99 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Feb 26, 2025
Slide 1: Analysts' and Investors' Call 2025
Yuichiro Chino / Getty Images Munich Re Group Analysts’ and Investors’ Call 2025 26 February 2025 Please note: Presentation based on 2024 preliminary figures
Slide 2: Agenda
Analysts’ and Investors’ Call 2024 Agenda 01 02 03 Munich Re Group finance and risk Additional information Analysts’ and Investors’ Call 2024 26 February 2025 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Highlights 2024
Highlights 2024 Financial performance Capital repatriation Exceeding guidance for the fourth time ▪ DPS lifted to €201 (+33%) in a row with a net result of €5.7bn – ▪ Share buy-back increased to €2bn2 strong underlying performance across (+€0.5bn) all segments Resilience Market outlook Diversificati
Slide 5: Ambition 2025
Ambition 2025 % RoE improvement % DPS growth Profitability well above 33.3 Shareholders participate in 18.2 cost of capital growing earnings 15.8 12.6 13.5 15.2 12.2 8.8 14–16% ≥5% 2021 2022 2023 2024 2021 2022 2023 20243 % EPS growth % Solvency II 287 26.3 Profitable expansion 260 267 Well above op
Slide 6: Ambition 2025
Ambition 2025 – ILLUSTRATION – 1 2 3 Underwriting Investments Capital 18.2% 11.9% ROE 2020 Accounting change Business Margin Investment Capital generation ROE 2024 normalised to IFRS 9/17 growth improvement result and management Seizing business opportunities in an Active investment High capital ret
Slide 7: New reporting segmentation from 2025
New reporting segmentation from 2025 Reinsurance ERGO P-C L&H L&H Germany P-C Germany International P&C GSI L&H Germany International Already >30% ~70% of ~30% of of revenues revenues revenues within P&C within ERGO within ERGO Less cyclical and less volatile business segments Analysts’ and Investor
Slide 8: Global Specialty Insurance
Global Specialty Insurance Growing commercial insurer with emphasis on small and mid- market in North America MR Specialty North America Key focus areas ▪ Grow share in existing specialty products Leveraging engineering, Unified specialty insurance unit, Strong footprint in ▪ Add additional specialt
Slide 9: Global Specialty Insurance
Global Specialty Insurance Insurance revenue CAGR Outlook 2025 €bn 11.5% ~10 Strong growth expected to continue 8.8 Strong organic growth 8.0 7.2 across all units, taking advantage of attractive market opportunities 2022 2023 2024 2025e Combined ratio 92.5 93.6 Outlook 2025 85.4 ~90% % Rates general
Slide 10: Global Specialty Insurance Outlook 2025
Global Specialty Insurance Outlook 2025 American Discipline in risk selection and pricing in response to elevated weather-related Modern loss potential – underwriting actions taken in 2024 will earn through in 2025 Delivery of exceptional customer service plus further innovative solutions HSB facili
Slide 11: P&C reinsurance
P&C reinsurance Price Renewals 2021–2024 January Ensuring profitability and portfolio quality % by means of disciplined underwriting change1 3.1 renewals 20252 2.3 ▪ Good renewal in a very attractive market environment; pricing improvements of past years largely sustained 0.5 0.2 ▪ Portfolio quality
Slide 12: P&C reinsurance
P&C reinsurance Volume change Property XL % Leveraging our strong balance sheet in a healthy market environment and benefiting from good client relationships, but also 15 relinquishing business where appropriate 10 Casualty motor proportional Casualty motor proportional Growth by participating in ra
Slide 13: L&H reinsurance
L&H reinsurance Total technical result1 €bn Exceptionally strong growth in 2024 – new New 2.1 business expected to continue to outgrow business portfolio run-off Stock of CSM increased to ~€14.5bn, Reliable 1.4 facilitating high sustainable annual earnings earnings contribution 0.9 Risk-transfer Str
Slide 14: ERGO Germany
ERGO Germany ERGO Germany Profitable growth in Life & Health and P&C Insurance revenue Net result ▪ Ongoing top-line growth driven by established hybrid-customer sales model €bn €m and award-winning products (e.g., dental, term life) 14.5 14.8 ▪ Sustainable profitability achieved by strong underwrit
Slide 15: ERGO International
ERGO International Net result GWP CAGR €m €bn % 2022–2024 International Europe1 Strengthening leading position in major markets ▪ Profitable growth driven in part by Poland P&C and Belgium Health 6.4 9 5.4 5.9 7 ▪ Promising development in M&A activities in Baltics P&C and Nordics Health ▪ Price adju
Slide 16: Investment result
Investment result Beneficial market environment Active investment management Fixed-income portfolio yield benefits from higher interest rates Indicative return contribution to Group RoI (bps) 30 4.4% Reinvestment yield 20 2.2% Running 10 3.4% yield 0 1.5% -10 2020 2021 2022 2023 2024 2020 2021 2022
Slide 17: Capital repatriation
Capital repatriation Dividends vs. share buy-backs Total payout1 ▪ Capital repatriation well-funded by high 2015–2024 amount of German GAAP distributable earnings and sound solvency position DPS 20.0 € ▪ Around 85% of IFRS net earnings paid out to shareholders over the last 10 years Dividends ▪ Prop
Slide 18: Non-financial targets – Decarbonisation
Non-financial targets – Decarbonisation Ambition Achievements GHG emission reduction1 2025 in 2024 Total –25 to –29% –55% Assets2 Financed GHG Thermal coal –35% –54% emmissions3 Oil and gas –25% –56% Thermal coal –35% Thermal coal mining –56% Liabilities4 Insurance-related Coal-fired power plants –4
Slide 19: Non-financial targets – Gender Ambition
Non-financial targets – Gender Ambition Share of women at management level Achievements in 2024 Munich Re Group representation remained 40% Growth stable at 39.5% in 2024 38.5 39.5 39.5 37.8 35.1 Representation of women in talent Talent programmes has increased from 48.4% in 2023 to 48.8% in 2024 Di
Slide 20: Our commitment to success
Our commitment to success TSR 1.1.2021 – 31.12.20241 % 147.3 Strong balance sheet – 134.8 deploying substantial capital in 124.8 Growth an attractive market, but 111.6 prepared to manage the cycle 104.4 80.0 77.8 Leveraging diversification, Profitability superior underwriting and active investment m
Slide 21: 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 Germany International ~€22bn ~€0.9bn ~89% ~90% Reinsurance Insurance revenue Net result Combined ratio Combined ratio Total technical result P&C G
Slide 22: Group finance and risk
02 Group finance and risk Source: Munich Re
Slide 23: Financial results 2024
Group finance and risk Financial results 2024 IFRS net result ▪ Very pleasing underwriting performance across all segments contributes to net result above guidance €5.7bn ▪ Better-than-expected investment result (RoI: 3.1%) includes deliberate (€4.6bn) fixed-income disposal losses in favour of futur
Slide 24: Financial results Q4 2024
Group finance and risk Financial results Q4 2024 IFRS Net result Reinsurance: €887m ERGO: €92m Property & casualty Benign major losses; L&H Germany Net result below quarterly €979m Combined ratio: 83.5% elevated normalised CR Total technical result: run rate Major-loss ratio: 9.7% reflects additiona
Slide 25: Investment result
Group finance and risk Investment result IFRS 2024 Regular income % Increase driven by higher 3.5 –0.2 0.0 –0.4 0.5 –0.3 interest rates and active portfolio 3.1 management Disposal gains/losses Accepting losses on fixed- income investments (Reinsurance ~€760m, ERGO ~€340m) to accelerate trajectory o
Slide 26: ERGO – IFRS key financials 2024
Group finance and risk ERGO – IFRS key financials 2024 IFRS ERGO L&H Germany P&C Germany International Insurance €20.8bn €10.1bn (€9.9bn) €4.7bn (€4.5bn) €6.0bn (€5.6bn) revenue (€20.1bn) Continued growth in long- and short-term health (e.g., dental cover) as well as travel Growth driven by fire/pro
Slide 27: Reinsurance – IFRS key financials 2024
Group finance and risk Reinsurance – IFRS key financials 2024 IFRS Reinsurance P&C reinsurance L&H reinsurance Insurance €40.1bn €28.3bn (€27.1bn) €11.8bn (€10.7bn) revenue (€37.8bn) Core P&C: Taking advantage of attractive market conditions; Global Specialty Insurance: significant growth across all
Slide 28: Global Specialty Insurance – IFRS key financials 2024
Group finance and risk Global Specialty Insurance – IFRS key financials 2024 IFRS American MR Specialty MR Specialty Modern HSB North America Global Markets Insurance revenue Strong organic growth, Ongoing strong top- Low single-digit top- Ongoing growth driven Opportunistic growth €bn taking advant
Slide 29: Well established reserve prudency protects balance sheet against unexpected developments
Group finance and risk Well established reserve prudency protects balance sheet against unexpected developments IFRS Managing industry Munich Re Ongoing reserve hot spots measures releases1 US liability Reserve position further strengthened as prudent 5.0 5.0% High litigation and social inflation tr
Slide 30: Outlook 2025
Group finance and risk Outlook 2025 IFRS Reinsurance ERGO P-C L&H L&H Germany P&C Germany International P&C GSI L&H Germany International P&C RI GSI L&H RI Germany International Combined ratio ~79% ~90% Total technical P&C ~€1.7bn ~89%3 ~90% Major-loss ratio1 ~16–17% result2 Combined ratio Reserve r
Slide 31: Solvency II ratio
Group finance and risk Solvency II ratio Economic Development of the Solvency II ratio SII sensitivities % % 287 290 299 260 267 283 282 282 275 227 254 220 208 Optimal range 175 Interest rates Equity markets Spread GOV Spread CORP Atlantic +/-50bps1 +/-30% +50bps +50bps Hurricane 2 2020 2021 2022 2
Slide 32: Risk profile
Group finance and risk Risk profile Economic Well-balanced risk profile: SCR composition of investment and insurance risks % 38 39 40 Investment risks 49 46 Increase driven by capital market effects as well as a modest active exposure build-up Diversification benefit between risk categories Insuranc
Slide 33: SCR development
Group finance and risk SCR development Economic Total SCR (incl. diversification) €bn Market Credit 18.9 ▪ Market 18.0 Exposure increase driven by positive capital market 9.5 8.3 developments and a moderate Investment expansion of investment risk-taking 4.1 4.3 risks ▪ Credit Modest exposure reducti
Slide 34: German GAAP (HGB) result 2024
Group finance and risk German GAAP (HGB) result 2024 Capital €bn Average 2015–2024 –1.4 –0.8 2.9 5.3 HGB result 2023 €3.9bn Underwriting Strong underwriting result, lower release –0.3 4.8 9.1 result of equalisation provision 7.7 –2.0 Investment result benefits from dividend Investment +2.4 upstream
Slide 35: Additional information
03 Additional information Source: Munich Re
Slide 36: Segment income statement 2024
Additional information Segment income statement 2024 Life and health Property-casualty ERGO ERGO ERGO Total €m reinsurance reinsurance L&H Germany P&C Germany International 2024 Insurance revenue from insurance contracts issued 11,767 28,267 10,090 4,661 6,045 60,830 Insurance service result 1,408 4
Slide 37: Segment income statement Q4 2024
Additional information Segment income statement Q4 2024 Life and health Property-casualty ERGO ERGO ERGO Total €m reinsurance reinsurance L&H Germany P&C Germany International Q4 2024 Insurance revenue from insurance contracts issued 2,843 7,234 2,570 1,132 1,540 15,320 Insurance service result 237
Slide 38: Actual vs. analysts' consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q4 2024 Consensus Delta €m Q4 2024 Consensus Impact2 Life and health reinsurance 354 472 –118 Total technical result 472 405 67 Property-casualty reinsur
Slide 39: Capital position
Additional information Capital position Equity Capitalisation €m €bn 11.1% 10.9% Equity 31.12.2023 29,772 Change in Q4 10.0% 9.2% Senior debt Net result 5,671 979 Changes Subordinated debt 0.2 0.3 0.3 Dividend –2,006 0 0.3 6.2 6.3 CSM (after tax) 4.7 Share buy-backs –1,437 –212 4.7 20.4 21.1 Equity
Slide 40: Return on equity
Additional information Return on equity €m Reinsurance ERGO Munich Re Group 31.12. 30.9. 31.12. 31.12. 30.9. 31.12. 31.12. 30.9. 31.12. 2024 2024 2023 2024 20241 20231 2024 20241 20231 Adjusted equity 27,587 26,870 25,231 4,762 4,731 4,827 32,349 31,601 30,059 Q4 2024 average adjusted equity 27,228
Slide 41: Revenue development
Additional information Revenue development 2024 Insurance revenue (gross) Segmental breakdown €m €bn Revenue Share Life & Health reinsurance 11.8 19 % 2023 57,884 P&C reinsurance 28.3 46 % Total ERGO Life & Health Germany 10.1 17 % €60.8bn Foreign ERGO P&C Germany 4.7 8% 34 exchange ERGO Internation
Slide 42: Total comprehensive income
Additional information Total comprehensive income Q4 2024 Reinsurance ERGO ERGO ERGO Munich Re €m Total L&H Germany P&C Germany International Q4 2024 Total comprehensive income 1,509 –10 –15 67 1,552 Thereof net result 887 3 22 67 979 Thereof change in OCI (after tax) 622 –13 –37 1 573 Thereof from
Slide 43: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment 31.12.2024 vs. vs. €m CSM 31.12.2023 (%) Risk adjustment 31.12.2023 (%) Life and health reinsurance 14,455 17.8% 3,605 3.6% Property-casualty reinsurance 272 210.9% 408 2.5% ERGO L&H Germany 9,562 –0.1% 647 20.1% ERGO P&C Germany 382 –0.7
Slide 44: Loss component by segment
Additional information Loss component by segment 31.12.2024 vs. €m Loss component 31.12.2023 (%) Life and health reinsurance 243 9.0% Property-casualty reinsurance 588 2.4% ERGO L&H Germany 19 –3.3% ERGO P&C Germany 115 –40.1% ERGO International 266 –4.5% Total 1,230 –4.4% Net of reinsurance. Anal
Slide 45: Actual basic losses consistently below actuarial expectations
Additional information Actual basic losses consistently below actuarial expectations Overall AvE1 development in FY 2024 even more favourable than in FY 2023 Reinsurance group – Comparison of incremental expected losses with actual reported losses 2 €m Actuals below expectation for almost all exposu
Slide 46: Another high positive run-off result, despite cautious reaction to US liability
Additional information Another high positive run-off result, despite cautious reaction to US liability Ultimate losses1 – Favourable actual vs. expected comparison facilitates ultimate reductions for prior years €m Accident year (AY) ≤2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total 31.1
Slide 47: Response to benign emergence of basic losses in line with considered judgment
Additional information Response to benign emergence of basic losses in line with considered judgment Property ▪ Clearly favourable indications across all lines, inflation having moderated Favourable loss development ▪ Short-tail lines develop relatively quickly, benefit the most from rate increases
Slide 48: P&C reinsurance liability for incurred claims
Additional information P&C reinsurance liability for incurred claims By line of business % Liability 38 (37) Engineering 5 (5) Fire and other property 23 (22) Credit and surety 3 (2) Motor 18 (18) Accident 1 (1) Total €67.3bn Marine, aviation, space 6 (6) Other classes of business1 8 (8) Net values
Slide 49: Asbestos and environmental survival ratio
Additional information Asbestos and environmental survival ratio Net definitive as at 31 December 20241 €m Asbestos Environmental A&E total Paid 3,909 1,242 5,151 Case reserves 470 161 631 IBNR 530 202 732 Total reserves 1,000 363 1,363 3-year average annual paid losses 65 43 108 Survival ratio 3-ye
Slide 50: Net financial result
Additional information – Investments Net financial result ▪ Investment result benefitting in Q4 2024 Q4 Q4 from positive fair value changes €m 2024 2023 2024 2023 ▪ Currency result positively impacted by Investment result 1,467 2,405 7,191 5,374 strong USD in Q4 2024 Currency result 453 –499 175 –29
Slide 51: Investment result
Additional information – Investments Investment result €m Q4 2024 Return1 2024 Return1 2023 Return1 Regular income 2,023 3.5% 8,137 3.5% 6,950 3.2% Write-ups/write-downs –107 –0.2% –355 –0.2% –194 –0.1% Change in expected credit loss (ECL) 35 0.1% 45 0.0% –47 0.0% Disposal gains/losses –670 –1.1% –9
Slide 52: Return on investment by asset class and segment
Additional information – Investments Return on investment by asset class and segment 2024 Regular Write-ups/-downs, Disposal Fair value Other ᴓ Market %1 income change in ECL result change inc./exp. RoI value (€m) Fixed income 3.4 0.0 –0.6 –0.1 0.0 2.8 184,950 Equities 2.9 0.0 0.0 8.4 0.0 11.3 11,30
Slide 53: Investment portfolio
Additional information – Investments Investment portfolio Investment portfolio1 3-month reinvestment yield % Government/Semi-government bonds2 32 (33) 4.7% 4.6% Covered bonds/Mortgage loans 13 (15) 4.3% 4.2% Total Corporate bonds 16 (14) €246bn Emerging market government bonds 5 (5) ABS/MBS 3 (3) Al
Slide 54: Investment portfolio (economic view) – Government bonds
Additional information – Investments Investment portfolio (economic view) Government/Semi-government bonds Rating structure Regional breakdown % % Policyholder participation Total AAA 29 (31) BB 0 (0) Without With 31.12.2024 31.12.2023 AA 56 (55) NR 1 (1) US 22 2 24 25 Total A 10 (8) Germany 3 17 20
Slide 55: Investment portfolio (economic view) – Covered bonds/Mortgage loans
Additional information – Investments Investment portfolio (economic view) Covered bonds/Mortgage loans Rating structure covered bonds Regional breakdown % % 31.12.2024 31.12.2023 Germany 49 48 AAA 89 (76) BBB 0 (0) France 15 14 AA 10 (23) NR 0 (1) UK 7 7 Total Netherlands 5 6 A 0 (1) Norway 3 3 €24b
Slide 56: Investment portfolio (economic view) – Corporate bonds
Additional information – Investments Investment portfolio (economic view) Corporate bonds (including bank bonds) Rating structure covered bonds Sector breakdown % % 31.12.2024 31.12.2023 Banks 24 25 AAA 4 (4) BB 9 (9) Utilities 12 12 AA 8 (8) B and lower 4 (4) Financial services 9 9 Total Industrial
Slide 57: Investment portfolio (economic view) – Emerging markets government bonds
Additional information – Investments Investment portfolio (economic view) Emerging markets government bonds Rating structure Regional breakdown % % Policyholder participation Total AA 1 (1) BB 20 (17) Without With 31.12.2024 31.12.2023 A 40 (44) B and lower 2 (2) Poland 18 8 25 27 Total BBB 37 (36)
Slide 58: Investment portfolio (economic view) – ABS/MBS
Additional information – Investments Investment portfolio (economic view) ABS/MBS Rating structure Regional breakdown % % 31.12.2024 31.12.2023 AAA 31 (43) BBB 0 (1) Europe 53 54 AA 62 (50) NR 0 (1) US 38 33 Total A 6 (5) €8bn Rest of world 8 12 Maturity structure Portfolio composition % % 0–1 years
Slide 59: Investment portfolio (economic view) – Alternative investments
Additional information – Investments Investment portfolio (economic view) Alternative investments Alternative investments1 % 31.12.2024 31.12.2023 Real estate2 – Regional breakdown (%) Germany 65 69 US 15 11 Real estate 40 (42) Netherlands 5 5 Total France 3 3 €41bn Illiquids equity 40 (36) UK 2 2 O
Slide 60: Investment portfolio (economic view) – Equities
Additional information – Investments Investment portfolio (economic view) Equities Total equities €9bn 31.12.2024 31.12.2023 Regional breakdown (%) US 26 15 Germany 24 23 4.6 Switzerland 9 11 UK 8 14 4.0 3.9 3.9 France 8 7 3.6 Other 25 30 Sector breakdown (%) 3.7 Technology 14 13 2.9 3.0 2.9 Industr
Slide 61: Breakdown of SCR
Additional information: Group finance and risk – Risk management Breakdown of SCR Increase driven by strong US dollar and higher investment exposure SCR by risk category €bn Group RI ERGO Div. 2023 2024 Delta 2024 2024 2024 Slight increase due to strong USD, partly offset by decreased nat Property-c
Slide 62: Property-casualty risk
Additional information: Group finance and risk – Risk management Property-casualty risk Very well-diversified portfolio maintains excellent risk-bearing capacity Top scenario exposures of the Group (net of retrocession) – AggVaR1 €bn €bn 2024 2023 10 Top exposures 5.9 Basic losses 6.2 9 1 Atlantic H
Slide 63: Property-casualty: Retrocession
Additional information: Group finance and risk – Retrocession Property-casualty: Retrocession Successful placements in a challenging, but orderly market Retrocession – Maximum in-force protection per nat cat scenario1 Munich Re key channels €m 1,500 Traditional retrocession ▪ Munich Re placement ben
Slide 64: Property-casualty: Retrocession
Additional information: Group finance and risk – Retrocession Property-casualty: Retrocession Nat cat protection before reinstatement premiums €m 1,500 1,000 500 US Windstorm US Windstorm US EU Japan EQ Australia Northeast Southeast Earthquake Windstorm Earthquake Index-based products Sidecars Indem
Slide 65: Life and health risk – VaR
Additional information: Group finance and risk – Risk management Life and health risk – VaR1 €bn ▪ Increase in total SCR mainly due to business growth in 2.1 longevity and mortality Longevity 1.6 ▪ Capital market effects from higher interest rates 5.7 (depressed present values) Mortality 5.2 and str
Slide 66: Market risk
Additional information: Group finance and risk – Risk management Market risk SCR by risk category Group RI ERGO Div. €bn 2023 2024 2024 2024 2024 Equity 4.6 5.3 3.7 1.7 –0.2 Increased exposure due to higher equity prices and acquisitions Interest rate 3.7 4.2 2.8 2.1 –0.7 Increased duration position
Slide 67: Market risk
Additional information: Group finance and risk – Risk management Market risk Asset-liability mismatch Portfolio duration1 DV01 development Assets Liabilities €m Reinsurance 3.5 (4.7) 3.4 (4.5) Reinsurance 60 40 ERGO 7.7 (7.8) 7.0 (7.1) Net 20 DV01 Munich Re 5.9 (6.5) 5.8 (6.2) 0 2016 2017 2018 2019
Slide 68: Sensitivities of Solvency II ratio
Additional information: Group finance and risk – Risk management Sensitivities of Solvency II ratio Ratio as at 31.12.2024 287 Interest rate +50bps1 290 Interest rate –50bps1 283 Spread +50bps GOV 282 Spread +50bps CORP 282 Equity markets +30% 299 Equity markets –30% 275 FX –20% 278 Inflation +100bp
Slide 69: Preliminary Solvency II ratios
Additional information: Group finance and risk – Risk management Preliminary Solvency II ratios Munich Re and solo entities Internal model EOF SCR S-II Ratio S-II Ratio €bn (without TM) (without TM) (without TM) (including TM) Munich Re 54.3 18.9 287% 289% Munich Reinsurance Company 55.6 18.9 294% 2
Slide 70: ERGO Life and Health Germany
Additional information: ERGO ERGO Life and Health Germany Insurance revenue Total technical result Contractual service margin2 €m €m 2023 9,942 1,024 898 9,562 9,789 9,568 Foreign exchange 10 Divestments/investments –85 163 205 Organic change 223 Q4 Q4 2024 2023 31.12. 30.9. 31.12. 2024 10,090 2024
Slide 71: ERGO Life and Health Germany
Additional information: ERGO ERGO Life and Health Germany ▪ Full-year CSM release of ~7.4% Total technical result Q4 broadly in line with expectations €m 2024 2024 ▪ Disproportionately low CSM release Release of CSM 166 768 of ~1.7% in Q4 due to year-to-date effect on lower CSM Release of risk adjus
Slide 72: ERGO Life and Health Germany – CSM/RA
Additional information: ERGO ERGO Life and Health Germany – CSM/RA CSM €m CSM1 RA1 ▪ Stable stock of CSM vs. PY, decrease vs. end of Q3 driven by lower interest CSM/RA 31.12.2023 9,568 539 rates (EIOPA rate curve) ▪ New contracts added in life new book New contracts and long-term health above prior
Slide 73: ERGO Property-casualty Germany
Additional information: ERGO ERGO Property-casualty Germany Insurance revenue Total technical result Combined ratio €m €m % 2023 4,539 491 495 98.5 97.5 89.2 88.9 Foreign exchange 8 Divestments/investments 0 Organic change 114 16 29 Q4 Q4 2024 2023 Q4 Q4 2024 2023 2024 4,661 2024 2023 2024 2023 Inve
Slide 74: ERGO Property-casualty Germany
Additional information: ERGO ERGO Property-casualty Germany Insurance revenue (gross) in 2024 (2023) Combined ratio €m % 2023 59.1 29.9 88.9 Total 2024 60.3 29.0 89.2 € 4,661 m (€4,539m) Q4 2024 61.4 37.1 98.5 Loss ratio Expense ratio Fire/property 1,295 Legal protection 441 97.5 98.5 Motor 885 Mari
Slide 75: ERGO International
Additional information: ERGO ERGO International Insurance revenue Total technical result Contractual service margin2 €m €m €m 2023 5,618 596 625 2,884 2,879 2,831 Foreign exchange 112 Divestments/investments –153 160 154 Organic change 469 Q4 Q4 2024 2023 31.12. 30.9. 31.12. 2024 6,045 2024 2023 202
Slide 76: ERGO International
Additional information: ERGO ERGO International Property- Combined ratio % casualty1 91.9 88.8 99.9 99.2 86.9 93.9 96.4 74.2 96.1 95.4 91.7 90.3 88.1 87.9 89.5 89.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 Poland Legal Thailand Baltics Greece Austria Spain 2023 2023 2023 2023 2024 2024 2024 2024 protection Life
Slide 77: ERGO International – Insurance revenue (gross)
Additional information: ERGO ERGO International – Insurance revenue (gross) 2024 Property-casualty Life and health 2024 Life 2024 Poland 2,165 Austria 152 Legal protection 472 Poland 117 Thailand 303 Belgium 102 Total Total Baltic states 290 Baltic states 54 3,795m € €2,249m Greece 273 Total 426 Aus
Slide 78: Overweight in North America and traditional mortality risk
Additional information: Life and health reinsurance Overweight in North America and traditional mortality risk Present value of USA 80 20 40% future claims UK/Ireland 10 10 80 20% Canada 80 20 15% Continental Europe 55 45 10% Mortality 60% Morbidity 25% Asia/MENA 40 60 10% Longevity 15% Australia 20
Slide 79: Life and health reinsurance
Additional information: Life and health reinsurance Life and health reinsurance Insurance revenue Total technical result Contractual service margin2 €m €m €m 2023 10,725 2,104 14,455 13,511 12,275 Foreign exchange 8 1,433 Divestments/investments 0 472 349 Organic change 1,034 Q4 Q4 2024 2023 31.12.
Slide 80: Life and health reinsurance
Additional information: Life and health reinsurance Life and health reinsurance ▪ Release of CSM and RA in line with Total technical result Q4 expectation, supported by very strong €m 2024 2024 new business Release of CSM 262 1,032 ▪ Positive experience adjustments on aggregate, including US mortali
Slide 81: Life and health reinsurance – CSM/RA
Additional information: Life and health reinsurance Life and health reinsurance – CSM/RA CSM €m CSM1 RA1 ▪ Pleasing growth driven by high new business contribution, including CSM/RA 31.12.2023 12,275 3,480 large transactions in North America ▪ Operating changes include uplift from New contracts para
Slide 82: Biometric risk solutions
Additional information: Life and health reinsurance Biometric risk solutions Strong foundation supplemented by promising business opportunities Insurance revenue €m +10.0% 11,512 Portfolio Outlook 10,468 ▪ Leading footprint in all major markets ▪ Maintain our underwriting and pricing discipline ▪ St
Slide 83: Biometric risk solutions
Additional information: Life and health reinsurance Biometric risk solutions Expansion of longevity business – new products in financial markets Longevity Financial markets Successful growth path – Comprehensive market risk solutions maintaining prudent underwriting approach for the financial servic
Slide 84: Financially motivated reinsurance
Additional information: Life and health reinsurance Financially motivated reinsurance Strong demand prevails Insurance revenue €m –0.7% 255 257 Portfolio Outlook ▪ Well diversified portfolio in terms of regions ▪ Demand expected to remain high and products ▪ Success depends on ability to structure ▪
Slide 85: Property-casualty reinsurance
Additional information: Property-casualty reinsurance Property-casualty reinsurance Insurance revenue Total technical result Combined ratio €m €m % 2023 27,061 4,830 3,968 91.6 82.4 83.5 85.2 Foreign exchange –104 Divestments/investments 0 1,151 619 Organic change 1,309 Q4 Q4 2024 2023 Q4 Q4 2024 20
Slide 86: Property-casualty reinsurance
Additional information: Property-casualty reinsurance Property-casualty reinsurance Insurance revenue Q4 FY Ø Annual €m 2024 2024 expectation 2023 57.3 12.6 15.4 85.2 Change in loss component 1.1 0.0 ~0.0 FY 2024 52.1 14.3 15.9 82.4 Major losses1 9.7 14.3 ~14.0 Q4 2024 56.7 9.7 17.1 83.5 Basic losse
Slide 87: January renewals
Additional information: Property-casualty reinsurance January renewals Total property-casualty book1 Regional allocation of January renewals % % Europe 38 Asia/Pacific/Africa 16 North America 24 Latin America 4 Total Worldwide 17 Total €15.9bn €26bn Nat cat shares of renewable portfolio2 % January r
Slide 88: January renewals
Additional information: Property-casualty reinsurance January renewals Selective growth and portfolio optimisation % 100.0 –8.6 91.4 +1.0 +5.2 97.6 €m 15,941 –1,365 14,577 +151 +827 15,554 Change in premium –2.4% Thereof price movement1 –0.6% Thereof change in exposure for our share –1.8% Total rene
Slide 89: January renewals
Additional information: Property-casualty reinsurance January renewals Price and volume change in major lines of business Total Property Casualty Specialty lines Line of business Proportional XL Motor prop. Non-motor prop. XL Marine Credit Aviation Premium split1 €15.9bn 29% 12% 33% 15% 3% 3% 4% 1%
Slide 90: January renewals
Additional information: Property-casualty reinsurance January renewals Split by line of business and region Split by line of business 2025 52 40 3 41 % 2024 51 41 3 41 Casualty Property Marine Credit Aviation Split by region 16 15 21 4 2025 44 % 2024 38 17 16 24 4 Europe Worldwide Asia/Pacific/Afric
Slide 91: Positive outlook for upcoming renewals
Additional information: Property-casualty reinsurance Positive outlook for upcoming renewals Total P&C book1 Treaty business % January April July Total Total Total Total €26bn €15.6bn €2.6bn €3.5bn Rest of Asia/ January 60 Asia/Pacific/Africa North America Pacific/Africa North America Asia/Pacific/A
Slide 92: P&C reinsurance portfolio
Additional information: Property-casualty reinsurance P&C reinsurance portfolio % % Casualty Casualty motor 27 Facultative 14 Casualty ex motor 15 XL 18 Proportional 68 Property Total Total Nat cat XL 11 €26bn €26bn Property ex nat cat XL 31 Specialty Agro 7 Credit 5 Marine 3 Aviation 1 1 Ultimate p
Slide 93: US Casualty
Additional information: Property-casualty reinsurance US Casualty Portfolio quality and underwriting discipline remain strong Global traditional US traditional casualty book Risk appetite remains conservative, reflecting casualty book % continued vigilance around social and % economic inflation ▪ Ov
Slide 94: Cyber business: Clear focus on portfolio quality
Additional information: Property-casualty reinsurance Cyber business: Clear focus on portfolio quality Sustainable profitability based on a disciplined approach Gross premiums written ▪ Munich Re remains committed to a sustainable cyber US$ bn market with growth prospects (e.g., Europe); continued 2
Slide 95: Disclosure of Taxonomy-eligibility and -alignment
Additional information: Taxonomy disclosure Disclosure of Taxonomy-eligibility and -alignment Non-life insurance revenue1 100% 100% Assets within the scope of €38.8bn €159.9bn application of the taxonomy KPI2 Assets not used to assess ~57% taxonomy eligibility €91.0bn Non-EU and SME exposures + deri
Slide 96: Changes to shares in circulation
Additional information: Shareholder information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 31.12. Weighted average number of shares in circulation millions 2023 shares in 2024 shares in 2024 2024 millions 139.4 136.0 132.9 131.5 Shares in 134.6 –3.2 – 131.4 c
Slide 97: Financial calendar
Financial calendar 2025 Balance sheet media conference for 2024 financial statements Analysts’ and investors’ call Quarterly Statement Quarterly Statement as at 31 March 2025 as at 30 September 2025 26 February 13 May 11 November 30 April 8 August 11 December Half-Year Financial Report Annual Genera
Slide 98: For more information, please contact
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 Email: cfranziszi@munichre.com Ema
Slide 99: 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