Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Munich Re — Q1 2025 Earnings Presentation
48 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, May 13, 2025
Slide 1: Quarterly statement as at 31 March 2025
Yuichiro Chino / Getty Images Munich Re Group Quarterly statement as at 31 March 2025 13 May 2025 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 31 March 2025 Agenda 01 02 03 04 05 Additional Munich Re ERGO Reinsurance Outlook information Quarterly Statement as at 31 March 2025 13 May 2025 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Good underlying performance in all lines of business
Munich Re – Financial highlights Q1 2025 Good underlying performance in all lines of business Earnings diversification mitigates impact from major claims and capital market volatility Net result Total technical result Net financial result Operating result €m €m €m €m 2,646 2,891 2,115 2,054 1,465 1,
Slide 5: Capital position
Munich Re – Financial highlights Q1 2025 Capital position Equity Capitalisation €m €bn 10.8% 10.7% Equity 31.12.2024 32,901 10.0% 9.2% Senior debt Net result 1,094 0.3 0.2 Subordinated debt Changes 0.3 6.3 Dividend 0 0.3 6.3 CSM (after tax) 4.7 4.7 Share buy-backs –381 19.2 21.1 21.5 Equity 18.0 Unr
Slide 6: Investments
Munich Re – Investments Investments Q1 2025 Investment portfolio1 % Government/semi-government bonds2 32 (32) Alternative investments 17 (17) Covered bonds/mortgage loans 13 (13) Equities3 4 (4) Total Corporate bonds 16 (16) Business-related participations 2 (2) €240bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result Q1 Q1 €m 2025 Return1 2024 Return1 Regular income 2,090 3.5% 1,807 3.2% Write-ups/write-downs –39 –0.1% –48 –0.1% Change in expected credit loss (ECL) 4 0.0% 25 0.0% Disposal gains/losses –40 –0.1% –55 –0.1% Fair value change –527 –0.9% 586 1.0% Other income
Slide 8: Net financial result
Munich Re – Investments Net financial result Q1 Q1 ▪ Investment result benefited from strong €m 2025 2024 regular income; negative fair value changes due to noticeable interest-rate Investment result 1,323 2,163 movements Currency result –506 277 ▪ Currency result negatively impacted net financial r
Slide 9: ERGO
02 ERGO Source: Munich Re
Slide 10: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Total technical result increased due to Total technical result improvements in life, short-term health and €m ▪ L&H: CSM release in life and long-term messages travel business health at €211m (Q1 2024: €211m); result 375 366 increase in PAA business to €38m, driven ▪ P&C
Slide 11: ERGO Germany
ERGO ERGO Germany Property- Combined ratio 2024 59.8 28.8 88.6 % casualty Q1 2024 57.4 30.2 87.6 97.5 91.3 88.1 88.2 87.6 88.8 86.8 88.8 Q1 2025 60.7 28.1 88.8 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2024 2024 2024 2024 2025 Loss ratio Expense ratio Life and Total technical result CSM/RA development
Slide 12: ERGO International
ERGO ERGO International Key ▪ L&H: Technical profitability at expected level Total technical result ▪ P&C: Good total technical result with €m messages ▪ Excellent combined ratios in various combined ratio better than full-year guidance markets in Q1 – overall combined ratio at 89.0% ▪ Good net resu
Slide 13: ERGO International
ERGO ERGO International Property- Combined ratio % casualty1 89.0 86.2 102.8 87.8 85.7 97.2 90.0 96.1 72.9 89.5 91.7 90.3 89.0 88.1 87.9 89.5 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Poland Legal Greece Baltics Austria Thailand Spain 2023 2023 2023 2024 2024 2024 2024 2025 2025 protection Life and Total technical
Slide 14: Reinsurance
03 Reinsurance Source: Munich Re
Slide 15: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Very pleasing start to the year reflecting Total technical result2 strong new business and positive experience €m ▪ Insurance service result supported by messages ▪ Strong total technical result, exceeding 608 strong new business and positive experience
Slide 16: Life and health reinsurance
Reinsurance Life and health reinsurance Total technical result Q1 ▪ Release of CSM and RA in line with €m 2025 expectation, supported by ongoing strong new business development Release of CSM 279 ▪ Positive experience adjustments driven by US portfolio, including low burden from Release of risk adju
Slide 17: Life and health reinsurance
Reinsurance Life and health reinsurance CSM/RA CSM €m CSM1 RA1 ▪ Pleasing development of new business, CSM/RA including large transactions in 31.12.2024 14,455 3,605 North America ▪ Operating changes include uplift from New contracts added 803 108 parameter update (mirroring decline of RA), new busi
Slide 18: P&C reinsurance
Reinsurance P&C reinsurance Key ▪ Revenue growth of 4.2% vs. Q1 2024 Total technical result ▪ Elevated combined ratio of 83.9% in Q1 2025 €m ▪ Major losses of 21.3% in Q1 higher messages 1,365 driven by higher-than-average major losses than average expectation of ~17% ▪ Los Angeles wildfires single
Slide 19: P&C reinsurance
Reinsurance P&C reinsurance Combined ratio Q1 Ø Annual % 2025 expectation Change in 2024 52.8 15.0 9.5 77.3 0.8% ~0.0 loss component Q1 2024 51.3 10.0 8.4 69.7 Major losses1 21.3% ~17.0 Q1 2025 54.2 21.3 8.4 83.9 Nat cat1 16.0% ~14.0 Basic losses Major losses Expenses Man-made1 5.3% ~3.0 89.5 83.9 7
Slide 20: April renewals
Reinsurance April renewals Total property-casualty book1 Regional allocation of April renewals % % Europe 13 Asia/Pacific/Africa 50 Total Total North America 10 Latin America 9 €2.7bn €26bn Worldwide 18 Nat cat shares of renewable portfolio2 % January renewals 60 January 15 85 April renewals 10 Apri
Slide 21: April renewals
Reinsurance April renewals Price Renewals 2021–2024 April Rigorous portfolio management ensuring change1 % renewals 2025 high profitability and good portfolio quality ▪ Good renewal in an attractive market environment – portfolio quality maintained by defending improved 2.3 3.1 terms and conditions
Slide 22: Regional allocation of July renewals
Reinsurance Regional allocation of July renewals Outlook ▪ Regional focus on USA and Latin America ▪ Comparatively high Total nat cat share of ~34% €3.5bn North America 30% Australia/New Zealand 9% Latin America 19% Europe 6% Asia/Pacific/Africa 9% Worldwide 28% Quarterly Statement as at 31 March 20
Slide 23: Global Specialty Insurance
Reinsurance Global Specialty Insurance Highlights 2024 €m FY 2024 1 Total technical result 534 1. Total technical result Combined ratio of 93.6% burdened by several major losses, as well as reserve Investment result 421 prudency on growing book of business and some reserve strengthening for US casua
Slide 24: Global Specialty Insurance
Reinsurance Global Specialty Insurance Key ▪ Revenue growth of 7.2% vs. Q1 2024 Total technical result ▪ Elevated combined ratio of 95.5% in Q1 2025 €m ▪ Loss ratio higher than average messages 252 driven by higher-than-average major loss expectation due to natural catastrophes expenditure from natu
Slide 25: Global Specialty Insurance
Reinsurance Global Specialty Insurance Combined ratio Insurance revenue (gross) % % 2024 63.5 30.1 93.6 American Modern 644 Hartford Steam Boiler 343 Total Q1 2024 57.5 30.2 87.6 €2,289m MR Specialty – North America 726 MR Specialty – Global Markets1 575 Q1 2025 63.3 32.3 95.5 100.2 95.5 93.6 92.6 8
Slide 26: Outlook
04 Outlook Source: Munich Re
Slide 27: Outlook 2025
Outlook 2025 Group Insurance revenue Net result Return on investment ~€64bn ~€6.0bn >3.0% ERGO Insurance revenue Net result Combined ratio Combined ratio P&C Germany International ~€22bn ~€0.9bn ~89% ~90% Reinsurance Insurance revenue Net result Combined ratio Combined ratio Total technical result P
Slide 28: Additional information
05 Additional information Source: Munich Re
Slide 29: Actual vs. analysts’ consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q1 2025 Consensus Delta €m Q1 2025 Consensus Impact2 Life and health reinsurance 671 517 154 Total technical result 608 443 165 Property-casualty reinsur
Slide 30: Segment income statement
Additional information Segment income statement Q1 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International Q1 2025 2,544 Insurance revenue from insurance contracts issued 3,071 4,892 2,289 3,903 1,656 15,811 Insurance service
Slide 31: April renewals
Additional information April renewals Selective growth and portfolio optimisation % 100.0 –6.8 93.2 +4.4 +8.5 106.1 €m 2,651 –181 2,469 +118 +224 2,811 Change in premium +6.1% Thereof price movement1 ~ –3.0% Thereof change in exposure for our share +9.1% Total renewable Cancelled Renewable Increase
Slide 32: Revenue development
Additional information Revenue development Q1 2025 Insurance revenue (gross) Segmental breakdown €m €bn Revenue Share Life and health reinsurance 3.1 19 % Q1 2024 15,061 Property-casualty reinsurance 4.9 31 % Total €15.8bn Global Specialty Insurance 2.3 14 % Foreign ERGO Germany 3.9 25 % 210 exchang
Slide 33: ERGO Property-casualty Germany
Additional information ERGO Property-casualty Germany Insurance revenue (gross) in Q1 2025 (Q1 2024) €m Fire/property 354 (301) Legal protection 109 (113) Motor 225 (218) Marine 56 (68) Total €1,176 m Liability 215 (216) Other 84 (93) (€1,149m) Personal accident 133 (140) Quarterly Statement as at 3
Slide 34: ERGO International – Insurance revenue (gross)
Additional information ERGO International – Insurance revenue (gross) Q1 2025 (Q1 2024) Property-casualty Life and health Q1 2025 Q1 2024 Life Q1 2025 Q1 2024 Poland 575 551 Austria 42 40 Legal protection 125 118 Poland 34 29 Thailand 86 70 Belgium 26 30 Total Total Austria 70 63 € 1,006m €650 m Bal
Slide 35: Combined ratios
Additional information Combined ratios Q1 2025 P&C Global Specialty ERGO ERGO €m Reinsurance Insurance P&C Germany International1 Insurance revenue from insurance contracts issued 4,892 2,289 1,176 1,336 Insurance revenue ceded from reinsurance contracts held –166 –106 –21 –52 Insurance revenue (net
Slide 36: Total comprehensive income
Additional information Total comprehensive income Q1 2025 €m Reinsurance ERGO Munich Re Group Total comprehensive income 443 197 703 Thereof net result 853 140 1,094 Thereof change in OCI (after tax) –410 57 –390 Thereof from investments 438 –1,043 –779 Thereof from insurance contracts –112 1,119 1,
Slide 37: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment Q1 2025 vs. Risk vs. €m CSM 31.12.2024 (%) adjustment 31.12.2024 (%) Life and health reinsurance 14,721 1.8% 3,527 –2.2% Property-casualty reinsurance 341 25.3% 351 –2.8% Global Specialty Insurance – –% 46 –1.3% ERGO Germany 10,201 2.6% 7
Slide 38: Loss component by segment
Additional information Loss component by segment Q1 2025 Loss vs. €m component 31.12.2024 (%) Life and health reinsurance 230 –5.0% Property-casualty reinsurance 510 6.2% Global Specialty Insurance 94 –12.8% ERGO Germany 140 3.2% ERGO International 261 –1.9% Total 1,236 0.3% Net of reinsurance. Qu
Slide 39: Return on equity
Additional information Return on equity Q1 2025 Reinsurance ERGO Munich Re Group €m 31.3.2025 31.12.2024 31.3.2025 31.12.2024 31.3.2025 31.12.2024 Adjusted equity 28,799 27,587 4,504 4,917 33,303 32,504 Average adjusted equity 28,193 4,711 32,904 Net result 853 241 1,094 RoE 12.1% 20.5% 13.3% Quarte
Slide 40: Return on investment by asset class and segment
Additional information Return on investment by asset class and segment Q1 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 3.4 0.0 –0.1 –0.7 0.0 2.6 189,843 Equities 3.0 0.0 0.0 10.7 0.0 13.6 10,984 Affiliat
Slide 41: Investment result – Reinsurance
Additional information Investment result – Reinsurance Q1 2025 Life and health reinsurance €m Q1 2025 Return1 Q1 2024 Return1 Regular income 183 3.9% 180 4.0% Write-ups/write-downs –4 –0.1% –5 –0.1% Change in expected credit loss (ECL) 0 0.0% 1 0.0% Disposal gains/losses –7 –0.1% –8 –0.2% Fair value
Slide 42: Investment result – Reinsurance
Additional information Investment result – Reinsurance Q1 2025 Global Specialty Insurance €m Q1 2025 Return1 Q1 2024 Return1 Regular income 151 3.8% 114 3.3% Write-ups/write-downs –2 0.0% –1 0.0% Change in expected credit loss (ECL) 2 0.0% 2 0.0% Disposal gains/losses –9 –0.2% –7 –0.2% Fair value ch
Slide 43: Investment result – ERGO
Additional information Investment result – ERGO Q1 2025 Germany €m Q1 2025 Return1 Q1 2024 Return1 Regular income 917 3.3% 844 3.0% Write-ups/write-downs –3 0.0% –5 0.0% Change in expected credit loss (ECL) 4 0.0% 9 0.0% Disposal gains/losses –9 0.0% –28 –0.1% Fair value change –425 –1.5% 235 0.8% O
Slide 44: Duration investment portfolio
Additional information Duration investment portfolio Q1 2025 Portfolio duration1 Assets Liabilities Reinsurance 3.6 (3.5) 3.8 (3.4) ERGO 7.5 (7.7) 6.5 (7.0) Munich Re 5.8 (5.9) 5.6 (5.8) DV011,2 €m Assets Liabilities net Reinsurance 31 (30) 23 (20) 8 ERGO 80 (86) 76 (84) 4 Munich Re 111 (116) 99 (10
Slide 45: Changes to shares in circulation
Additional information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 31.3. Weighted average number of shares in circulation (millions) 2024 shares in Q1 2025 shares in Q1 2025 2025 (millions) 139.4 136.0 132.9 131.0 Shares in 131.4 –0.7 – 130.7 circulation Treas
Slide 46: Financial calendar
Financial calendar 2025 Balance sheet media conference for 2024 financial statements Analysts’ and investors’ call Quarterly Statement Quarterly Statement as at 31 March 2025 as at 30 September 2025 26 February 13 May 11 November 30 April 8 August 11 December Half-Year Financial Report Annual Genera
Slide 47: 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 48: 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