Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Munich Re — Investor Day (December 2025)
79 slides from Munchener Ruckversicherungs-gesellschaft's investor day presentation, Dec 11, 2025
Slide 1: Munich Re Group Ambition 2030
Image: Munich Re Munich Re Group Ambition 2030 11 December 2025
Slide 2: Ambition 2030
Ambition 2030 CEO Perspective Group Finance ERGO Reinsurance Ambition 2030 • CEO Perspective 11 December 2025 2
Slide 3: Ambition 2030 CEO Perspective
Image: Munich Re Ambition 2030 CEO Perspective Joachim Wenning
Slide 4: Munich Re Ambition 2025 €6.0bn
Munich Re Ambition 2025 €6.0bn Scaled Shaped Succeeded €5.7bn €4.6bn €3.4bn €2.9bn Net result Ambition 2025 Outlook ✓ Scaled our core business ✓ Shaped the insurance value chain ✓ Succeeded for the benefit of €1.2bn our stakeholders Ambition 2030 • CEO Perspective 11 December 2025 4
Slide 5: We have overdelivered on all our targets
We have overdelivered on all our targets Group Achievement Ambition 2021 2022 2023 2024 Outlook 2025 2025 RoE1 12.6% 13.5% 15.8% 18.2% ~18% 14–16% EPS growth2 5.1% 11.2% 19.4% 21.1% ~18% ≥5% DPS growth3 12.2% 8.8% 15.2% 19.5% ≥15%4 ≥5% Solvency II ratio 227% 260% 267% 287% ~293%5 175–220% 2021–2025
Slide 6: Ambition 2025 lifted our results to new heights
Ambition 2025 lifted our results to new heights Underwriting Investments Capital ~18% 11.9% RoE 2020 Accounting change Underwriting Investment Capital Outlook normalised to IFRS 9/17 performance result generation & 2025 management Seizing business Active investment High capital return opportunities
Slide 7: Our highly consistent performance was fundamental for this success
Our highly consistent performance – extending several levels down the organisation – was fundamental for this success Group Reinsurance ERGO GIM MEAG GIM MEAG L&H P&C GSI Germany International Group Investment Asset Management Management Delivery on Ambition 2025 Ambition 2030 • CEO Perspective 11 D
Slide 8: Consequently, we rose to a top spot
Consequently, we rose to a top spot Total shareholder return of Munich Re and its peers 1 Jan. 2021 to 30 Nov. 2025 250 200 Munich Re 150 171% 100 50 0 2021 2022 2023 2024 2025 Peers: Allianz, AXA, Generali, Hannover Re, Scor, Swiss Re, Zurich. Source: Bloomberg Ambition 2030 • CEO Perspective 11 De
Slide 9: Strategic success drivers into 2025
Strategic success drivers into 2025 Highlights in Ambition 2025 period Selected KPIs 1. Underwriting excellence – grow if risk/return is attractive, otherwise shrink net result CAGR Performance 2. Cost competitiveness and excellence ~25pp outperformance vs. peer average1 over period focus 3. Increas
Slide 10: Our success benefits all stakeholders
Our success benefits all stakeholders Shareholders Clients & Intermediaries €7.7bn €5.5bn 63 94% Total dividend payments, Total share buy-backs, Reinsurance Rate ERGO “good” actuals 2021–20241 actuals 2021–20242 Net Promotor Score3 or higher4 2025 figures to be announced in February 2026 Employees C
Slide 11: Ambition 2030: Outpeak, Outpace, Outperform
Ambition 2030 Outpeak • Outpace • Outperform Image: Orlando Florin Rosu / Adobe Stock Ambition 2030 • CEO Perspective 11 December 2025 11
Slide 12: Peak performance and a high pace needed to extend our leading position
Peak performance and a high pace needed to extend our leading position Take superior decisions in underwriting and investments Outpeak Attract, grow and retain the best talents Climbing higher Diversify portfolios for earnings resilience Outperform Reduce complexity Staying ahead of the competition
Slide 13: We will continue to grow earnings in the foreseeable macroeconomic environment
We will continue to grow earnings in the foreseeable macroeconomic environment Macroeconomic developments Interest rate development Global (re)insurance growth Dec. 2025 Primary insurance Reinsurance Dec. 2020 4.09 0.92 2.72 –0.56 7.2 6.2 4.7 4.8 5.2 3.6 4.0 4.2 US GER 2015 2020 2025 2030 2020–2025
Slide 14: Ambition 2030 is a holistic strategy for sustainable outperformance
Ambition 2030 is a holistic strategy aimed at generating sustainable outperformance for all stakeholders Fostering Financial Ensuring Increasing profitable growth Applying underwriting investment ambition & portfolio cost rigour excellence returns steering Ambition 2030 Capital management Optimising
Slide 15: Financial & capital management ambition: further improve profitability
Financial & capital management ambition We will further improve our profitability Major RoE drivers Underwriting Efficiency Investments Capital illustrative management ~18% >18% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251 growth e
Slide 16: Financial ambition: ensuring delivery on committed profitability
Financial ambition Ensuring delivery on committed profitability Financial Fostering profitable Ensuring Applying Increasing growth & portfolio underwriting cost rigour investment ambition steering excellence returns Group-wide − Growing − Investing in − Setting clear cost- − Gradually taking more bu
Slide 17: Non-financial ambition: Group DEI and Climate Ambition 2030
Non-financial ambition Group DEI and Climate Ambition 2030 DEI Ambition Climate Ambition Investments (Re)insurance Own Operations We see DEI as a business 100% purchased Listed enterprises –12% emissions intensity Munich Re Facultative & Corporate Global imperative, helping us to electricity from re
Slide 18: Enabler: Highest execution excellence in all our activities
Enabler Highest execution excellence in all our activities Group-wide Implementing a Leveraging Building Driving functional enablers strategic HR agenda new technologies one IT excellence support future success of each field of business − Attract and retain the − Stay ahead by − One IT infrastructur
Slide 19: Strategic path: Reinsurer and primary insurer at scale
Strategic path: Reinsurer and primary insurer at scale Pre Beyond Ambition 2025 Ambition 2025 Ambition 2030 Ambition 2030 Superior cycle et and portfolio rk Capitalise on ma management hard market d ar H et k ar ft m So Manage the cycle Increasing earnings stability Decreasing reliance on P&C reinsu
Slide 20: Our commitment to Outperform
Our commitment to Outperform Outperform RoE 2030 EPS growth1 Total payout ratio2 Solvency II ratio >18% >8% >80% >200% Industry-leading financial performance 1 CAGR 2025-2030. 2 Total payout ratio is defined as the sum of announced dividend and share buy-back divided by IFRS net result. Ambition 203
Slide 21: Ambition 2030 Group Finance
Image: Munich Re Ambition 2030 Group Finance Christoph Jurecka
Slide 22: New financial targets linked to boosting total shareholder return
Munich Re has set new, ambitious financial targets that are directly linked to boosting total shareholder return Major TSR drivers Ambition 2030 Expected RoE Key elements of RoE 2030 >18% Ambition 2030 ‒ Profitable business expansion remains key, although most likely not at the same Expected EPS EPS
Slide 23: Maintaining high level of RoE across all four dimensions
Maintaining high level of RoE through execution across all four dimensions Major RoE drivers 1 2 3 4 illustrative Underwriting Efficiency Investments Capital management ~18% >18% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251 growth
Slide 24: Seizing profitable growth opportunities in all lines of business
Underwriting 1Seizing profitable growth opportunities in all lines of business and geographies without constraints Revenue growth (CAGR1) Profitability2 L&H reinsurance 8%–12% Total technical result €2.4bn–€2.7bn P&C reinsurance 0%–3% Combined ratio 79%–83% GSI 5%–9% Combined ratio 87%–90% ERGO Germ
Slide 25: Improving cost efficiency in all fields of business
Efficiency 2 Improving cost efficiency in all fields of business Expected annual primary cost savings Munich Re Group, pre-tax Cost-saving initiatives €m ‒ Counteract an inflation-driven cost increase ~600 ‒ Help absorb inflationary pressures and business investments, resulting in a more efficient o
Slide 26: Levers for sustainably increasing investment returns
Investments 3 Levers for sustainably increasing investment returns GIM MEAG Group Investment Management Asset Management Defines investment strategy and Proprietary asset manager selects asset managers Alternative Active Asset manager Performance to Third-party Sustainable investments management ste
Slide 27: Enhancing yield through active investment management
Investments 3 Enhancing yield through active investment management Development and projection of investment returns Supporting drivers ~4.2% Favourable market Active investment environment management ~3.5% ‒ Reinvestments in fixed- ‒ Expansion of alternative income portfolios benefit investments fro
Slide 28: Gradually taking more asset risk, balancing insurance and investment risk
Investments 3 Gradually taking more asset risk, while balancing insurance and investment risk Further expansion of alternative investments €bn Alternative risk taking ‒ Investment risk gradually rising due to increased alternative investments 41 ‒ Yield pick-up via complexity and illiquidity premium
Slide 29: Strong capitalisation paves the way for sustainable earnings growth
Capital management 4 Strong capitalisation across all metrics paves the way for sustainable earnings growth Based on a strong balance sheet … … further improving capital efficiency Solid shareholders’ Strong reserving equity1 position Diversification of earnings IFRS through expansion of less 6% €32
Slide 30: Expanding less cyclical/volatile business segments
Diversification of earnings 4 Expanding less cyclical/volatile business segments to continuously increase earnings contribution Ongoing profitable … leading to further expansion revenue growth … of net income contribution Less cyclical/ ~70% ~75% ~50% ~60% volatile business segments Outlook 2025 203
Slide 31: Gradually increasing debt leverage improves capital efficiency
Optimising capital and legal entity structure 4 Gradually increasing debt leverage is further improving our capital efficiency Munich Re’s debt leverage1 well below the industry’s Funding strategy Industry2 Munich Re ‒ Intention to gradually increase debt leverage over the medium-term towards a leve
Slide 32: New Solvency II ratio target provides more flexibility
Active capital management 4 Introduction of new SII ratio target provides more flexibility, while keeping the commitment to manage excess capital Lower bound as new Solvency II target replaces optimal range Rationale for new Solvency II target ‒ Increasing floor to 200% aligned with target rating of
Slide 33: Active management of Solvency II ratio
Active capital management 4 Active management of Solvency II ratio, unlocking the full spectrum Solvency II – Committed to managing excess capital Options for capital deployment 293% a Business growth >200% Increase SCR b Taking investment risks c M&A Decrease EOF d Capital repatriation Q3 2025 Ambi
Slide 34: Broad diversification allows for capital-efficient business growth
a Business growth 4Broad diversification allows for capital-efficient business growth SCR growth disproportionally lower than premium growth EOF ‒ Strong business growth to remain an important CAGR: 5.5% capital generator ‒ Expected further increase of new business value in RI L&H SCR vs. GWP immedi
Slide 35: Gradually taking more asset risks optimises risk balance
b Taking investment risks 4 Gradually taking more asset risks will optimise the balance between insurance and investment risks Well-balanced risk profile: SCR composition of investment and insurance risks % Investment risks ‒ Expanding alternative investments Overall, slight 39 40 38 expansion of to
Slide 36: Deploying capital for M&A is bound to strict criteria
c M&A 4 Deploying capital for M&A is bound to strict criteria Munich Re applies rigid criteria Strategic fit for assessing Financial fit inorganic growth opportunities ‒ Aiming at strengthening our strategic ‒ Any acquisition must create value for footprint with a focus on specialty insurance Munich
Slide 37: Commitment to even higher capital repatriation
d Capital repatriation 4 Commitment to even higher capital repatriation Dividends and share buy-backs1 €bn Higher future shareholder participation in increasing earnings Average payout ~75% Annual total payout >80% ‒ Capital repatriation well-funded by German GAAP distributable earnings and sound so
Slide 38: Outlook 2026 – another record-breaking year
Outlook 2026 – We project another record-breaking year Group Insurance revenue Net result Return on investment ~€64bn ~€6.3bn >3.5% ERGO Insurance revenue Net result Combined ratio Combined ratio Germany International ~€24bn ~€0.9bn ~89% ~89% Reinsurance Insurance revenue Net result Combined ratio C
Slide 39: Ambition 2030 ERGO
Image: Munich Re Ambition 2030 ERGO Markus Riess
Slide 40: ERGO's strategy programmes have led to continuous improvements
ERGO’s strategy programmes have led to continuous improvements over the past decade Outlook 2025 Combined ratio 2020 Return ESP1 Germany International on equity Combined ratio ~89% ~90% 14–16% 2016 Germany International Return on equity ‒ Top peer profitability Combined ratio 92% 93% 9% Return ‒ Eve
Slide 41: ERGO will deliver peak performance by strengthening its core business
ERGO will deliver peak performance by strengthening key aspects of its core business Outpeak Further improve market Successfully integrate NEXT with Expand excellence Outperform positions in all regions significant profit contribution by 2030 in underwriting Be an efficient technical and Systematica
Slide 42: ERGO will contribute to the Ambition 2030 framework
Guided by the Ambition 2030 framework, ERGO will contribute to the financial ambition and deliver additional value for all stakeholders Fostering Financial Ensuring Increasing profitable growth Applying underwriting investment ambition & portfolio cost rigour excellence returns steering Ambition 203
Slide 43: ERGO will further improve profitability
ERGO will further improve profitability, driven by enhanced underwriting and efficiency Major RoE drivers Underwriting Efficiency Investments Capital illustrative management >18% ~15% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251 gr
Slide 44: Financial ambition driven by excellence in our core
At ERGO, the financial ambition is driven by excellence in our core Financial Fostering profitable Ensuring underwriting Applying cost growth & portfolio steering excellence rigour ambition Group-wide − Strong international − Investing in underwriting − Leveraging strict benchmark- diversification t
Slide 45: Profitable growth at ERGO Germany and International
Profitable growth at ERGO Germany and International will yield a more diversified portfolio on a global scale Outlook Insurance revenue Germany (gross) €bn ‒ Sustained growth in P&C fostered by advanced pricing in retail and 26–30 operational excellence with new target operating model in commercial
Slide 46: Entering the attractive US SMB market
Entering the highly attractive US SMB market will translate into financial benefits and synergies US SMB market 2024 Strategic fit Net result €m ‒ Entering attractive, less cyclical Mid-triple-digit US commercial insurance market US SMB segment US$ 400–410bn NEXT’s ‒ Capital-light, digital-native mo
Slide 47: ERGO will maximise cross-border synergies
ERGO will maximise cross-border synergies to realise further efficiency and scale benefits Leveraging global experience Cross-border initiatives centrally and locally and capabilities to realise cross- border synergies Central initiatives rooted in Group capabilities (Gen)AI solutions Global busines
Slide 48: Excellence in pricing and underwriting for low-volatility multi-line business
ERGO will continue to deliver excellence in pricing and underwriting for low-volatility multi-line business Combined ratio P&C Germany 2016–2030, % Maintaining a strong matrix organisation to drive local technical 97 excellence with two new central 92 ~89 87–89 initiatives ‒ Pricing hub that central
Slide 49: Costs and productivity rigorously managed
Costs and productivity will be rigorously managed to achieve even more competitive levels Cost ratios 2016–2030, % Driving cost levels for Germany 34 and International based on peer comparisons 30 ‒ Strictly benchmark-oriented cost discipline 32 leveraging efficiency gains from digitalisation 29 and
Slide 50: Execution enabled through technology and people management
Execution will be enabled through technology and people management Group-wide Implementing a strategic Leveraging new Building HR agenda technologies one IT enablers to support future success − Define a new HR Target − Leverage AI and digital self- − One IT infrastructure yields Operating Model for
Slide 51: Global HR Target Operating Model
ERGO will strengthen its people management by introducing a global HR Target Operating Model Three pillars will support the Group-wide people strategy Global HR ‒ Introducing a harmonised HR TOM to TOM & IT optimise Group-wide collaboration through Harmonisation joint processes of processes & infras
Slide 52: Productivity and customer experience through (Gen)AI roll-out
Achieving productivity impact and improved customer experience through systematic roll-out of (Gen)AI Growing productivity and enhancing customer experience in claims and operations via three main levers ‒ Reducing incoming workload by implementing voice bots, intent recognition, and digitally enabl
Slide 53: Optimising customer interactions with a digital-first approach
ERGO will optimise customer interactions and processes by pursuing a digital-first approach Broad set of fully digital Key levers for ERGO’s ongoing self-services along the entire customer journey evolution into a digital-first company ‒ Sales processes: Developing performance marketing towards incr
Slide 54: One IT in a harmonised Group technology function
One IT in a harmonised Group technology function to enhance resilience, also at ERGO Group technology function with Reinsurance a strong mandate and uniform IT governance to ‒ Improve outcomes through standard-setting, harmonisation of infrastructure operations, and best-in-class solution sharing ME
Slide 55: Our target picture for Ambition 2030
Our target picture for Ambition 2030 Germany International 3–5% CAGR 17–19 Insurance revenue 6–10% ~15 CAGR 9–11 (gross) €bn ~7 Combined ratio ~89 87–89 ~90 86–88 % Outlook 2030 Outlook 2030 2025 2025 Ambition 2030 • ERGO 11 December 2025 55
Slide 56: With ESP3, ERGO will deliver for Ambition 2030
With ESP3, ERGO will continue on its successful path and deliver for Ambition 2030 2030 ‒ Leading RoE ‒ Even more diversified net income contribution from the various regions ‒ Competitive cost levels at ERGO Germany and International ‒ Front-runner in AI Ambition 2030 • ERGO 11 December 2025 56
Slide 57: Ambition 2030 Reinsurance
Image: Munich Re Ambition 2030 Reinsurance Thomas Blunck
Slide 58: Successful completion of Ambition 2025 in sight
Successful completion of Ambition 2025 in sight Return on Equity 16.2 18.5 ~18.5 % 13.4 13.8 Total technical result L&H1 1.9 ~1.7 €bn 1.4 0.9 0.2 Combined ratio P&C 99.6 96.2 % 85.2 82.4 ~74 ~87 2021 2022 2023 2024 Outlook 20252 P&C RI GSI Figures until 2022 based on IFRS 4, from 2023 onwards based
Slide 59: Reinsurance has strong common principles and synergies
Reinsurance has strong common principles and synergies Highest underwriting and Strong client-centricity claims excellence, and solution orientation Outpeak extensive risk expertise (high NPS) Excel in our core strengths Strong balance sheet Successful business with high and flexible units with prov
Slide 60: Ambition 2030 framework guiding our priorities
The Ambition 2030 framework is guiding our priorities and reinforcing our strengths Fostering Financial Ensuring Increasing profitable growth Applying underwriting investment ambition & portfolio cost rigour excellence returns steering Ambition 2030 Capital management Optimising capital Growing Shar
Slide 61: We plan for improving financial results compared to the last Ambition
P&C L&H GSI We plan for improving financial results RI RI compared to the last Ambition Major RoE drivers Underwriting Efficiency Investments Capital illustrative management ~18.5% >18% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251
Slide 62: World's leading P&C reinsurer with highest profitability among peers
P&C We are the world’s leading P&C reinsurer with the RI highest profitability among peers over the market cycle Outlook Core elements of our strategy Markets 0–3% CAGR ‒ All global markets 18–21 ‒ Leading market shaper and builder ~18 Insurance revenue1 (gross) Value proposition €bn ‒ Deepest risk
Slide 63: Market price level will fluctuate, but pricing delivers attractive return
P&C The market price level will fluctuate, but our pricing will RI deliver an attractive return every year Continued growing demand for Less price-sensitive portfolio reinsurance (especially NatCat) compared to competition ‒ Growing insurance penetration ‒ Leading programmes with high capacities and
Slide 64: Reinsurance is an attractive market with the most effective solutions
P&C Reinsurance is an attractive market RI with the most effective solutions “New normal”: insured NatCat losses above US$ 100bn No material inflow of alternative capital Global insured losses from natural disasters Dedicated reinsurance capital US$ bn (inflation-adjusted) US$ bn 200 ~12% CAGR1 ~6%
Slide 65: Strong diversification balances single market movements
P&C Our strong diversification helps to balance single RI market movements and opportunities Active portfolio and cycle management safeguard high profitability Outcome of aggregate renewals in 2025 Change in relative portfolio share 2025 compared to 2020 pp Change in premium –1.5% Property XL Thereo
Slide 66: Increase New Business CSM and Total Technical Result each year
L&H We plan to increase the New Business CSM RI and Total Technical Result each year Outlook Core elements of our strategy Markets ‒ All global markets 8–12% CAGR 18–22 ‒ L&H insurers, other market participants such as asset managers and banks Insurance revenue1 (gross) ~12 Value proposition €bn ‒ S
Slide 67: Additional profit pools added to the L&H portfolio
L&H Over the years, we have added additional profit RI pools to the L&H portfolio See next slide for details Typically, large and complex transactions supporting Transactional structural changes in the Life industry (e.g. M&A) Expand Taking on biometric risks embedded in retirement Longevity portfol
Slide 68: Strong track record in large transactions
L&H We have a strong track record in large transactions and RI anticipate a full deal pipeline in the future Key business characteristics Munich Re’s track record Ambition going forward ‒ Driven by structural changes in the Dedicated focus since 2022, with >10 deals ‒ Expansion of partnerships with
Slide 69: Continuous growth in our direct Specialty business
GSI Continuous growth of top- and bottom-line in our direct Specialty business Outlook Core elements of our strategy Markets ‒ Core: US, Canada, Lloyd’s 5–9% ‒ Expansion: Continental Europe + APAC CAGR 12–14 Insurance ‒ Focus on personal and commercial risks revenue1 ~9 ‒ Diverse distribution (gross
Slide 70: Tailwind from growing Specialty markets
GSI Tailwind from nicely growing Specialty markets, in which we continue to selectively expand GSI portfolio as a growth platform Other ‒ Sustained market growth Specialty Core LoBs expected to grow by 5–10% p.a., providing substantial tailwind for our portfolio Commercial ‒ Upside from market share
Slide 71: GSI actively manages NatCat volatility
GSI GSI actively manages NatCat volatility to deliver stable and resilient earnings GSI core pillars for managing NatCat volatility Accumulation management External reinsurance Internal reinsurance ‒ Actively steer portfolio composition ‒ Primarily for risk transfer purposes, ‒ Potential to leverage
Slide 72: Dedicated cost levers will improve our cost position
P&C L&H GSI A dedicated set of cost levers will improve RI RI our cost position over the Ambition period Important levers Process and IT harmonisation Gradually applying AI for Making use of efficiency improvements normal staff turnover Reducing complexity Leveraging shoring potential Restructuring
Slide 73: Continued investment in business-crucial enablers
P&C L&H GSI Continued investment in overarching business-crucial RI RI enablers remains a priority Reinsurance’s Geared-up people State-of-the-art Leading risk strategy technologies expertise enablers support future − Global HR organisation for − AI and LLMs in pricing, − Up- and re-skill in MR Acad
Slide 74: Our target picture for Ambition 2030
Our target picture for Ambition 2030 P&C RI L&H RI GSI 0–3% 8–12% Insurance revenue1 CAGR 18–21 CAGR 18–22 5–9% ~18 CAGR (gross) ~12 12–14 €bn ~9 Total technical result 7–10% CAGR €bn 2.4–2.7 ~1.7 Combined ratio2 ~79 79–83 ~90 87–90 % Outlook 2025 2030 Outlook 2025 2030 Outlook 2025 2030 1 Outlook f
Slide 75: Additional information
Additional information Source: Munich Re
Slide 76: Climate Ambition 2030 Explanatory notes
Climate Ambition 2030 Explanatory notes Munich Re expresses the above-stated 2030 targets, as well as its long-term aims for 2040 and 2050, in the expectation that governments meet their own pledges to achieve the goals of the Paris Agreement. Unless otherwise noted, 2025 is the base year for 2030 t
Slide 77: Financial calendar
Financial calendar 2026 Balance sheet media conference for 2025 financial statements Analysts’ and investors’ call Quarterly Statement Quarterly Statement as at 31 March 2026 as at 30 September 2026 26 February 12 May 12 November 29 April 7 August Half-Year Financial Report Annual General Meeting as
Slide 78: 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 79: 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