17 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 7, 2018
Slide 1: Quarterly statement as at 30 September 2018
Image: Getty Images/Oaltindag Quarterly statement as at 30 September 2018 7 November 2018 Jörg Schneider
Slide 2: Agenda
Agenda 2 11 1 Munich Re (Group) 3 Reinsurance 7 15 2 ERGO 4 Outlook Quarterly statement as at 30 September 2018 2
Slide 3: Munich Re (Group) – Financial highlights
Munich Re (Group) – Financial highlights 9M result slightly above €2bn – Well on track to meet annual guidance Munich Re (Group) Q3 2018 (9M 2018) Net result Technical result €m Investment result €m Net result €m €483m (9M: €2,038m) 2,436 5,629 2,038 Strong ERGO result, also benefitting 4,865 from o
Slide 4: Munich Re (Group) – Capitalisation
Munich Re (Group) – Capitalisation IFRS capital position Equity €m Capitalisation €bn Equity 31.12.2017 28,198 Change Q3 0.4 Consolidated result 2,038 483 4.2 0.3 0.3 0.3 0.3 Changes 2.8 2.8 2.5 2.5 Dividend –1,286 0 Unrealised gains/losses –1,535 –168 Exchange rates 225 29 Share buy-backs –617 –200
Slide 5: Munich Re (Group) – Investment portfolio
Munich Re (Group) – Investment portfolio Investment portfolio Investment portfolio1 % Portfolio management in Q3 Land and buildings Fixed-interest securities Land and buildings: Increase due to 4.3 (3.4) 53.9 (54.9) updated market values Reallocations within government bond portfolio Miscellaneo
Slide 6: Munich Re (Group) – Investment result
Munich Re (Group) – Investment result Investment result Investment result (€m) Q2 2018 Return1 Q3 2018 Return1 9M 2018 Return1 9M 2017 Return1 Regular income 1,836 3.2% 1,598 2.8% 4,927 2.8% 4,881 2.8% Write-ups/write-downs –140 –0.2% –219 –0.4% –475 –0.3% –160 –0.1% Disposal gains/losses 282 0.5% 4
Slide 7: ERGO
ERGO Quarterly statement as at 30 September 2018 7
Slide 8: ERGO
ERGO ERGO Gross premiums written €m Major result drivers €m 9M 9M Technical result 9M 2017 13,234 2018 2017 Q3: Improvements in all segments Foreign exchange –56 Technical result 880 493 387 L&H Germany: Driven by a positive one- Divestments/investments 0 off effect due to changed profit share N
Slide 9: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Combined ratio % Gross premiums written 9M 2018 €m Loss ratio Expense ratio Other Motor 2016 97.0 357 589 61.9 35.1 2017 97.5 64.1 33.5 9M 2018 95.3 62.7 32.6 Q3 2018 94.7 63.4 31.4 Legal protection TOTAL Fire/property 318 €2,699m 499 100.0 99.1 98.1 100.3 101
Slide 10: ERGO International – Property-casualty, including Health
ERGO ERGO International – Property-casualty, including Health1 Combined ratio % Gross premiums written 9M 2018 €m Loss ratio Expense ratio Other Poland 315 1,046 2016 98.0 64.9 33.1 Turkey TOTAL Spain 2017 95.3 63.7 31.6 105 €2,741m 600 9M 2018 94.7 62.2 32.5 Greece Legal protection 182 494 Q3 2
Slide 11: Reinsurance
Reinsurance Quarterly statement as at 30 September 2018 11
Slide 12: Reinsurance Life and Health
Reinsurance Reinsurance Life and Health Gross premiums written €m Major result drivers €m 9M 9M Technical result incl. fee income of €419m 9M 2017 10,246 2018 2017 9M: In aggregate, favourable claims Foreign exchange –412 Technical result 363 232 131 experience, especially in the US Divestments/
Slide 13: Reinsurance Property-casualty
Reinsurance Reinsurance Property-casualty Gross premiums written €m Major result drivers €m 9M 9M Technical result 9M 2017 13,524 2018 2017 9M: Benefit from low major losses in Q1 Foreign exchange –825 Technical result 1,193 –1,381 2,574 Q3: Significant nat cat losses (esp. Jebi, Divestments/i
Slide 14: Reinsurance – Combined ratio
Reinsurance Combined ratio Combined ratio % Basic losses Major losses Expenses 2016 95.7 54.2 9.1 32.4 160.9 2017 114.1 54.8 25.8 33.5 9M 2018 97.3 54.8 9.3 33.3 Q3 2018 100.7 55.3 12.5 33.0 Major Reserve Normalised 101.9 100.7 losses Nat cat Man-made releases1 combined ratio2 103.9 102.0 9M 2
Slide 15: Outlook
Outlook Quarterly statement as at 30 September 2018 15
Slide 16: Outlook 2018
Outlook 2018 GROUP REINSURANCE ERGO Gross premiums written Gross premiums written Gross premiums written €48–49bn ~€31bn €17–18bn (prev. €46–49bn) (prev. €29–31bn) Net result Net result Net result €2.1–2.5bn €1.8–2.2bn >€350m (prev. €250–300m) Return on P-C L/H technical result P-C combined ratio in
Slide 17: Disclaimer
Disclaimer This presentation 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 lead to material differences between the forward-looking statements given here and the a