International Health strategy Media telephone conference Peter Choueiri Bob Trainer 17 December 2007
2 Acquisition rationale Sterling acquisition Milestone expansion into the fast-growing US senior healthcare market Transaction highlights Strategic rationale Purchase price US$ 352m (~ 243m) Sterling a leading provider of health benefits to US senior market (revenues >US$ 800m) Transaction multiple of 10x P/E 2009e Strong brand for fast-growing market with Significant synergy potential via capital large potential for private offerings optimisation and use of tax advantages Diversified product portfolio with focus EPS enhancement from 2008 onwards on Medicare Private Fee for Service (PFFS) Transaction completion expected in Q1 2008, Perfect fit with Munich Re's International subject to required regulatory approvals Health strategy in the US Paid for through own funds Solid platform for future growth of Sterling s No changes to Munich Re's capital business as well as match for Munich Re s management programme existing health business in the US Strengthening of Munich Re's integrated healthcare capabilities 2
3 Munich Re Group International Health strategy Our playing field The global health market Significant historical and expected growth Global health market Market volume in bn Main growth drivers CAGR: ~6% 5,400 Demographic development 4,150 3,150 2, Medical improvements Lifestyle changes Economic situation Source: OECD Health Statistics, Compustat, Bloomberg 3
4 Munich Re Group International Health strategy Our financial aspiration and strategic frame Premium and profit growth of 20% p.a. until 2015 expected GWP e in bn CAGR: 20% CAGR: 15% 9.3 CAGR: 25% CAGR: 15% e 2008e 2009e 2010e 2011e 2012e 2013e 2014e 2015e "First Wave" Seed Mid- and long-term growth in emerging markets via start-up "Second Wave" Capture Fast growth via building significant growth sources in mature markets "Third Wave" 2013 & onwards Consolidate Sustain growth and profitability via integration and consolidation 4
5 Perspectives in the US Medicare market International Health Strategy for the US market Leverage core reinsurance expertise in attractive product lines Employer Stop Loss Fully insured Excess Managed care Personal accident Innovative solutions Synergy creation Establish sustainable platforms in attractive markets Medicare market Leverage Group's core capabilities and positioning in the US Risk management Actuarial and data management Underwriting Capital strength Platform leveraging Value to investors and customers 5
6 Perspectives in the US Medicare market Medicare advantage market Right time for market entry Aging of US population projected to increase Medicare eligibles to 60 million by 2020 Medicare Advantage market in US$ bn CAGR 20% Babyboomers especially demanding of differentiated health insurance products PFFS main driver for Medicare Advantage development Year-to-date, PFFS has experienced greatest enrolment gain of any Medicare product with an increase of nearly 830,000 members or 96% since December e 2008e 2009e 2010e Medicare Eligible Million eligibles Note: Reflects total Medicare Advantage premiums, per centre for Medicare and Medicaid services. Penetration rate in % e 2008e 2009e 2010e 30% 25% 20% 15% 10% 5% 0% Penetration Medicare advantage eligibles Source: Congressional Budget Office (CBO) Testimony, 28 June
7 Sterling Life Insurance Company Sterling company Highlights Business Financial figures Distribution / Operations Providing various short-tail products to Senior (65+) and Mature (50+) US citizens Licensed in 49 US states and District of Columbia Major product lines: Medicare Advantage Medicare Supplement Complementary product lines Long term care Critical illness Approx. 155,000 members in US$ m 2007e Total revenues 805 Thereof premiums 785 Policyholder benefits 658 Total expenses 120 Operating profit 27 Net profit 17 Equity US GAAP 202 Employees 1,200 Fully equity-funded operations Focused sales force with exclusive tied agents Growing premium generation through call centre sales Unique value proposition ("Real People Wise Choices") Established Sterling brand Strong operational capabilities provided by Olympic Management System Munich Re Group Acquisition of Sterling Life 11 December 2007 Source: Company Information 7
8 Sterling Life Insurance Company Sterling operating summary Strong historical and projected growth Member lives in thousands CAGR 22% ~280 CAGR 38% e 2008e 2009e 2010e Premiums in US$ m CAGR 28% ~1,660 CAGR 54% e 2008e 2009e 2010e Premium sources 2007e year-end in % Medical Supplement 7.5% Group PDP 5.6% PDP 1.9% MAPD PFFS 10.3% PDP: Prescription Drug Plan MAPD PFFS: Medicare Advantage Plan with prescription drug coverage Private Fee For Service Other 0.1% MAPFFS 74.7% 8
9 Summary Sterling acquisition Transaction highlights Attractive market Fast-growing market with expected CAGR of 20% 43 million individuals eligible for Medicare in 2006, growing to 60 million by 2020 Only 8.7 million enrolled in any kind of Medicare Advantage plan (a 20% penetration rate) 1.6 million enrolled in PFFS plans, expected to double by 2009, triple over next ten years Attractive target Strategic fit Provides meaningful, immediate presence in US senior market Strong brand with unique value proposition Demonstrated success in Medicare market Differentiated through industry-leading customer service Complementary to existing health business in the US Significant revenue synergy potential Disciplined implementation of Munich Re's healthcare strategy in the US Sterling represents a unique opportunity to significantly broaden Munich Re's position in fast-growing US health market 9
10 Backup 10
11 Backup Sterling Product lines Medicare Advantage PFFS Medicare Supplement Prescription Drug Plan Complementary Description Product specifics PFFS plan is a Medicare Advantage health plan offered by a private insurance company under contract to the public Medicare programme By law, a PFFS plan must provide enrollees with at least the same benefits they would receive under Original Medicare Members are not restricted to a network of providers Multiple plans in place with different benefit structures Open-access PFFS plans Plans with different cost sharing options depending on premium Average annual premium US$ 7,700 per member Private health insurance designed to supplement Original Medicare plan Covers out-of-pocket costs (co-payments, deductibles, coinsurance) Standardised plan designs (A through L) Monthly premium required in addition to Part B premium Seven different options in place Coverage of gaps in Medicare programmes C, F, and G Innovative F plan providing 24/7 nurse advice line, routine vision exam, preventive dental, annual physical Average annual premium US$ 1,800 per member Started in 2006 Known as Medicare Part D Prescription drug insurance coverage purchased only from private companies Monthly premium usually required in addition to Part B premium PDP plans available: Stand-alone PDP Group PDP Sterling Partners special MA PDP plan in Montana Annual premium US$ 1,200 per member Business line not connected to Medicare coverage embracing Long term care (LTC), supplemental medical and life Supplemental medical and life products started in 2007 LTC benefits for nursing home, assisted living, adult day care Critical condition Life insurance Annual premiums (US$): LTC 1,100 Critical condition 430 Life 360 Source: Company Information 11
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