Munich Re Holdings of Australasia has confirmed the appointment of Diana Baer (pictured) as its next chief financial officer.
Baer will step into the role on July 1, taking over from David Field, who has transitioned to become CFO and a member of the management board at Great Lakes Insurance SE, another Munich Re entity.
Baer brings close to two decades of experience at Munich Re, with her career encompassing a range of leadership roles in financial management, regulatory reporting, and strategic oversight. Her background spans both life and general (re)insurance, including responsibilities for financial planning and stakeholder engagement.
Baer stated that the CFO function today is central to enabling business strategy – not just financial stewardship.
“A great team awaits me, and I’m really looking forward to my new role,” she said. “We will use Munich Re’s strong balance sheet to remain a reliable long-term partner for our clients in Australia and New Zealand, even in times of increasing climate risks.”
Field, Baer’s predecessor, led Munich Re’s finance function in Australasia for over five years. His role covered oversight of finance, reserving, taxation, regulatory and board reporting, and investment management for Munich Re’s subsidiaries in the region.
He also previously held CFO and chief risk officer roles within Munich Re in Europe, including Italy, and served in Germany.
Field is widely regarded for his technical knowledge in business interruption insurance, particularly in the areas of policy analysis, determining loss values, and evaluating sums insured.
This leadership transition comes amid the group’s ongoing implementation of its corporate roadmap, “Ambition 2025.”
The strategy, announced in 2020, is centred on enhancing growth and efficiency across reinsurance, primary insurance, and investment operations. Key financial goals include lifting return on equity to between 12% and 14% by 2025 and delivering consistent annual growth in earnings per share and dividends exceeding 5%.
Ambition 2025 is structured around three guiding themes:
The group is also targeting increased gender diversity, with a goal of 40% of management roles below the executive board to be held by women by 2025.
Munich Re is also progressing on its climate agenda, including a commitment to achieving net-zero emissions across its investment portfolio by 2050. Short-term targets include reducing portfolio emissions by up to 29% by 2025 and phasing out underwriting for thermal coal and oil sands businesses, with a full withdrawal from coal-related risks in facultative and direct insurance by 2040.
