72 slides from Munchener Ruckversicherungs-gesellschaft's investor presentation, August 2026
Slide 1: Munich Re Group Equity Story
Image: Munich Re Munich Re Group Equity Story
Slide 2: Why invest in Munich Re
Equity story Why invest in Munich Re Diversified business model Good sustainability ratings ✓ Attractive Strong dividends capital position 1 Leading Digital transformation 2 3 global reinsurer opportunities Munich Re – Equity story August 2026 2
Slide 3: Strategic path: Reinsurer and primary insurer at scale
Equity story 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
Slide 4: Ambition 2025 successfully accomplished
Equity story Ambition 2025 successfully accomplished Achievement Ambition 2021 2022 2023 2024 2025 2025 RoE1 12.6% 13.5% 15.8% 18.2% 18.3% 14–16% EPS growth2 5.1% 11.2% 19.4% 21.1% 18.8% ≥5% DPS growth3 12.2% 8.8% 15.2% 19.5% 19.6% ≥5% Solvency II ratio 227% 260% 267% 287% 298% 175–220% 2021–2025 1
Slide 5: Ambition 2030 – Further improving our profitability
Equity story Ambition 2030 – Further improving our profitability Major RoE drivers Underwriting Efficiency Investments Capital illustrative management ~18% >18% 14–16% Ambition 20251 Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 growth efficiency in all through
Slide 6: New financial targets linked to boosting total shareholder return
Equity story 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 Exp
Slide 7: Seizing profitable growth opportunities in all lines of business and geographies
Equity story Seizing 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 Germa
Slide 8: L&H RI: additional profit pools added to the L&H portfolio
Equity story L&H RI: Over the years, we have added additional profit pools to the L&H portfolio 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 portfolios, e.g. wit
Slide 9: P&C RI: market price level will fluctuate, pricing delivers attractive return
Equity story P&C RI: The market price level will fluctuate, but our pricing will 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
Slide 10: GSI: Tailwind from growing Specialty markets
Equity story 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 fro
Slide 11: Profitable growth at ERGO Germany and International
Equity story 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 i
Slide 12: ERGO International: Entering the US SMB market
Equity story ERGO International: 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 ‒
Slide 13: Enhancing yield through active investment management
Equity story 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 from
Slide 14: Strong capitalisation across all metrics
Equity story 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 equity position Diversification of earnings IFRS through expansion of less 6% €33.4bn cycl
Slide 15: Optimising capital structure: gradually increasing debt leverage
Equity story Optimising capital structure: 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 level3 of
Slide 16: Active management of Solvency II ratio
Equity story Active management of Solvency II ratio, unlocking the full spectrum Solvency II – Committed to managing excess capital Options for capital deployment 298% a Business growth >200% Increase SCR b Taking investment risks c M&A Decrease EOF d Capital repatriation 2025 Ambition Munich Re – E
Slide 17: Deploying capital for M&A is bound to strict criteria
Equity story 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 M
Slide 18: Commitment to even higher capital repatriation
Equity story 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 solvency posit
Slide 19: Creating value through global sustainability
Equity story Creating value through global sustainability: We strive for a holistic approach across E, S and G Environment Social Governance ▪ Setting climate targets for Investments, ▪ Striving to build balanced teams across ▪ Integrating ESG criteria into the (Re)insurance and Own Operations all a
Slide 20: Non-financial ambition: Group DEI and Climate Ambition 2030
Equity story 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 elect
Slide 21: Our commitment to success: Leading total shareholder return
Equity story Our commitment to success: Leading total shareholder return (TSR) TSR 1.1.2021–31.12.20251 % 238.0 Strong balance sheet – deploying substantial capital in Growth an attractive market, while 180.4 183.5 prepared to manage the cycle 147.6 140.8 Leveraging diversification, 115.9 109.1 Prof
Slide 22: Outlook 2026 – We project another record-breaking year
Equity story Outlook 2026 – We project another record-breaking year Group Insurance revenue Net result Return on investment ~€62bn (prev. ~€64bn) ~€6.3bn >3.5% ERGO Insurance revenue Net result Combined ratio Combined ratio Germany International ~€24bn ~€0.9bn ~89% ~89% Reinsurance Insurance revenue
Slide 23: Munich Re Group
01 Additional information Munich Re Group Source: Munich Re
Slide 24: Munich Re at a glance
Backup: Group Munich Re at a glance Key financials 2025 2024 2023 2022 2021 Insurance revenue €bn 60.4 60.8 57.9 55.4 Operating result €m 8,876 7,998 5,702 6,812 3,517 Taxes on income €m –2,507 –2,100 –936 –1,324 –552 Net result €m 6,121 5,690 4,597 5,309 2,932 Investments €bn 222.7 230.7 218.5 208.
Slide 25: Capital position
Backup: Group Capital position Equity Capitalisation €m €bn Equity 31.12.2025 33,421 Change in Q2 11.8% 11.6% 10.8% 11.5% Senior debt Net result 3,925 2,211 0.0 0.0 0.0 Subordinated debt Changes 0.3 7.4 7.5 7.4 Dividend –3,047 –3,047 6.3 CSM (after tax) Share buy-backs –1,063 –546 21.1 22.4 22.9 23.
Slide 26: Funding structure provides financial flexibility
Backup: Group Funding structure provides financial flexibility Outstanding senior and subordinated bonds Nominal volume Coupon rate p. a. Emission/Issue Maturity €1,250m Until 2036 4.125%, thereafter variable 2025 2046 €1,500m Until 2034 4.25%, thereafter variable 2024 2044 US$1,250 (green bond) Unt
Slide 27: German GAAP (HGB) result 2025
Backup: Group German GAAP (HGB) result 2025 €bn Average 2016–2025 –1.6 –0.9 3.2 6.0 HGB result 2024 €4.8bn Underwriting Strong underwriting result, including 5.5 10.2 +1.2 result release of equalisation provision 9.1 –2.6 Investment –1.1 Lower regular income –1.9 result Positive FX result outweighs
Slide 28: SCR development
Backup: Group SCR development Total SCR (incl. diversification) €bn Market Credit ▪ Market 18.9 18.2 Decrease driven by lower FX risks (weaker USD and active reduction 8.6 9.5 of USD overweight) Investment 4.1 ▪ Credit 3.6 risks Reduction driven by FX and higher interest rates 2025 2024 2025 2024 Pr
Slide 29: Property-casualty risk
Backup: Group Property-casualty risk Top scenario exposures of the Group (net of retrocession) – AggVaR1 €bn 2025 2024 €bn Basic losses 6.1 6.2 10 Top exposures 9 Major losses2 10.8 11.7 1 Atlantic Hurricane 8 2 Storm Europe Diversification –5.1 –5.3 3 Earthquake California 7 4 Flood Germany Total 1
Slide 30: Solvency II ratio
Backup: Group Solvency II ratio Development of the Solvency II ratio SII sensitivities % % 310 298 301 287 260 267 295 295 295 285 227 267 220 Optimal range4 175 Interest rates Equity markets Spread GOV Spread CORP Atlantic +/–50bps 1 +/–30% +50bps +50bps Hurricane 2 2021 2022 2023 2024 2025 Develop
Slide 31: Disclosure of Taxonomy-eligibility and -alignment
Backup: Group Disclosure of Taxonomy-eligibility and -alignment Non-life insurance 100% 100% Assets within the scope of revenues1 €37.8bn €162.7bn application of the taxonomy KPI2 ~ 56% Assets not used to assess taxonomy eligibility €90.6bn Non-EU and SME exposures and derivatives Non-eligible busin
Slide 32: Ambition 2025 successfully accomplished
Backup: Group Ambition 2025 successfully accomplished Gender Ambition Achievement GHG emission Ambition Achievements ambition 2025 in 2025 reduction1 20258 in 20258 Share of Total –25 to –29% –59% women at Investments2 40% 40.5% Financed GHG Thermal coal –35% –58% manage- emissions3 ment level Oil a
Slide 33: Governance
Backup: Group Governance Share ownership guidelines 100% of annual gross basic remuneration Basic remuneration plus remuneration in 50% kind/fringe benefits Term Assessment basis Scaling 30% 1 year At least 2 quantitative Scaling 0–200% performance criteria 100% = full achievement of targets 4 years
Slide 34: Governance
Backup: Group Governance Audit Committee Praesidium and Sustainability Committee Supervisory Board Monitoring ESG risks Regularly deals with sustainability matters ESG Committee ESG Management Team ▪ Group CEO1 ▪ Chief Investment Officer ▪ Head of Economics, ▪ Chief Underwriting ▪ Group CFO ▪ Head o
Slide 35: Reinsurance
02 Additional information Reinsurance Source: Munich Re
Slide 36: Leading global reinsurer
Backup: Reinsurance Munich Re Leading global reinsurer Rank Company Country Gross reinsurance premium written 2024 (US$ bn) 1 Swiss Re Switzerland 43.1 2 Munich Re Germany 42.8 3 Hannover Re Germany 37.7 4 Berkshire Hathaway Re USA 26.9 5 Lloyd’s UK 23.5 6 SCOR France 20.8 7 Reinsurance Group of Ame
Slide 37: Reinsurance overview
Backup: Reinsurance Reinsurance Overview 2025 2024 2023 2022 Insurance revenue €bn 38.7 40.0 37.8 36.5 Return on equity % 19.1 18.5 16.2 22.2 L&H total technical result €m 1,715 1,857 1,433 1,041 P&C combined ratio % 73.5 77.3 85.2 83.2 GSI combined ratio % 85.9 93.6 85.4 92.5 Insurance revenue 2025
Slide 38: P&C reinsurance portfolio
Backup: Reinsurance P&C reinsurance portfolio % % Casualty Casualty motor 28 Facultative 14 Casualty ex motor 15 XL 18 Total Total Proportional 68 Property €25bn €25bn Nat cat XL 11 Property ex nat cat XL 30 Specialty Agriculture 6 Credit 5 Marine 3 Aviation 1 1 Ultimate premium – economic view – no
Slide 39: P&C reinsurance: Renewal results
Backup: Reinsurance P&C reinsurance: Renewal results Risk- and inflation-adjusted price changes since 2012 3.1 2.4 2.3 1.8 0.8 0.5 0.2 0.3 0.2 –0.5 –0.9 –1.2 –1.6 –2.4 –3.1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 From 2023 based on IFRS 17, including business mix
Slide 40: P&C reinsurance: July renewals
Backup: Reinsurance P&C reinsurance: July renewals Portfolio optimisation % 100.0 –8.2 91.8 –10.0 +9.1 90.9 €m 3,208 –262 2,946 –322 +293 2,917 Change in premium –9.1% Thereof price movement1 ~ –4.4% Thereof change in exposure for our share ~ –4.7% Total renewable Cancelled Renewable Change on New E
Slide 41: Retrocession
Backup: Reinsurance Retrocession Successful placement in a softening market Retrocession – Maximum in-force protection per nat cat scenario1 Munich Re’s key channels and €m formats 1,500 ▪ Focus on traditional catastrophe excess of loss (CatXL) retrocession as the 1,000 core format, while having the
Slide 42: Robust and prudent reserving approach
Backup: Reinsurance Robust and prudent reserving approach ensures that the balance sheet remains resilient to unexpected developments IFRS Managing industry hot spots Munich Re measures US liability Reserve position further strengthened as prudent Prudent approach has allowed reaction to elevated lo
Slide 43: L&H: Pillars of strategy (1)
Backup: Reinsurance L&H: Pillars of strategy (1) Expand transactional proposition and longevity business Transactional Longevity Supporting structural changes Successful growth path – maintaining in the industry prudent underwriting approach Portfolio ▪ Opportunities driven by structural changes in
Slide 44: L&H: Pillars of strategy (2)
Backup: Reinsurance L&H: Pillars of strategy (2) Leverage FinMoRe and Financial Markets business FinMoRe Financial Markets Tailor-made solutions to support financial Comprehensive market risk solutions steering of our clients for the financial services industry Portfolio ▪ Well-diversified portfolio
Slide 45: ERGO
03 Additional information ERGO Source: Munich Re
Slide 46: ERGO – Overview
Backup: ERGO ERGO – Overview 2025 2024 2023 2022 Insurance revenue €bn 21.7 20.8 20.1 18.9 Return on equity % 15.1 16.5 13.5 11.6 Combined ratio P&C Germany % 88.9 88.6 88.9 90.3 Combined ratio International % 90.0 91.9 90.1 95.5 Insurance revenue split by region Distribution channels Germany – New
Slide 47: ERGO International: Insurance revenue split
Backup: ERGO ERGO International: Insurance revenue split Property-casualty Life and Health H1 2026 H1 2025 Life H1 2026 H1 2025 Poland 1,194 1,150 Austria 87 80 USA 337 0 Poland 70 68 Legal protection 251 243 Belgium 55 55 Thailand 148 171 Total Total Baltic states 39 34 € 2,388 m €1,190m Greece 148
Slide 48: Financial highlights Q2 2026
04 Additional information Financial highlights Q2 2026 Source: Munich Re
Slide 49: Life and health reinsurance
Backup: Financial highlights Q2 2026 Life and health reinsurance Key ▪ Strong development of CSM Total technical result ▪ Positive experience adjustments of €m messages ▪ Insurance service result supported by in-force business 1,028 positive experience and high new 913 ▪ Total technical result above
Slide 50: Life and health reinsurance
Backup: Financial highlights Q2 2026 Life and health reinsurance Total technical result Q2 H1 ▪ Release of CSM and RA largest contributor €m 2026 2026 to insurance service result ▪ CSM release supported by strong new Release of CSM 306 604 business development over recent periods ▪ Annualised CSM re
Slide 51: Life and health reinsurance
Backup: Financial highlights Q2 2026 Life and health reinsurance CSM/RA CSM €m CSM1 RA1 ▪ Solid new business development CSM/RA in all major markets 31.12.2025 15,269 3,426 ▪ New business CSM and accretion of interest more than replenishing the release New contracts added 492 111 into earnings, enab
Slide 52: P&C reinsurance
Backup: Financial highlights Q2 2026 P&C reinsurance Key ▪ Revenue decline vs. H1 2025 driven Total technical result by currency and renewal effects €m messages ▪ Major losses of 4.9% in Q2 much ▪ Combined ratio of 68.9% in Q2 benefitted lower than expectation due to low nat from very low major loss
Slide 53: P&C reinsurance
Backup: Financial highlights Q2 2026 P&C reinsurance Combined ratio Q2 H1 Ø Annual % 2026 2026 expectation Change in 2025 53.5 9.4 10.6 73.5 loss component –1.1 0.0 ~0.0 H1 2026 52.7 4.2 11.0 67.9 Major losses1 4.9 4.2 ~18.0 Q2 2026 53.4 4.9 10.6 68.9 Nat cat1 1.4 1.4 ~14.5 Basic losses Major losses
Slide 54: Global Specialty Insurance
Backup: Financial highlights Q2 2026 Global Specialty Insurance Key ▪ Revenue decline compared to H1 2025 Total technical result due to USD depreciation – FX-adjusted €m messages increase of 2.6% ▪ Combined ratio largely in line with full-year expectation ▪ Combined ratio of 88.9% in Q2 largely 540
Slide 55: Global Specialty Insurance
Backup: Financial highlights Q2 2026 Global Specialty Insurance Combined ratio Insurance revenue (gross) H1 2026 % €m 2025 53.5 32.5 85.9 American Modern 1,271 Total Hartford Steam Boiler 609 H1 2026 54.4 31.9 86.3 €4,170m MR Specialty – North America 1,140 Q2 2026 55.6 33.4 88.9 MR Specialty – Glob
Slide 56: ERGO Germany
Backup: Financial highlights Q2 2026 ERGO Germany Key ▪ L&H: Total technical result in line with Total technical result expectations €m messages ▪ L&H: CSM release in life and long-term ▪ P&C: Solid combined ratio 813 health at €194m, PAA business with 790 ▪ Very good net result of €235m, driven by
Slide 57: ERGO Germany
Backup: Financial highlights Q2 2026 ERGO Germany Property- Combined ratio 2025 61.2 27.7 88.9 % casualty H1 2026 59.6 28.8 88.4 88.8 88.8 89.1 88.7 89.1 86.7 90.2 86.8 Q2 2026 61.4 28.7 90.2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2024 2025 2025 2025 2025 2026 2026 Loss ratio Expense ratio Life and Total tech
Slide 58: ERGO International
Backup: Financial highlights Q2 2026 ERGO International Key ▪ L&H: Total technical result in line with Total technical result expectations €m messages ▪ Good combined ratios in major markets – ▪ P&C: Solid combined ratio 348 375 overall combined ratio of 89.9% in Q2 ▪ Strong net result of €86m drive
Slide 59: ERGO International
Backup: Financial highlights Q2 2026 ERGO International Property- Combined ratio 89.7 88.0 88.6 94.8 96.8 92.8 90.6 88.8 % casualty1 82.5 96.1 92.4 89.9 90.3 89.0 89.5 88.7 89.5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 H1 Poland USA Legal Thailand Greece Baltic Austria Spain 2024 2024 2025 2025 2025 2025 2026 2026 2
Slide 60: Investments
05 Additional information Investments Source: Munich Re
Slide 61: Investment result
Backup: Investments Investment result IFRS 2025 Regular income % Increase driven by higher 3.7 –0.1 0.0 –0.2 0.2 interest rates and active –0.3 3.2 portfolio management Disposal gains/losses Deliberate disposal losses on fixed-income investments (Reinsurance ~€0.8bn, ERGO ~€0.1bn) to support increas
Slide 62: Investment result
Backup: Investments Investment result Q2 2026 Return1 H1 2026 Return1 H1 2025 Return1 Regular income 2,315 4.0% 4,294 3.7% 4,311 3.7% Write-ups/write-downs –44 –0.1% –79 –0.1% –68 –0.1% Change in expected credit loss (ECL) –5 0.0% –50 0.0% 10 0.0% Disposal gains/losses –84 –0.1% –90 –0.1% 36 0.0% Fa
Slide 63: Investment portfolio
Backup: Investments Investment portfolio Q2 2026 Investment portfolio1 % Government/Semi-government bonds2 29 (30) Alternative investments 18 (17) Covered bonds/Mortgage loans 12 (13) Equities3 4 (4) Total Corporate bonds 16 (16) Business related participations 2 (2) €241bn Emerging markets governme
Slide 64: Fixed-income portfolio – rating and maturity structure
Backup: Investments Fixed-income portfolio – rating and maturity structure H1 2026 Rating structure AAA (%) AA A BBB BB <BB NR Governments/semi-government 30 46 20 3 0 – 0 Covered bonds/Mortgage loans 92 7 1 0 – – 0 Corporate bonds (including bank bonds) 3 10 32 39 9 4 2 Emerging markets government
Slide 65: Investment portfolio – Alternative investments
Backup: Investments Investment portfolio – Alternative investments Q4 2025 Alternative investments1 % 30.6.2026 31.12.2025 Real estate 36 (38) Real estate2 – Regional breakdown (%) Illiquids equity 41 (40) Germany 62 65 US 14 14 Illiquids debt 23 (22) Total Netherlands 6 6 France 4 3 €44bn UK 2 2 Ot
Slide 66: Shareholder information
06 Additional information Shareholder information Source: Munich Re
Slide 67: Changes to shares in circulation
Backup: Shareholder information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 30.6. Weighted average number of shares in circulation (millions) 2025 shares in H1 2026 shares in H1 2026 2026 (millions) 132.9 129.7 126.5 126.9 Shares in 128.0 –2.1 – 125.8 circulat
Slide 68: Our mission – Investor & Rating Agency Relations
Backup: Shareholder information – Mission of Investor & Rating Agency Relations Our mission – We aim to enhancing Munich Re’s visibility and attractiveness in the international financial community Focus Targets ▪ Achieving a fair valuation Increase transparency … ▪ Optimising the cost of capital … R
Slide 69: Financial calendar
Backup: Shareholder information 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
Slide 70: For more information, please contact
Backup: Shareholder information 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 Em
Slide 71: Climate Ambition 2030: Explanatory notes
Backup 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 fo
Slide 72: 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