18 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, May 8, 2024
Slide 1: Quarterly statement as at 31 March 2024
Munich Re Group Quarterly statement as at 31 March 2024 8 May 2024 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 31 March 2024 Agenda 01 02 03 04 05 Additional Munich Re ERGO Reinsurance Outlook information Quarterly Statement as at 31 March 2024 8 May 2024 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Good start to the year with earnings above pro-rata guidance
Munich Re – Financial highlights Q1 2024 Good start to the year with earnings above pro-rata guidance Better-than-expected operating performance in all lines, favourable capital markets Net result Total technical result Net financial result Operating result €m €m €m €m 2,785 2,928 2,140 1,809 1,768
Slide 5: Capital position
Munich Re – Financial highlights Q1 2024 Capital position Equity Capitalisation €m €bn 10.0% Equity 31.12.2023 29,772 9.2% 8.8% Senior debt Net result 2,140 Changes 0.3 0.3 Subordinated debt 0.3 4.8 Dividend 0 4.7 CSM (net of tax) 4.7 Share buy-backs –313 19.2 20.7 18.0 Equity Unrealised gains/losse
Slide 6: Investments
Munich Re – Investments Investments Q1 2024 Investment portfolio1 % Government/Semi-government bonds2 32 (33) Alternative investments 16 (16) Covered bonds/mortgage loans 15 (15) Equities3 4 (5) Total Corporate bonds 15 (14) Business-related participations 3 (3) €236bn Emerging-market government bon
Slide 7: Investment result
Munich Re – Investments Investment result Q1 Q1 €m 2024 Return1 2023 Return1 Regular income 1,807 3.2% 1,601 3.0% Write-ups/write-downs –48 –0.1% –28 –0.1% Change in expected credit loss (ECL) 25 0.0% –38 –0.1% Disposal gains/losses –55 –0.1% 166 0.3% Fair-value change 586 1.0% 74 0.1% Other income/
Slide 8: ERGO
02 ERGO Source: Munich Re
Slide 9: ERGO Life and Health Germany
ERGO ERGO Life and Health Germany Key ▪ Total technical result of life and long-term Total technical result health business in line with expectation €m messages ▪ CSM release in life and long- ▪ Elevated claims expenses in short-term 258 term health at €211m health and travel business 225 ▪ Short-te
Slide 10: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Key ▪ Total technical result at strong level Total technical result supported by low large losses and good €m messages operating performance ▪ Total technical result/combined 206 177 ratio in Q1 2024 driven by ▪ Very high net result of €150m also driven ▪ Signific
Slide 11: ERGO International
ERGO ERGO International Key ▪ Strong total technical result in p-c driven by Total technical result excellent claims development and profitable €m messages growth ▪ Excellent combined ratio of 89.5% 179 (95.4%) driven by: ▪ Good technical development in life/health ▪ Benign large loss development 97
Slide 12: Reinsurance
03 Reinsurance Source: Munich Re
Slide 13: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Very strong total technical result, Total technical result exceeding pro-rata guidance €m messages ▪ Insurance service result supported ▪ Favourable biometric experience and 586 by strong new business and positive positive FX impact experience variances
Slide 14: Property-casualty reinsurance
Reinsurance Property-casualty reinsurance Key ▪ Revenue growth of 5.1% vs. Q1 2023 Total technical result messages ▪ Very pleasing combined ratio of 75.3% €m ▪ Below-average major losses of 9.9% supported by benign major losses driven by benign nat cats, while Q1 1,616 2023 was impacted by earthquak
Slide 15: April renewals – Continued trend of profitable growth, high portfolio quality maintained
Reinsurance April renewals – Continued trend of profitable growth, high portfolio quality maintained Price Renewals 2020–2023 April Selective growth and portfolio optimisation change1 % renewals 2024 ▪ Another good renewal in an ongoing attractive market 3.1 environment – strong pricing improvements
Slide 16: Outlook
04 Outlook Source: Munich Re
Slide 17: Outlook 2024
Outlook 2024 Group Insurance revenue Net result Return on investment ~€59bn ~€5.0bn >2.8% ERGO Insurance revenue Net result Combined ratio Combined ratio P-C Germany International ~€20bn ~€0.8bn ~87% ~90% Reinsurance Insurance revenue Net result Combined ratio Total technical result Property-casualt
Slide 18: 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