28 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Feb 26, 2026
Slide 1: Balance sheet media conference for 2025 financial statements
Yuichiro Chino / Getty Images Munich Re Group Balance sheet media conference for 2025 financial statements 26 February 2026 Please note: Presentation based on 2025 preliminary figures
Slide 2: Balance sheet media conference
Balance sheet media conference 01 02 Munich Re Group finance and risk Balance sheet media conference 26 February 2026 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Ambition 2025 successfully accomplished …
Ambition 2025 successfully accomplished … Achievement Ambition 2021 2022 2023 2024 2025 2025 RoE1 12.6% 13.5% 15.8% 18.2% 18.3% 14–16% EPS growth2 5.1% 11.2% 19.4% 21.1% 18.8% ≥5% DPS growth3 12.2% 8.8% 15.2% 19.5% 19.6% ≥5% Solvency II ratio 227% 260% 267% 287% 298% 175–220% 2021–2025 1 Up to 2022,
Slide 5: … concluded with another record-breaking year
… concluded with another record-breaking year Financial performance Capital repatriation Exceeded net income guidance Dividend per share1 for the fifth consecutive year € +20% 24.0 Highly diversified business 20.0 +7.6% model is paying off 6.1 5.7 P&C reinsurance remains the P&C RI 3.3 main earnings
Slide 6: Well-balanced profile: Reinsurer and primary insurer at scale
Well-balanced profile: Reinsurer and primary insurer at scale Disciplined underwriting and strict portfolio management P&C reinsurance 01 safeguard still attractive profitability levels Shaping the portfolio to deliver robust and increasing Global Specialty Insurance 02 earnings in attractive specia
Slide 7: P&C reinsurance: January renewals
01 P&C reinsurance P&C reinsurance: January renewals Price Renewals 2022–2025 January Healthy margins and good portfolio quality change1 % renewals 2026 due to rigorous cycle management 3.1 ▪ Competition mainly on price – portfolio resilience 0.5 0.2 largely maintained (terms and conditions as well
Slide 8: P&C reinsurance: January renewals
01 P&C reinsurance P&C reinsurance: January renewals Volume change Property XL % Leveraging our strong capacity in a competitive but still healthy 5 market environment and benefiting from good partnerships, but also giving up business where appropriate Casualty proportional 0 Specialty Reduction in
Slide 9: Global Specialty Insurance
02 Global Specialty Insurance (GSI) Global Specialty Insurance Insurance revenue Strong, large and diverse portfolio of specialty lines of €bn Strength business, while GSI’s united specialty approach is 8.8 8.6 increasingly recognised by clients and brokers 8.0 7.2 Very good performance also on an u
Slide 10: Life and health reinsurance
03 L&H reinsurance Life and health reinsurance Total technical result1 €bn Pleasing development continues – New new business CSM exceeding release into business earnings and FX, growing the stock of CSM 1.9 1.7 Reliable Manage, protect and remain disciplined 1.4 through clearly defined risk appetite
Slide 11: ERGO Germany
04 ERGO ERGO Germany Top-line1 P&C: Focus on profitability 14.7 14.5 14.8 15.0 €bn 13.8 ▪ Strong top-line growth in recent years 3.9 4.2 4.5 4.7 4.7 ▪ Focus in the years 2024 and 2025 was on enhancing technical performance, e.g. motor insurance back to profitability 9.9 10.5 9.9 10.1 10.3 ▪ Combined
Slide 12: ERGO International
04 ERGO ERGO International Top-line1 6.6 Strengthened leading position in major markets €bn 5.6 6.0 5.3 5.4 ▪ Ongoing organic growth supplemented by acquisition of 4.2 Storebrand Helseforsikring AS and NEXT Insurance 2.9 3.0 3.5 3.8 ▪ Higher profitability driven by price adjustments, de-risking and
Slide 13: 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) 40 Reinvestment 4.1% yield 30 20 Running 2.1% 3.5% yield 10 0 1.5% –10 2021 2022 2023 2024 2025 2021 2022 20
Slide 14: Capital repatriation
Capital repatriation Dividends and share buy-backs Higher shareholder participation in €bn increasing earnings 9.0 Total payout ratio1 200% ▪ Capital repatriation well-funded by German GAAP distributable earnings and sound solvency position 87% 81% 87% 8.0 76% 76% 49% ▪ Dividend proposal of €24 per
Slide 15: Ambition 2025 successfully accomplished
Ambition 2025 successfully accomplished Gender Ambition Achievement GHG emission Ambition Achievements ambition 2025 in 2025 reduction1 20258 in 20258 Share of Total –25 to –29% –59% women at Investments2 40% 40.5% Financed GHG Thermal coal –35% –58% manage- emissions3 ment level Oil and gas –25% –7
Slide 16: 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 17: Ambition 2030 Outperform
Ambition 2030 Outperform RoE 2030 EPS growth1 Total payout ratio2 Solvency II ratio >18% >8% >80% >200% Industry-leading financial performance 1 CAGR 2025–2030. 2 Total payout ratio is defined as the sum of announced dividend and share buy-back divided by IFRS net result. Balance sheet media confere
Slide 18: Group finance and risk
02 Group finance and risk Source: Munich Re
Slide 19: Financial results 2025
Group finance and risk Financial results 2025 ▪ Net result above guidance: Very pleasing underlying performance across all IFRS net result segments, large losses below expectation compensating for FX losses €6.1bn ▪ Impact of declining topline compensated for by strong investment result (RoI: 3.2%)
Slide 20: Financial results Q4 2025
Group finance and risk Financial results Q4 2025 IFRS Net result Reinsurance: €824m ERGO: €121m P&C ▪ P&C: Prior and current year Germany ▪ Germany: CR in line €945m Combined ratio: Major-loss ratio: 85.3% 14.1% additional prudency of ~4pp each; discount benefit of Total technical result: €325m with
Slide 21: Investment result
Group finance and risk Investment result IFRS 2025 Regular income % Increase driven by higher 3.7 –0.1 0.0 –0.2 0.2 interest rates and active –0.3 3.2 portfolio management Disposal gains/losses Deliberate disposal losses on fixed-income investments (Reinsurance ~€0.8bn, ERGO ~€0.1bn) to support incr
Slide 22: ERGO – IFRS key financials 2025
Group finance and risk ERGO – IFRS key financials 2025 IFRS ERGO Germany International Insurance revenue €21.7bn €15.0bn (€14.8bn) €6.6bn (€6.0bn) (€20.8bn) Increase in L&H from life, short-term and long-term health Increase in L&H mainly from Belgium Health and full consolidation of as well as trav
Slide 23: Reinsurance – IFRS key financials 2025
Group finance and risk Reinsurance – IFRS key financials 2025 IFRS Reinsurance P&C GSI L&H Insurance revenue €38.7bn €17.9bn (€19.5bn) €8.6bn (€8.8bn) €12.2bn (€11.8bn) (€40.0bn) Decline due to the reduction of business Ongoing growth particularly at AMIG offset Organic growth in North America (larg
Slide 24: Robust and prudent reserving approach ensures resilient balance sheet
Group finance and risk Robust and prudent reserving approach ensures that the balance sheet remains resilient to unexpected developments IFRS Managing industry hot spots Munich Re measures US liability Reserve position further strengthened as prudent Prudent approach has allowed reaction to elevated
Slide 25: Solvency II ratio
Group finance and risk Solvency II ratio Economic Development of the Solvency II ratio SII sensitivities % % 310 298 301 287 260 267 295 295 295 285 227 267 220 Optimal range4 175 Interest rates Equity markets Spread GOV Spread CORP Atlantic +/–50bps 1 +/–30% +50bps +50bps Hurricane 2 2021 2022 2023
Slide 26: Risk profile
Group finance and risk Risk profile Economic Well-balanced risk profile: SCR composition of investment and insurance risks % 38 39 40 39 46 Investment risks Decrease largely driven by FX Diversification benefit between risk categories Insurance risks of >30% 62 Business growth in L&H 61 60 61 reinsu
Slide 27: German GAAP (HGB) result 2025
Group finance and risk German GAAP (HGB) result 2025 Capital €bn Average 2016–2025 –1.6 –0.9 3.2 6.0 HGB result 2024 €4.8bn Underwriting Strong underwriting result, including 5.5 10.2 +1.2 result release of equalisation provision 9.1 –2.6 Investment –1.1 Lower regular income –1.9 result Positive FX
Slide 28: 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