21 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 9, 2021
Slide 1: Quarterly Statement as at 30 September 2021
Munich Re Group Quarterly Statement as at 30 September 2021 9 November 2021 Christoph Jurecka Quarterly Statement as at 30 September 2021 9 November 2021 1
Slide 2: Agenda
Quarterly Statement as at 30 September 2021 Agenda 01 Munich Re 02 ERGO 03 Reinsurance 04 Outlook Quarterly Statement as at 30 September 2021 9 November 2021 2
Slide 3: Munich Re
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Slide 4: Resilient result as strong operating performance cushions substantial nat cat losses in Q3
Munich Re – Financial highlights Q3 2021 Resilient result as strong operating performance cushions substantial nat cat losses in Q3 Munich Re Q3 2021 (9M 2021) Net result Technical result Investment result Net result €m €m €m 2,061 €366m (€2,061m) 5,308 5,731 1,079 Reinsurance: Solid net result of €
Slide 5: Accumulated COVID-19-related financial impact for 2020 and 9M 2021
Munich Re – COVID-19 Accumulated COVID-19-related financial impact for 2020 and 9M 2021 €m Q3 2021: Provisions increased by €171m Re- ~ +€0.5bn ~ +€0.2bn ~€4.1bn ▪ P-C: Small increase of €4m; 65% of the accumulated insurance ~€3.4bn Contingency 1,846 losses are IBNR, down from 68% as at Q2 2021 (pre
Slide 6: Capital position
Munich Re – Capitalisation Capital position Equity Capitalisation €m €bn Equity 31.12.2020 Change in Q3 15.1 15.6 29,994 15.0 Consolidated result 2,061 366 12.0 12.4 Changes 0.3 0.3 0.3 0.3 0.3 Dividend –1,373 0 3.8 5.0 5.1 4.0 5.0 Unrealised gains/losses –1,611 –349 Exchange rates 811 283 Share buy
Slide 7: Investment portfolio
Munich Re – Investments Investment portfolio Investment portfolio1 Portfolio management % ▪ Investments in corporate bonds and bank bonds ▪ Ongoing expansion of infrastructure debt ▪ Increase in equity exposure over the year, with Total slight reduction in Q3 €253bn ▪ Investments in shorter maturiti
Slide 8: Investment result
Munich Re – Investments Investment result €m Q3 2021 Return1 9M 2021 Return1 9M 2020 Return1 Regular income 1,507 2.4% 4,580 2.4% 4,801 2.6% Write-ups/write-downs –168 –0.3% –416 –0.2% –1,832 –1.0% Disposal gains/losses 881 1.4% 2,491 1.3% 2,210 1.2% Derivatives2 61 0.1% –397 –0.2% 629 0.3% Other in
Slide 9: ERGO
ERGO
Slide 10: ERGO Life and Health Germany
ERGO ERGO Life and Health Germany Gross premiums written Major result drivers €m €m 9M 2021 9M 2020 Q3 2021 Q3 2020 9M 2020 6,718 Technical result 285 327 –42 96 281 –185 Foreign exchange 0 Non-technical result 16 –52 68 –14 –141 127 Divestments/investments 0 thereof investment result 2,764 2,45
Slide 11: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Gross premiums written Major result drivers €m €m 9M 2021 9M 2020 Q3 2021 Q3 2020 9M 2020 2,943 Technical result 156 237 –81 35 92 –57 Foreign exchange 0 Non-technical result 57 –34 90 15 –14 29 Divestments/investments 0 thereof investment result 184 122 62 44
Slide 12: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Combined ratio Gross premiums written in 9M 2021 (9M 2020) % €m ◼ Loss ratio ◼ Expense ratio 2019 92.3 60.3 32.0 2020 92.4 61.9 30.5 Total €3,150m 9M 2021 94.1 64.6 29.6 (€2,943m) Q3 2021 95.6 67.1 28.5 95.6 Motor 630 (617) Legal protection 321 (316) 93.4 94.2 93.
Slide 13: ERGO International
ERGO ERGO International Gross premiums written Major result drivers €m €m 9M 2021 9M 2020 Q3 2021 Q3 2020 9M 2020 3,584 Technical result 205 189 16 76 78 –2 Foreign exchange –33 Non-technical result –7 20 –28 –17 1 –18 Divestments/investments –2 thereof investment result 254 260 –6 86 81 6 Organ
Slide 14: ERGO International
ERGO ERGO International Combined ratio Gross written premiums in 9M 2021 (9M 2020) % €m 94.8 95.2 93.0 93.8 Property-casualty 2,203 (1,985) 91.8 92.5 92.2 92.3 Total 90.1 €3,839m Life 455 (470) (€3,584m) Health 1,180 (1,129) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2019 2020 2020 2020 2020 2021 2021 2021 9M
Slide 15: Reinsurance
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Slide 16: Reinsurance life and health
Reinsurance Reinsurance life and health Gross premiums written Major result drivers €m €m 9M 2021 9M 2020 Q3 2021 Q3 2020 9M 2020 9,538 Technical result –41 31 –72 –46 10 –56 Foreign exchange –167 Non-technical result 276 207 69 97 110 –13 Divestments/investments 0 thereof investment result 621
Slide 17: Property-casualty reinsurance
Reinsurance Property-casualty reinsurance Gross premiums written Major result drivers €m €m 9M 2021 9M 2020 Q3 2021 Q3 2020 9M 2020 18,479 Technical result 474 –182 656 –636 –399 –237 Foreign exchange –822 Non-technical result 1,135 762 373 597 334 263 Divestments/investments 0 thereof investmen
Slide 18: Property-casualty reinsurance
Reinsurance Property-casualty reinsurance Combined ratio % ◼ Basic loss ratio ◼ Major loss ratio ◼ Expense ratio 2019 100.2 51.4 15.2 33.6 2020 105.6 53.9 20.8 30.9 111.6 112.2 112.8 9M 2021 100.9 53.5 17.6 29.8 106.0 104.2 Q3 2021 112.8 52.5 29.6 30.7 98.9 103.9 99.9 90.1 Major Reserve Normalised l
Slide 19: Outlook
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Slide 20: Outlook 2021
Outlook 2021 Group Gross premiums written Net result Return on investment ~ €58bn ~ €2.8bn >2.5% ERGO Combined ratio Gross premiums written Net result P-C Germany International ~ €18bn ~ €0.5bn ~ 92%1 ~ 93% Reinsurance Combined ratio Technical result, incl. fee Gross premiums written Net result P-C
Slide 21: 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