18 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 5, 2020
Slide 1: Quarterly statement as at 30 September 2020
Quarterly statement as at 30 September 2020 5 November 2020 Christoph Jurecka Image: Klaus Ohlenschläger / dpa Picture Alliance
Slide 2: Quarterly statement as at 30 September 2020
Quarterly statement as at 30 September 2020 1 2 3 4 Munich Re ERGO Reinsurance Outlook Quarterly statement as at 30 September 2020 5 November 2020 2
Slide 3: Munich Re
Munich Re 1 Image: Vertigo3d / Getty ImagesiStockphoto
Slide 4: Munich Re posts a decent Q3 result considering high major losses
Munich Re – Financial highlights Q3 2020 Munich Re posts a decent Q3 result considering high major losses Munich Re Q3 2020 (9M 2020) Net result Technical result Investment result Net result €m €m €m €199m (€999m) 2,431 2,490 Reinsurance result of €63m 5,826 5,308 impacted by COVID-19 related claims
Slide 5: Capital position
Munich Re – Capitalisation Capital position Equity €m Capitalisation €bn Equity 31.12.2019 30,576 Change in Q3 0.3 0.3 0.3 0.3 Consolidated result 999 199 0.3 3.8 3.9 3.7 5.0 Changes 3.7 Dividend –1,373 0 Unrealised gains/losses 1,158 372 Exchange rates –931 –651 Share buy-backs –359 0 15.1 13.2 12.
Slide 6: Investment portfolio
Munich Re – Investments Investment portfolio Investment portfolio1 % Portfolio management in Q3 Land and buildings Fixed-interest securities ▪ Investments in longer term US and Australian 4.9 (4.7) 55.4 (53.9) government bonds as well as short-term bank bonds and ABS at the expense of covered bonds
Slide 7: Investment result
Munich Re (Group) – Investments Investment result €m Q3 2020 Return1 9M 2020 Return1 9M 2019 Return1 Regular income 1,536 2.4% 4,801 2.6% 5,133 2.8% Write-ups/write-downs –265 –0.4% –1,832 –1.0% –285 –0.2% Disposal gains/losses 644 1.0% 2,210 1.2% 1,671 0.9% Derivatives2 –65 –0.1% 629 0.3% –208 –0.1
Slide 8: ERGO
ERGO 2 Image: dem10 / iStockphoto Getty Images
Slide 9: ERGO
ERGO ERGO Gross premiums written €m Major result drivers €m 9M 2019 13,373 9M 2020 9M 2019 Q3 2020 Q3 2019 Technical result 757 656 101 476 258 218 Foreign exchange –28 Non-technical result –69 –107 38 –179 –104 –75 Divestments/investments –103 thereof investment result 2,835 3,388 –552 807 1,15
Slide 10: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Combined ratio % Gross premiums written in 9M 2020 (9M 2019) €m ◼ Loss ratio ◼ Expense ratio Other Motor 2018 96.0 259 (224) 617 (593) 62.5 33.4 2019 92.3 60.3 32.0 9M 2020 92.2 61.6 30.6 Marine 182 (165) Q3 2020 90.9 61.9 29.0 TOTAL Fire/property €2,943m 585 (542
Slide 11: ERGO International
ERGO ERGO International Combined ratio % Gross premiums written in 9M 2020 (9M 2019) €m Property-casualty Life 95.4 95.2 1,985 (2,087) 470 (507) 94.5 95.0 94.8 91.8 92.5 TOTAL 90.1 €3,584m (€3,657m) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Health 2018 2019 2019 2019 2019 2020 2020 2020 1,129 (1,062) 9M 2020 P-C 9M 9
Slide 12: Reinsurance
Reinsurance 3 Image: John Lund Getty Images
Slide 13: Reinsurance – Life and Health
Reinsurance Reinsurance – Life and Health Gross premiums written €m Major result drivers €m 9M 2019 8,625 9M 2020 9M 2019 Q3 2020 Q3 2019 Technical result 31 322 –291 10 194 –184 Foreign exchange –33 Non-technical result 207 369 –162 110 103 7 Divestments/investments 0 thereof investment result
Slide 14: Reinsurance – Property-casualty
Reinsurance Reinsurance – Property-casualty Gross premiums written €m Major result drivers €m 9M 2019 16,920 9M 2020 9M 2019 Q3 2020 Q3 2019 Technical result –182 1,453 –1,635 –399 87 –486 Foreign exchange –17 Non-technical result 762 341 421 334 306 28 Divestments/investments 0 thereof investme
Slide 15: Reinsurance – Property-casualty combined ratio
Reinsurance Reinsurance – Property-casualty Combined ratio % ◼ Basic losses ◼ Major losses ◼ Expense ratio 2018 99.4 53.6 11.6 34.2 111.6 112.2 2019 100.2 51.4 15.2 33.6 105.1 103.9 106.0 97.3 9M 2020 106.1 54.8 21.0 30.3 99.9 Q3 2020 112.2 55.6 26.7 29.9 86.9 Major Reserve Normalised losses Nat cat
Slide 16: Outlook
Outlook 4 Image: Klaus Ohlenschläger / dpa Picture Alliance
Slide 17: Outlook 2020
Outlook 2020 Group Gross premiums written Net result Return on investment1 ~€54bn withdrawn ~3% ERGO Combined ratio Gross premiums written1 Net result1 P-C Germany1 International1 ~17.5bn ~€530m ~92% ~94% Reinsurance Combined ratio Technical result, incl. fee income Gross premiums written Net result
Slide 18: 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