Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Munich Re — Q3 2023 Earnings Presentation
17 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 8, 2023
Slide 1: Quarterly Statement as at 30 September 2023
Munich Re Group Quarterly Statement as at 30 September 2023 8 November 2023 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 30 September 2023 Agenda 01 02 03 04 Munich Re ERGO Reinsurance Outlook Quarterly Statement as at 30 September 2023 8 November 2023 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Consistently strong operating performance across all segments
Munich Re – Financial highlights Consistently strong operating performance across all segments Net result Total technical result Net financial result Operating result €m €m €m €m 6,189 6,165 5,117 5,457 4,168 783 3,593 2,221 440 1,729 1,776 1,343 1,1691,102 75 61 Q3 Q3 9M 9M Q3 Q3 9M 9M Q3 Q3 9M 9M
Slide 5: Capital position
Munich Re – Capitalisation Capital position Equity Capitalisation €m €bn Equity 31.12.2022 27,245 Change in Q3 10.0% 9.9% 9.7% 9.9% Net result 3,593 1,168 Changes 0.3 0.3 0.3 0.3 Dividend –1,583 0 4.7 4.8 4.7 4.8 Senior debt Share buy-backs –955 –459 Subordinated debt 18.0 18.0 18.6 18.3 Unrealised
Slide 6: Investments
Munich Re – Investments Investments Investment portfolio1 % Government/semi-government bonds2 33 (34) Alternative investments 16 (15) Covered bonds/mortgage loans 14 (15) Equities3 4 (4) Total Corporate bonds 14 (14) Business-related participations 4 (4) €225bn Emerging market government bonds 4 (4)
Slide 7: Investment result
Munich Re – Investments Investment result €m Q3 2023 Return1 9M 2023 Return1 9M 2022 Return1 Regular income 1,797 3.3% 5,162 3.2% 4,718 2.7% Write-ups/write-downs –26 0.0% –64 0.0% –2,638 –1.5% Change in expected credit loss (ECL) –69 –0.1% –95 –0.1% 0 0.0% Disposal gains/losses –196 –0.4% –425 –0.3
Slide 8: ERGO
02 ERGO Source: Munich Re
Slide 9: ERGO Life and Health Germany
ERGO ERGO Life and Health Germany Key ▪ Good total technical result in Q3, Total technical result messages supported by a high contribution from €m Q3 driven by: health and travel business 819 ▪ CSM release in line with ▪ Net result in Q3 of €52m mainly due to life 738 expectations back book and hea
Slide 10: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Key ▪ Solid total technical result, despite higher- Total technical result messages than-expected nat cat losses in Q3 €m ▪ Good operating performance with ▪ Net result in Q3 at €31m mainly impacted total technical result in Q3 in line by low investment result inc
Slide 11: ERGO International
ERGO ERGO International Key ▪ Total technical result in Q3 supported by Total technical result messages insurance revenue growth, favourable €m ▪ Strong CR in Q3 of 87.9% (114.8%): claims development and CSM release ▪ Favourable development of 470 within expectations basic loss and expense ratio 259
Slide 12: Reinsurance
04 Reinsurance Source: Munich Re
Slide 13: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Strong total technical result in Q3 above Total technical result messages pro-rata guidance, full-year guidance €m already exceeded after 9 months ▪ Release of CSM and RA in line 1,084 with expectations ▪ Pleasing new business development, 932 ▪ Positive
Slide 14: Property-casualty reinsurance
Reinsurance Property-casualty reinsurance Key ▪ Revenue growth of 3.6% vs. 9M 2022 despite Total technical result FX headwinds €m messages ▪ Q3 2023 combined ratio lower ▪ Good combined ratio of 82.0% in Q3 supported 3,852 than Q3 2022, which had been by lower-than-expected major losses 3,350 impact
Slide 15: Outlook
04 Outlook Source: Munich Re
Slide 16: Outlook 2023
Munich Re Outlook 2023 Group Insurance revenue (gross) Net result Return on investment ~ €58bn ~ €4.5bn > 2.2% (prev. ~ €4.0bn) Combined ratio Insurance revenue (gross) Net result P-C Germany International ERGO ~ €20bn ~ €0.7bn ~ 89% ~ 90% (prev. ~ €19bn) Combined ratio Total technical result Insura
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