Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Munich Re — Q3 2025 Earnings Presentation
17 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 11, 2025
Slide 1: Quarterly statement as at 30 September 2025
Yuichiro Chino / Getty Images Munich Re Group Quarterly statement as at 30 September 2025 11 November 2025 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 30 September 2025 Agenda 01 02 03 04 05 Munich Re ERGO Reinsurance Outlook Quarterly Statement as at 30 September 2025 11 November 2025 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: After strong 9M very well on track to achieve full-year targets
Munich Re – Financial highlights Q3 2025 After strong 9M very well on track to achieve full-year targets Net result Total technical result Net financial result Operating result €m €m €m €m 7,910 6,782 7,418 6,230 5,176 4,623 3,036 1,161 1,997 907 2,822 1,696 813 1,026 954 –58 Q3 Q3 9M 9M Q3 Q3 9M 9M
Slide 5: Capital position
Munich Re – Financial highlights Q3 2025 Capital position Equity Capitalisation €m €bn 12.3% Equity 31.12.20243 32,901 Change in Q3 10.8% 10.7% 10.8% Senior debt Net result 5,176 1,997 0.2 0.2 Subordinated debt Changes 0.3 0.2 Dividend –2,613 0 6.3 6.3 6.1 7.4 CSM (after tax) Share buy-backs –1,344
Slide 6: Investments
Munich Re – Investments Investments Q3 2025 Investment portfolio1 % Government/Semi-government bonds2 31 (32) Alternative investments 17 (17) Covered bonds/Mortgage loans 13 (13) Equities3 4 (4) Total Corporate bonds 16 (16) Business-related participations 2 (2) €239bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result €m Q3 2025 Return1 9M 2025 Return1 9M 2024 Return1 Regular income 2,092 3.6% 6,403 3.7% 6,114 3.6% Write-ups/write-downs –51 –0.1% –118 –0.1% –248 –0.1% Change in expected credit loss (ECL) –9 0.0% 2 0.0% 10 0.0% Disposal gains/losses 337 0.6% 374 0.2% –316
Slide 8: ERGO
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Slide 9: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Increase in total technical result mainly Total technical result driven by health and travel €m messages ▪ P&C: Good total technical result again benefited ▪ L&H: 2.0% CSM release in Q3 fully in line with current expectation of ~2%; PAA 1,246 1,107 from benign claims dev
Slide 10: ERGO International
ERGO ERGO International Key ▪ L&H: Pleasing technical profitability Total technical result messages ▪ P&C: Strong total technical result, combined €m ▪ P&C: Very good combined ratios in ratio better than full-year guidance level 552 major markets in Q3 – overall ▪ Extraordinarily strong net result o
Slide 11: Reinsurance
03 Reinsurance Source: Munich Re
Slide 12: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Strong business-related CSM growth Total technical result messages dampened by FX effects €m ▪ Insurance service result supported by strong new business and in-force ▪ Negative biometric experience in Q3 1,559 ▪ 9M total technical result in range of the
Slide 13: P&C reinsurance
Reinsurance P&C reinsurance Key ▪ Revenue decline of 6.4% vs. 9M 2024 Total technical result messages driven by renewal effects and currency effects €m ▪ Q3: Major losses of 2.9% driven by ▪ Combined ratio of 62.7% in Q3 benefited 4,012 very low new major losses and net 3,142 positive run-off for pr
Slide 14: Global Specialty Insurance
Reinsurance Global Specialty Insurance Key ▪ Stable revenue vs. 9M 2024 despite currency Total technical result changes €m messages 875 ▪ Q3: Pleasing loss ratio due to lower ▪ Pleasing combined ratio of 82.8% in Q3 2025 than average nat cat claims driven by lower-than-average major nat cat 538 ▪ Q3
Slide 15: Outlook
04 Outlook Source: Munich Re
Slide 16: Outlook 2025
Outlook 2025 Group Insurance revenue Net result Return on investment ~€61bn (prev. ~€62bn) ~€6.0bn >3.0% ERGO Insurance revenue Net result Combined ratio Combined ratio Germany International ~€22bn ~€0.9bn ~89% ~90% Reinsurance Insurance revenue Net result Combined ratio Combined ratio Total technic
Slide 17: 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