18 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
/IR 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: ERGO
/IR 02 ERGO Source: Munich Re
Slide 9: 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 10: 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 11: Reinsurance
03 Reinsurance Source: Munich Re
Slide 12: 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 13: 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 14: 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 15: 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 16: Outlook
04 Outlook Source: Munich Re
Slide 17: 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 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