19 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, May 12, 2026
Slide 1: Quarterly statement as at 31 March 2026
Yuichiro Chino / Getty Images Munich Re Group Quarterly statement as at 31 March 2026 12 May 2026 Andrew Buchanan (CFO)
Slide 2: Agenda
Quarterly Statement as at 31 March 2026 Agenda 01 02 03 04 05 Munich Re ERGO Reinsurance Outlook Quarterly Statement as at 31 March 2026 12 May 2026 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Financial highlights Q1 2026
Munich Re – Financial highlights Q1 2026 Strong underlying performance across all business segments supported by benign major losses Net result Total technical result Net financial result Operating result €m €m €m €m 2,676 2,230 1,714 2,054 1,465 1,094 139 –95 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026
Slide 5: Capital position
Munich Re – Financial highlights Q1 2026 Capital position Equity Capitalisation €m €bn Equity 31.12.2025 33,421 11.8% 11.6% 10.8% Senior debt Net result 1,714 9.2% 0.0 Changes 0.3 0.0 Subordinated debt 0.3 7.4 7.5 Dividend 0 6.3 CSM (after tax) 4.7 Share buy-backs –517 21.1 22.4 22.9 19.2 Equity Unr
Slide 6: Investments
Munich Re – Investments Investments Q1 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) €238bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result Q1 Q1 €m 2026 Return1 2025 Return1 Regular income 1,979 3.5% 2,090 3.5% Write-ups/write-downs –35 –0.1% –39 –0.1% Change in expected credit loss (ECL) –45 –0.1% 4 0.0% Disposal gains/losses –6 0.0% –40 –0.1% Fair-value change –25 0.0% –527 –0.9% Other income
Slide 8: ERGO
es r <i 7 fariStockphotaiGettylimages “oi eee2ee2ees e e ese6¢ Pere ceccesceceseece Md é eeecees — °* @ = @e@ceee6 4 e ) e ¢e 3 “ee
Slide 9: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Increase in total technical result driven Total technical result in particular by improvements in short-term €m messages health and travel business ▪ L&H: CSM release in life and long-term health stable at €210m; strong result ▪ P&C: Good total technical result and 425 3
Slide 10: ERGO International
ERGO ERGO International Key ▪ Overall solid net result of €78m, driven by Total technical result good operating performance – prior-year €m messages quarter supported by extraordinarily high ▪ Good combined ratios in major markets in Q1 – overall combined ratio at 89.5% contribution from joint ventu
Slide 11: Reinsurance
03 Reinsurance Source: Munich Re
Slide 12: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Solid new business CSM Total technical result ▪ Small positive experience adjustments on €m messages ▪ Insurance service result supported by in-force business positive experience and high new 608 ▪ Total technical result above pro-rata guidance 500 busin
Slide 13: P&C reinsurance
Reinsurance P&C reinsurance ▪ Revenue decline vs. Q1 2025 driven Total technical result ▪ Major losses of 3.5% in Q1 much Key lower than expectation due to benign by currency and renewal effects €m messages nat cat activity – no new major losses ▪ Combined ratio of 66.8% benefits from above €100m 1,
Slide 14: April renewals
Reinsurance April renewals Price Renewals 2022–2025 April Still healthy margins and good portfolio % quality due to rigorous cycle management change1 renewals 2026 3.1 ▪ Competition still mainly on price – portfolio resilience 0.5 largely maintained (terms and conditions as well 0.2 –1.2 as structur
Slide 15: Global Specialty Insurance
Reinsurance Global Specialty Insurance ▪ Revenue decline compared to Q1 2025 due Total technical result ▪ Benign loss experience despite Key US Winter Storm to USD depreciation €m messages ▪ Expense ratio lower than expectation ▪ Strong combined ratio of 83.7% in Q1 2026 due to lower acquisition cos
Slide 16: Outlook
04 Outlook Source: Munich Re
Slide 17: Outlook 2026
Outlook 2026 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 Combined ratio Total technical result P&C G
Slide 18: Q&A
Q&A Quarterly statement as at 31 March 2026 12 May 2026
Slide 19: 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