Munich Re has appointed Michaela Hannemann (pictured above) as head of non-life for its Australasia operations, effective May 1, as the German reinsurer positions the region to play a larger role in its Ambition 2030 strategic plan.
Hannemann will relocate from Munich to Sydney and report to Scott Hawkins, managing director of Munich Re Australasia. She replaces Anja Linsmaier, who will return to the reinsurer's headquarters in Germany for a new leadership position after four years leading the non-life business.
The appointment comes after Munich Re reported a Q3 2025 net result of €1.997 billion, more than double the €907 million recorded in the same period of 2024. Within property-casualty reinsurance, the company's Q3 net result jumped to €1.187 billion as major-loss expenditure remained very low.
The reinsurer is operating under its multi-year Ambition 2030 strategy. By the end of the decade, Munich Re expects return on equity to exceed 18% and earnings per share to grow annually by more than 8% on average, company reports show.
The strategy calls for further diversification, with life and health reinsurance, global specialty insurance and ERGO expected to contribute approximately 60% of net results by 2030, up from roughly 50% today.
The company is also targeting €5.4 billion in reinsurance profit and an 80% combined ratio in property-casualty reinsurance for 2026, with group insurance revenue expected to reach €64 billion.
Munich Re will also expand investments in alternative assets and boost returns on investment to 3.4% to 3.8% by 2030, supported by active investment management.
The Australasian business Hannemann will oversee generated total revenue of $835 million in 2024 and employed 240 people, company filings show. Munich Re is the region's leading life and health reinsurer and specializes in providing large capacity for risk transfer. Asia and Australasia account for 9.3% of the group's total revenues.
Hannemann currently serves as chief underwriting officer for casualty and head of corporate underwriting casualty, aviation, marine and legal at Munich Re's Munich office. She joined the reinsurer in 2021 as regional head of casualty treaty underwriting for Japan, Korea, India and Southeast Asia, based in Singapore.
Prior to Munich Re, Hannemann spent the majority of her career at Gen Re, holding various roles in underwriting and client management covering international markets.
"I am pleased to join Munich Re's Australasia business as head of non-life for Australasia," Hannemann said. She added that she looks forward to working with the local team to serve clients in the market.
Hawkins said he was confident Hannemann's extensive leadership skills, strong international background and broad technical experience are a great fit for the business.
