Munich Re and Allianz have completed a restructuring of certain assets and shareholdings, which were first announced in April 2001.
The German reinsurer now holds 25.7% of the share capital and 26.3% of the voting rights in HypoVereinsbank and 91.7% of ERGO Versicherungsgruppe.
In return, it has sold its shares in Allianz Lebensversicherungs and Dresdner Bank to Allianz and has reduced its interest in Allianz to around 20%, as planned.
A member of Munich Re's board of management responsible for investments Dr. Heiner Hasford said: "Purchases and sales of shareholdings have always been a part of Munich Re's active asset management and are geared to long-term optimisation of earnings.
"Hence, Munich Re invests in companies whose market positioning gives reason to expect sustained positive business development.
"With investments of over €150bn (£92.1bn), we number among the biggest investors in Germany. Investments in financial service providers have traditionally been of special importance for us."
The company has also increased its stake in Nürnberger Beteiligungs to nearly 20%, in agreement with the Nürnberger Insurance Group. It acquired the extra shares from Deutsche Bank.
The Nürnberger Insurance Group, whose holding company Nürnberger Beteiligungs, is listed on the S-DAX. It has a market capitalization of around €1.1bn (£675.7m) and wrote premium income of approximately €3.7bn (£2.3bn) in the year 2001, which puts it in the top group of German insurers.
In a further move, it has sold its interest of 12.2% in Generali Lloyd to the AMB Group.
Munich Re said it also planned to sell its stakes in Bayerische Versicherungsbank and Frankfurter Versicherungs to Allianz and in return will increase its stake in Karlsruher Lebensversicherung to 90.1%. This is expected to take place by 31 July 2002.
