Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München — FY2025 Earnings Presentation
94 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Feb 26, 2026
Slide 1: Analysts' and Investors' Call 2026
Yuichiro Chino / Getty Images Munich Re Group Analysts’ and Investors’ Call 2026 26 February 2026 Please note: Presentation based on 2025 preliminary figures
Slide 2: Analysts' and Investors' Call 2026
Analysts’ and Investors’ Call 2026 01 02 03 Munich Re Group finance and risk Additional information Analysts’ and Investors’ Call 2026 26 February 2026 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Ambition 2025 successfully accomplished
Ambition 2025 successfully accomplished … Achievement Ambition 2021 2022 2023 2024 2025 2025 RoE1 12.6% 13.5% 15.8% 18.2% 18.3% 14–16% EPS growth2 5.1% 11.2% 19.4% 21.1% 18.8% ≥5% DPS growth3 12.2% 8.8% 15.2% 19.5% 19.6% ≥5% Solvency II ratio 227% 260% 267% 287% 298% 175–220% 2021–2025 1 Up to 2022,
Slide 5: … concluded with another record-breaking year
… concluded with another record-breaking year Financial performance Capital repatriation Exceeded net income guidance Dividend per share1 for the fifth consecutive year € +20% 24.0 Highly diversified business 20.0 +7.6% model is paying off 6.1 5.7 P&C reinsurance remains the P&C RI 3.3 main earnings
Slide 6: Well-balanced profile: Reinsurer and primary insurer at scale
Well-balanced profile: Reinsurer and primary insurer at scale Disciplined underwriting and strict portfolio management P&C reinsurance 01 safeguard still attractive profitability levels Shaping the portfolio to deliver robust and increasing Global Specialty Insurance 02 earnings in attractive specia
Slide 7: P&C reinsurance: January renewals
01 P&C reinsurance P&C reinsurance: January renewals Price Renewals 2022–2025 January Healthy margins and good portfolio quality change1 % renewals 2026 due to rigorous cycle management 3.1 ▪ Competition mainly on price – portfolio resilience 0.5 0.2 largely maintained (terms and conditions as well
Slide 8: P&C reinsurance: January renewals
01 P&C reinsurance P&C reinsurance: January renewals Volume change Property XL % Leveraging our strong capacity in a competitive but still healthy 5 market environment and benefiting from good partnerships, but also giving up business where appropriate Casualty proportional 0 Specialty Reduction in
Slide 9: Global Specialty Insurance
02 Global Specialty Insurance (GSI) Global Specialty Insurance Insurance revenue Strong, large and diverse portfolio of specialty lines of €bn Strength business, while GSI’s united specialty approach is 8.8 8.6 increasingly recognised by clients and brokers 8.0 7.2 Very good performance also on an u
Slide 10: Life and health reinsurance
03 L&H reinsurance Life and health reinsurance Total technical result1 €bn Pleasing development continues – New new business CSM exceeding release into business earnings and FX, growing the stock of CSM 1.9 1.7 Reliable Manage, protect and remain disciplined 1.4 through clearly defined risk appetite
Slide 11: ERGO Germany
04 ERGO ERGO Germany Top-line1 P&C: Focus on profitability 14.7 14.5 14.8 15.0 €bn 13.8 ▪ Strong top-line growth in recent years 3.9 4.2 4.5 4.7 4.7 ▪ Focus in the years 2024 and 2025 was on enhancing technical performance, e.g. motor insurance back to profitability 9.9 10.5 9.9 10.1 10.3 ▪ Combined
Slide 12: ERGO International
04 ERGO ERGO International Top-line1 6.6 Strengthened leading position in major markets €bn 5.6 6.0 5.3 5.4 ▪ Ongoing organic growth supplemented by acquisition of 4.2 Storebrand Helseforsikring AS and NEXT Insurance 2.9 3.0 3.5 3.8 ▪ Higher profitability driven by price adjustments, de-risking and
Slide 13: Investment result
Investment result Beneficial market environment Active investment management Fixed-income portfolio yield benefits from higher interest rates Indicative return contribution to Group RoI (bps) 40 Reinvestment 4.1% yield 30 20 Running 2.1% 3.5% yield 10 0 1.5% –10 2021 2022 2023 2024 2025 2021 2022 20
Slide 14: Capital repatriation
Capital repatriation Dividends and share buy-backs Higher shareholder participation in €bn increasing earnings 9.0 Total payout ratio1 200% ▪ Capital repatriation well-funded by German GAAP distributable earnings and sound solvency position 87% 81% 87% 8.0 76% 76% 49% ▪ Dividend proposal of €24 per
Slide 15: Ambition 2025 successfully accomplished
Ambition 2025 successfully accomplished Gender Ambition Achievement GHG emission Ambition Achievements ambition 2025 in 2025 reduction1 20258 in 20258 Share of Total –25 to –29% –59% women at Investments2 40% 40.5% Financed GHG Thermal coal –35% –58% manage- emissions3 ment level Oil and gas –25% –7
Slide 16: Outlook 2026
Outlook 2026 Group Insurance revenue Net result Return on investment ~€64bn ~€6.3bn >3.5% ERGO Insurance revenue Net result Combined ratio Combined ratio Germany International ~€24bn ~€0.9bn ~89% ~89% Reinsurance Insurance revenue Net result Combined ratio Combined ratio Total technical result P&C G
Slide 17: Ambition 2030 Outperform
Ambition 2030 Outperform RoE 2030 EPS growth1 Total payout ratio2 Solvency II ratio >18% >8% >80% >200% Industry-leading financial performance 1 CAGR 2025–2030. 2 Total payout ratio is defined as the sum of announced dividend and share buy-back divided by IFRS net result. Analysts’ and Investors’ Ca
Slide 18: Group finance and risk
02 Group finance and risk Source: Munich Re
Slide 19: Financial results 2025
Group finance and risk Financial results 2025 ▪ Net result above guidance: Very pleasing underlying performance across all IFRS net result segments, large losses below expectation compensating for FX losses €6.1bn ▪ Impact of declining topline compensated for by strong investment result (RoI: 3.2%)
Slide 20: Financial results Q4 2025
Group finance and risk Financial results Q4 2025 IFRS Net result Reinsurance: €824m ERGO: €121m P&C ▪ P&C: Prior and current year Germany ▪ Germany: CR in line €945m Combined ratio: Major-loss ratio: 85.3% 14.1% additional prudency of ~4pp each; discount benefit of Total technical result: €325m with
Slide 21: Investment result
Group finance and risk Investment result IFRS 2025 Regular income % Increase driven by higher 3.7 –0.1 0.0 –0.2 0.2 interest rates and active –0.3 3.2 portfolio management Disposal gains/losses Deliberate disposal losses on fixed-income investments (Reinsurance ~€0.8bn, ERGO ~€0.1bn) to support incr
Slide 22: ERGO – IFRS key financials 2025
Group finance and risk ERGO – IFRS key financials 2025 IFRS ERGO Germany International Insurance revenue €21.7bn €15.0bn (€14.8bn) €6.6bn (€6.0bn) (€20.8bn) Increase in L&H from life, short-term and long-term health Increase in L&H mainly from Belgium Health and full consolidation of as well as trav
Slide 23: Reinsurance – IFRS key financials 2025
Group finance and risk Reinsurance – IFRS key financials 2025 IFRS Reinsurance P&C GSI L&H Insurance revenue €38.7bn €17.9bn (€19.5bn) €8.6bn (€8.8bn) €12.2bn (€11.8bn) (€40.0bn) Decline due to the reduction of business Ongoing growth particularly at AMIG offset Organic growth in North America (larg
Slide 24: Robust and prudent reserving approach ensures resilient balance sheet
Group finance and risk Robust and prudent reserving approach ensures that the balance sheet remains resilient to unexpected developments IFRS Managing industry hot spots Munich Re measures US liability Reserve position further strengthened as prudent Prudent approach has allowed reaction to elevated
Slide 25: Solvency II ratio
Group finance and risk Solvency II ratio Economic Development of the Solvency II ratio SII sensitivities % % 310 298 301 287 260 267 295 295 295 285 227 267 220 Optimal range4 175 Interest rates Equity markets Spread GOV Spread CORP Atlantic +/–50bps 1 +/–30% +50bps +50bps Hurricane 2 2021 2022 2023
Slide 26: Risk profile
Group finance and risk Risk profile Economic Well-balanced risk profile: SCR composition of investment and insurance risks % 38 39 40 39 46 Investment risks Decrease largely driven by FX Diversification benefit between risk categories Insurance risks of >30% 62 Business growth in L&H 61 60 61 reinsu
Slide 27: SCR development
Group finance and risk SCR development Economic Total SCR (incl. diversification) €bn Market Credit ▪ Market 18.9 18.2 Decrease driven by lower FX risks (weaker USD and active reduction 8.6 9.5 of USD overweight) Investment 4.1 ▪ Credit 3.6 risks Reduction driven by FX and higher interest rates 2025
Slide 28: German GAAP (HGB) result 2025
Group finance and risk German GAAP (HGB) result 2025 Capital €bn Average 2016–2025 –1.6 –0.9 3.2 6.0 HGB result 2024 €4.8bn Underwriting Strong underwriting result, including 5.5 10.2 +1.2 result release of equalisation provision 9.1 –2.6 Investment –1.1 Lower regular income –1.9 result Positive FX
Slide 29: Additional information
03 Additional information Source: Munich Re
Slide 30: Segment income statement 2025
Additional information Segment income statement 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International 2025 Insurance revenue from insurance contracts issued 12,179 17,926 8,625 15,032 6,649 60,412 Insurance service result 1
Slide 31: Segment income statement Q4 2025
Additional information Segment income statement Q4 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International Q4 2025 Insurance revenue from insurance contracts issued 3,146 4,280 2,161 3,839 1,823 15,250 Insurance service resul
Slide 32: Actual vs. analysts' consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q4 2025 Consensus Delta €m Q4 2025 Consensus Impact2 L&H reinsurance 318 491 –173 Total technical result 489 452 37 P&C reinsurance 918 516 402 Combined
Slide 33: Capital position
Additional information Capital position Equity Capitalisation €m €bn Equity 31.12.20241 32,901 Change in Q4 12.3% 11.8%2 Net result 6,121 945 10.8% Senior debt 9.2% Changes 0.3 0.2 0.0 Subordinated debt Dividend –2,613 0 0.3 7.4 7.4 6.3 CSM (after tax) 4.7 Share buy-backs –1,878 –534 21.1 21.9 22.4
Slide 34: Return on equity
Additional information Return on equity Reinsurance ERGO1 Munich Re Group €m 31.12. 30.9. 31.12. 31.12. 30.9. 31.12. 31.12. 30.9. 31.12. 2025 2025 2024 2025 2025 2024 2025 2025 2024 Adjusted equity 27,039 26,621 27,587 7,191 7,163 4,917 34,230 33,785 32,504 Q4 2025 average adjusted equity 26,830 7,1
Slide 35: Revenue development
Additional information Revenue development Insurance revenue (gross) Segment breakdown €m €bn Revenue Share L&H reinsurance 12.2 20 % 2024 60,830 P&C reinsurance 17.9 30 % Total Global Specialty Insurance 8.6 14 % €60.4bn Foreign ERGO Germany 15.0 25 % –1,337 exchange ERGO International 6.6 11 % Div
Slide 36: Total comprehensive income
Additional information Total comprehensive income Munich Re €m Reinsurance ERGO Q4 2025 Total comprehensive income 1,309 197 1,506 Thereof net result 824 121 945 Thereof change in OCI (after tax) 485 76 561 Thereof from investments 549 –552 –2 Thereof from insurance contracts –77 625 548 Thereof cur
Slide 37: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment 31.12.2025 vs. vs. €m CSM 31.12.2024 (%) Risk adjustment 31.12.2024 (%) Life and health reinsurance 15,269 5.6% 3,426 –5.0% Property-casualty reinsurance 470 72.4% 348 –3.7% Global Specialty Insurance – – 45 –4.5% ERGO Germany 9,875 –0.7%
Slide 38: Loss component by segment
Additional information Loss component by segment 31.12.2025 vs. €m Loss component 31.12.2024 (%) Life and health reinsurance 257 5.8% Property-casualty reinsurance 460 –4.2% Global Specialty Insurance 73 –32.4% ERGO P&C Germany 88 –35.2% ERGO International 276 3.7% Total 1,153 –6.4% Net of reinsur
Slide 39: Very strong reserve position
Additional information Very strong reserve position Overall AvE development in FY 2025 even more favourable than in FY 2024 Reinsurance – Comparison of incremental expected losses with actual reported losses1 €m Actuals below expectation for all exposure years – From a line-of-business perspective,
Slide 40: Another high positive run-off result, despite reserve actions for US liability
Additional information Another high positive run-off result, despite reserve actions for US liability Ultimate losses1 – Favourable actual vs. expected comparison facilitates ultimate reductions for prior years €m Accident year (AY) ≤2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total 31.12
Slide 41: Response to benign emergence of basic losses
Additional information Response to benign emergence of basic losses in line with considered judgment Property ▪ Clearly favourable indications across all lines Favourable loss development ▪ Short-tail lines developed relatively quickly, benefitting particularly from rate increases and led to release
Slide 42: Reinsurance liability for incurred claims
Additional information Reinsurance liability for incurred claims By line of business1 €m Liability 39 (38) Engineering 5 (5) Total Fire and other property 20 (23) Credit and surety 3 (3) €64.0bn Motor 19 (18) Accident 1 (1) Marine, aviation, space 6 (6) Other classes of business2 7 (8) 1 P&C reinsur
Slide 43: Asbestos and environmental survival ratio
Additional information Asbestos and environmental survival ratio Net definitive as at 31 December 20251 €m Asbestos Environmental A&E total Paid 3,515 1,100 4,625 Case reserves 387 135 523 IBNR 527 170 697 Total reserves 914 305 1,220 3-year average annual paid losses 67 27 93 Survival ratio 3-year
Slide 44: Net financial result
Additional information – Investments Net financial result Q4 Q4 Main drivers in Q4 €m 2025 2024 2025 2024 ▪ Investment result benefitted from strong Investment result 1,620 1,467 7,514 7,191 regular income and positive fair value changes related to strong equity Currency result –127 627 –1,425 421 m
Slide 45: Investment result
Additional information – Investments Investment result Q4 2025 Return1 2025 Return1 2024 Return1 Regular income 2,157 3.7% 8,560 3.7% 8,137 3.5% Write-ups/write-downs –141 –0.2% –259 –0.1% –355 –0.2% Change in expected credit loss (ECL) –51 –0.1% –49 0.0% 45 0.0% Disposal gains/losses –748 –1.3% –37
Slide 46: Return on investment by asset class and segment
Additional information – Investments Return on investment by asset class and segment FY 2025 Regular Write-ups/-downs, Disposal Fair value Other ᴓ Market %1 income change in ECL result change inc./exp. RoI value (€m) Fixed income 3.5 0.0 –0.5 –0.3 0.0 2.6 187,028 Equities 3.0 0.0 0.0 15.5 0.0 18.6 1
Slide 47: Investment portfolio
Additional information – Investments Investment portfolio Q4 2025 Investment portfolio1 3-month reinvestment yield % Government/Semi-government bonds2 30 (32) Covered bonds/Mortgage loans 13 (13) 4.6% Total Corporate bonds 16 (16) 4.2% €237bn Emerging market government bonds 7 (5) 4.0% 3.8% ABS/MBS
Slide 48: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Government/Semi-government bonds Rating structure Regional breakdown % % Policyholder participation Total Without With 31.12.2025 31.12.2024 AAA 30 (29) B and lower 0 (0) Germany 4 17 20 20 Total AA 47 (56) NR 0 (1) US 17 1 18
Slide 49: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Covered bonds/Mortgage loans Rating structure for covered bonds Regional breakdown % % 31.12.2025 31.12.2024 Germany 49 49 AAA 93 (89) BBB 0 (0) France 16 15 Total AA 6 (10) NR 0 (0) UK 7 7 €21bn A 0 (0) Netherlands 6 5 Canada
Slide 50: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Corporate bonds (including bank bonds) Rating structure Sector breakdown % % 31.12.2025 31.12.2024 Banks 24 24 AAA 3 (4) BB 10 (9) Utilities 12 12 AA 8 (8) B and lower 4 (4) Financial services 10 9 Total Industrial goods and s
Slide 51: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Emerging markets government bonds Rating structure Regional breakdown % % Policyholder participation Total Without With 31.12.2025 31.12.2024 AA 1 (1) BB 20 (20) A 42 (40) B and lower 1 (2) Poland 17 7 23 25 Total €15bn BBB 36
Slide 52: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) ABS/MBS Rating structure covered bonds Regional breakdown % % 31.12.2025 31.12.2024 AAA 30 (31) BBB 0 (0) Europe 53 53 Total AA 63 (62) NR 1 (0) US 37 38 €10bn A 5 (6) Rest of world 10 8 Maturity structure Portfolio compositio
Slide 53: Alternative investments
Additional information – Investments Investment portfolio (economic view) Alternative investments Alternative investments1 % 31.12.2025 31.12.2024 Real estate2 – Regional breakdown (%) Germany 65 65 Real estate 38 (40) US 14 15 Total Illiquids equity 40 (40) Netherlands 6 5 €41bn France 3 3 Illiquid
Slide 54: Equities
Additional information – Investments Investment portfolio (economic view) Equities Total equities €10bn 31.12.2025 31.12.2024 Regional breakdown (%) US 27 26 Germany 18 24 4.0 4.0 Switzerland 9 9 3.6 3.7 3.7 France 8 8 Japan 8 6 3.5 3.4 Other 30 28 2.9 2.9 3.1 Sector breakdown (%) Industrial goods a
Slide 55: Breakdown of SCR
Additional information: Group finance and risk – Risk management Breakdown of SCR Decrease driven by US dollar depreciation SCR by risk category Group RI ERGO Div. €bn 2024 2025 Delta 2025 2025 2025 Decrease due to the depreciation of USD against EUR, partially Property-casualty 12.6 11.8 –0.8 11.6
Slide 56: Property-casualty risk
Additional information: Group finance and risk – Risk management Property-casualty risk Very well-diversified portfolio maintains excellent risk-bearing capacity Top scenario exposures of the Group (net of retrocession) – AggVaR1 €bn 2025 2024 €bn Basic losses 6.1 6.2 10 Top exposures 9 Major losses
Slide 57: Retrocession
Additional information: P&C reinsurance Retrocession Successful placement in a softening market Retrocession – Maximum in-force protection per nat cat scenario1 Munich Re’s key channels and €m formats 1,500 ▪ Focus on traditional catastrophe excess of loss (CatXL) retrocession as the 1,000 core form
Slide 58: Life and health risk
Additional information: Group finance and risk – Risk management Life and health risk1 ▪ Overall decrease driven by €bn the depreciation of major 2.1 currencies and increased Longevity 2.1 interest rates … 5.5 ▪ … largely offset by Mortality business growth in 5.7 reinsurance 3.9 Morbidity 3.9 1.1 H
Slide 59: Market risk
Additional information: Group finance and risk – Risk management Market risk SCR by risk category Group RI ERGO Div. €bn 2024 2025 2025 2025 2025 Increased exposure due to higher equity prices and increase of exposure in Equity 5.3 5.5 4.3 1.4 –0.1 alternative investments Interest rate 4.2 3.8 2.5 1
Slide 60: Market risk
Additional information: Group finance and risk – Risk management Market risk Asset-liability mismatch Portfolio duration1 DV01 development Assets Liabilities €m Reinsurance 3.4 (3.5) 3.1 (3.4) Reinsurance 60 40 ERGO 7.1 (7.7) 6.2 (7.0) Net 20 DV01 0 Munich Re 5.5 (5.9) 5.2 (5.8) 2016 2017 2018 2019
Slide 61: Sensitivities of Solvency II ratio
Additional information: Group finance and risk – Risk management Sensitivities of Solvency II ratio Ratio as at 31.12.2025 298 Interest rate +50bps1 301 Interest rate –50bps1 295 Spread +50bps GOV 295 Spread +50bps CORP 295 Equity markets +30% 310 Equity markets –30% 285 FX –20% 295 Inflation +100bp
Slide 62: Preliminary Solvency II ratios
Additional information: Group finance and risk – Risk management Preliminary Solvency II ratios Munich Re and solo entities Internal model EOF SCR S-II Ratio S-II Ratio €bn (without TM) (without TM) (without TM) (including TM) Munich Re 54.4 18.2 298% 300% Munich Reinsurance Company 56.5 18.2 308% 3
Slide 63: ERGO Germany
Additional information: ERGO ERGO Germany Insurance revenue Total technical result Contractual service margin1 €m €m 2024 14,751 1,570 1,417 9,875 9,821 9,944 Foreign exchange –9 Divestments/investments 0 325 310 Organic change 289 Q4 Q4 2025 2024 31.12. 30.9. 31.12. 2025 15,032 2025 2024 2025 2025
Slide 64: ERGO Germany
Additional information: ERGO ERGO Germany Property- Combined ratio 2024 59.8 28.8 88.6 % casualty 2025 61.2 27.7 88.9 87.6 91.3 88.8 86.8 88.8 89.1 88.7 89.1 Q4 2025 62.0 27.0 89.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024 2025 2025 2025 2025 Loss ratio Expense ratio Life and Total technical resul
Slide 65: ERGO P&C Germany
Additional information: ERGO ERGO P&C Germany Insurance revenue (gross) in 2025 (2024) €m Fire/property 1,364 (1,295) Legal protection 435 (441) Total Motor 914 (885) Marine 255 (282) €4,708 m Liability 868 (865) Other 333 (352) (€4,661m) Personal accident 537 (542) Analysts’ and Investors’ Call 202
Slide 66: ERGO International
Additional information: ERGO ERGO International Insurance revenue Total technical result Contractual service margin1 €m €m 2024 6,045 712 2,626 2,610 2,884 596 Foreign exchange 33 Divestments/investments 344 160 160 Organic change 228 Q4 Q4 2025 2024 31.12. 30.9. 31.12. 2025 6,649 2025 2024 2025 202
Slide 67: ERGO International
Additional information: ERGO ERGO International Property- Combined ratio % casualty1 90.0 87.3 102.2 100.4 87.1 87.3 110.1 89.0 75.7 91.7 96.1 90.3 89.0 89.5 88.7 92.4 89.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 Poland Legal Thailand Greece Baltics Austria USA2 Spain 2024 2024 2024 2024 2025 2025 2025 2025 pr
Slide 68: ERGO International
Additional information: ERGO ERGO International Property-casualty Life and Health 2025 2024 Life 2025 2024 Poland 2,329 2,165 Austria 161 152 Legal protection 486 472 Poland 134 117 Thailand 335 303 Total Total Belgium 121 102 Greece 286 273 € 4,224 m € 2,425 m Baltic states 73 54 (€3,795m) (€2,249m
Slide 69: Life and health reinsurance
Additional information: L&H reinsurance Life and health reinsurance Insurance revenue Total technical result Contractual service margin2 €m €m €m 2024 11,767 1,715 1,857 15,269 14,946 14,455 Foreign exchange –472 Divestments/investments 0 489 298 Organic change 884 Q4 Q4 2025 2024 31.12. 30.9. 31.12
Slide 70: Life and health reinsurance
Additional information: L&H reinsurance Life and health reinsurance Total technical result Q4 ▪ Release of CSM and RA largest contributor €m 2025 2025 to insurance service result, in line with expectation Release of CSM 278 1,126 ▪ CSM release supported by strong new business development Release of
Slide 71: Life and health reinsurance
Additional information: L&H reinsurance Life and health reinsurance CSM €m CSM1 RA1 ▪ Strong development of new business, CSM/RA incl. large transactions in North America, 31.12.2024 14,455 3,605 supporting business-related growth New contracts ▪ Operating changes include impacts from added 2,501 49
Slide 72: Broadly diversified
Additional information: L&H reinsurance Broadly diversified Leading shares in North America and mortality risk Present value of USA 75 20 5 40% future claims UK/Ireland 10 10 80 20% Canada 80 20 15% Continental Europe 50 50 10% Mortality 55% Morbidity 25% Asia/MENA 40 60 10% Longevity 20% Other 35 6
Slide 73: Business overview – Strong foundation of traditional biometric solutions
Additional information: L&H reinsurance Business overview – Strong foundation of traditional biometric solutions supplemented by promising opportunities Insurance revenue €m +3.5% 12,179 11,767 Portfolio Outlook ▪ Leading footprint in all major markets ▪ Maintain underwriting and pricing discipline
Slide 74: Pillars of strategy (1)
Additional information: L&H reinsurance Pillars of strategy (1) Expand transactional proposition and longevity business Transactional Longevity Supporting structural changes Successful growth path – maintaining in the industry prudent underwriting approach Portfolio ▪ Opportunities driven by structu
Slide 75: Pillars of strategy (2)
Additional information: L&H reinsurance Pillars of strategy (2) Leverage FinMoRe and Financial Markets business FinMoRe Financial Markets Tailor-made solutions to support financial Comprehensive market risk solutions steering of our clients for the financial services industry Portfolio ▪ Well-divers
Slide 76: Large transactions
Additional information: L&H reinsurance Large transactions Market overview Large transaction activities 2022–2025 The global life and health reinsurance market % of total transaction volume is rapidly transforming, shifting from traditional services to financial solutions By region By business type
Slide 77: Bifurcated market for large transactions
Additional information: L&H reinsurance Bifurcated market for large transactions Munich Re retains biometric focus with proximity to asset motivation Players here are principally Players here are principally asset intensive reinsurers (AIRs) traditional reinsurers Some players focus solely on asset
Slide 78: Global Specialty Insurance
Additional information: GSI Global Specialty Insurance Insurance revenue Total technical result Combined ratio €m €m % 2024 8,781 1,155 100.2 93.6 86.4 85.9 Foreign exchange –359 534 Divestments/investments 0 280 –5 Organic change 203 Q4 Q4 2025 2024 Q4 Q4 2025 2024 2025 8,625 2025 2024 2025 2024 In
Slide 79: Global Specialty Insurance
Additional information: GSI Global Specialty Insurance Combined ratio Insurance revenue (gross) FY 2025 % % 2024 63.5 30.1 93.6 American Modern 2,493 Total Hartford Steam Boiler 1,194 2025 53.5 32.5 85.9 €8,625 MR Specialty – North America 2,636 Q4 2025 53.9 32.5 86.4 MR Specialty – Global Markets1
Slide 80: P&C reinsurance
Additional information: P&C reinsurance P&C reinsurance Insurance revenue Total technical result Combined ratio €m €m % 2024 19,487 4,648 4,297 85.3 75.6 73.5 77.3 Foreign exchange –547 Divestments/investments 0 1,155 636 Organic change –1,013 Q4 Q4 2025 2024 Q4 Q4 2025 2024 2025 17,926 2025 2024 20
Slide 81: P&C reinsurance
Additional information: P&C reinsurance P&C reinsurance Combined ratio Q4 Ø Annual % 2025 2025 expectation Change in 2024 52.8 15.0 9.5 77.3 loss component 0.5% 0.0% ~0.0 2025 53.5 9.4 10.6 73.5 Major losses1 14.1% 9.4% ~17.0 Q4 2025 57.5 14.1 13.8 85.3 Nat cat1 3.8% 5.1% ~14.0 Basic losses Major lo
Slide 82: P&C reinsurance: January renewals
Additional information: P&C reinsurance P&C reinsurance: January renewals Total P&C book1 Regional allocation of January renewals % % Europe 45 Asia/Pacific/Africa 14 Total North America 20 Latin America 4 Total €14.8bn €25bn Worldwide 16 Nat cat shares of renewable portfolio2 % January renewals 60
Slide 83: P&C reinsurance: January renewals
Additional information: P&C reinsurance P&C reinsurance: January renewals Selective growth and portfolio optimisation % 100.0 –9.1 90.9 –4.2 +5.6 92.2 €m 14,818 –1,354 13,464 –627 +827 13,664 Change in premium –7.8% Thereof price movement1 –1.8% Thereof change in exposure for our share –6.0% Total r
Slide 84: P&C reinsurance: January renewals
Additional information: P&C reinsurance P&C reinsurance: January renewals Declining volumes due to active portfolio management Total Property Casualty Specialty lines Line of business Proportional XL Proportional XL Marine Credit Aviation Premium split1 €14.8bn 28% 12% 50% 3% 3% 4% 1% Price –0.8% –1
Slide 85: P&C reinsurance: January renewals
Additional information: P&C reinsurance P&C reinsurance: January renewals Split by line of business and region Split by line of business 2026 53 39 3 5 % 2025 53 40 3 4 Casualty Property Marine Credit Aviation Split by region 2026 46 17 16 17 4 % 2025 45 16 14 20 4 Europe Worldwide Asia/Pacific/Afri
Slide 86: Outlook on upcoming renewals
Additional information: P&C reinsurance Outlook on upcoming renewals Total P&C book1 Treaty business % January April July Total Total Total Total €25bn €13.7bn €2.8bn €3.5bn Rest of Asia/ January 60 Asia/Pacific/Africa North America Pacific/Africa North America Asia/Pacific/Africa North America Apri
Slide 87: P&C reinsurance portfolio
Additional information: P&C reinsurance P&C reinsurance portfolio % % Casualty Casualty motor 28 Facultative 14 Casualty ex motor 15 XL 18 Total Total Proportional 68 Property €25bn €25bn Nat cat XL 11 Property ex nat cat XL 30 Specialty Agriculture 6 Credit 5 Marine 3 Aviation 1 1 Ultimate premium
Slide 88: US Casualty – Portfolio quality and underwriting discipline remain strong
Additional information: P&C reinsurance US Casualty – Portfolio quality and underwriting discipline remain strong, while early indications imply moderating rate increases in general liability Global traditional Risk appetite remains conservative, casualty book reflecting ongoing vigilance regarding
Slide 89: Cyber business: Underwriting excellence and diversification
Additional information: P&C reinsurance Cyber business: Underwriting excellence and diversification Sustainable profitability based on a disciplined approach Gross written premiums ▪ Cyber risks continue to pose a major challenge, underscoring US$ bn the need to further increase insurance penetratio
Slide 90: Disclosure of Taxonomy-eligibility and -alignment
Additional information: Taxonomy disclosure Disclosure of Taxonomy-eligibility and -alignment Non-life insurance 100% 100% Assets within the scope of revenues1 €37.8bn €162.7bn application of the taxonomy KPI2 ~ 56% Assets not used to assess taxonomy eligibility €90.6bn Non-EU and SME exposures and
Slide 91: Changes to shares in circulation
Additional information: Shareholder information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 31.12. Weighted average number of shares in circulation millions 2024 shares in 2025 shares in 2025 2025 millions 136.0 132.9 Shares in 128.3 129.7 131.4 –3.4 – 128.0 c
Slide 92: Financial calendar
Financial calendar 2026 Balance sheet media conference for 2025 financial statements Analysts’ and Innvestors’ call Quarterly Statement Quarterly Statement as at 31 March 2026 as at 30 September 2026 26 February 12 May 12 November 29 April 7 August Half-Year Financial Report Annual General Meeting a
Slide 93: For more information, please contact
For more information, please contact Investor Relations team Christian Becker-Hussong Thorsten Dzuba Christine Franziszi Head of Investor & Rating Agency Relations Tel.: +49 (89) 3891-8030 Tel.: +49 (89) 3891-3875 Tel.: +49 (89) 3891-3910 Email: tdzuba@munichre.com Email: cfranziszi@munichre.com Ema
Slide 94: Disclaimer
Disclaimer This presentation was prepared exclusively for investors in financial instruments issued by Munich Re and contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could