Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Munich Re — Investor Day (December 2025)
43 slides from Munchener Ruckversicherungs-gesellschaft's investor day presentation, Dec 11, 2025
Slide 1: Ambition 2030
Image: Munich Re Munich Re Group Ambition 2030 11 December 2025
Slide 2: Ambition 2030
Ambition 2030 CEO Perspective Group Finance Ambition 2030 • CEO Perspective 11 December 2025 2
Slide 3: Ambition 2030 CEO Perspective
Image: Munich Re Ambition 2030 CEO Perspective Joachim Wenning
Slide 4: Munich Re Ambition 2025 €6.0bn
Munich Re Ambition 2025 €6.0bn Scaled Shaped Succeeded €5.7bn €4.6bn €3.4bn €2.9bn Net result Ambition 2025 Outlook ✓ Scaled our core business ✓ Shaped the insurance value chain ✓ Succeeded for the benefit of €1.2bn our stakeholders Ambition 2030 • CEO Perspective 11 December 2025 4
Slide 5: We have overdelivered on all our targets
We have overdelivered on all our targets Group Achievement Ambition 2021 2022 2023 2024 Outlook 2025 2025 RoE1 12.6% 13.5% 15.8% 18.2% ~18% 14–16% EPS growth2 5.1% 11.2% 19.4% 21.1% ~18% ≥5% DPS growth3 12.2% 8.8% 15.2% 19.5% ≥15%4 ≥5% Solvency II ratio 227% 260% 267% 287% ~293%5 175–220% 2021–2025
Slide 6: Ambition 2025 lifted our results to new heights
Ambition 2025 lifted our results to new heights Underwriting Investments Capital ~18% 11.9% RoE 2020 Accounting change Underwriting Investment Capital Outlook normalised to IFRS 9/17 performance result generation & 2025 management Seizing business Active investment High capital return opportunities
Slide 7: Our highly consistent performance was fundamental for this success
Our highly consistent performance – extending several levels down the organisation – was fundamental for this success Group Reinsurance ERGO GIM MEAG GIM MEAG L&H P&C GSI Germany International Group Investment Asset Management Management Delivery on Ambition 2025 Ambition 2030 • CEO Perspective 11 D
Slide 8: Consequently, we rose to a top spot
Consequently, we rose to a top spot Total Shareholder Return of Munich Re and its peers %, 1 Jan. 2021 to 30 Nov. 2025 250 200 Munich Re 150 171% 100 50 0 2021 2022 2023 2024 2025 Peers: Allianz, AXA, Generali, Hannover Re, Scor, Swiss Re, Zurich. Source: Bloomberg Ambition 2030 • CEO Perspective 11
Slide 9: Strategic success drivers into 2025
Strategic success drivers into 2025 Highlights in Ambition 2025 period Selected KPIs 1. Underwriting excellence – grow if risk/return is attractive, otherwise shrink net result CAGR Performance 2. Cost competitiveness and excellence ~25pp outperformance vs. peer average1 over period focus 3. Increas
Slide 10: Our success benefits all stakeholders
Our success benefits all stakeholders Shareholders Clients & Intermediaries €7.7bn €5.5bn 63 94% Total dividend payments, Total share buy-backs, Reinsurance Rate ERGO “good” actuals 2021–20241 actuals 2021–20242 Net Promotor Score3 or higher4 2025 figures to be announced in February 2026 Employees C
Slide 11: Ambition 2030
Ambition 2030 Outpeak • Outpace • Outperform Ambition 2030 • CEO Perspective 11 December 2025 11 Image: Orlando Florin Rosu / Adobe Stock
Slide 12: Peak performance and a high pace needed to extend our leading position
Peak performance and a high pace needed to extend our leading position Take superior decisions in underwriting and investments Outpeak Attract, grow and retain the best talents Climbing higher Diversify portfolios for earnings resilience Outperform Reduce complexity Staying ahead of the competition
Slide 13: We will continue to grow earnings in the foreseeable macroeconomic environment
We will continue to grow earnings in the foreseeable macroeconomic environment Macroeconomic developments Interest rate development Global (re)insurance growth Dec. 2025 Primary insurance Reinsurance Dec. 2020 4.09 0.92 2.72 –0.56 7.2 6.2 4.7 4.8 5.2 3.6 4.0 4.2 US GER 2015 2020 2025 2030 2020–2025
Slide 14: Ambition 2030 is a holistic strategy for sustainable outperformance
Ambition 2030 is a holistic strategy aimed at generating sustainable outperformance for all stakeholders Fostering Financial Ensuring Increasing profitable growth Applying underwriting investment ambition & portfolio cost rigour excellence returns steering Ambition 2030 Capital management Optimising
Slide 15: Financial & capital management ambition: further improve profitability
Financial & capital management ambition We will further improve our profitability Major RoE drivers Underwriting Efficiency Investments Capital illustrative management ~18% >18% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251 growth e
Slide 16: Financial ambition: Ensuring delivery on committed profitability
Financial ambition Ensuring delivery on committed profitability Financial Fostering profitable Ensuring Applying Increasing growth & portfolio underwriting cost rigour investment ambition steering excellence returns Group-wide − Growing − Investing in − Setting clear cost- − Gradually taking more bu
Slide 17: Profitable growth at ERGO Germany and International
Profitable growth at ERGO Germany and International will yield a more diversified portfolio on a global scale Outlook Insurance revenue Germany (gross) €bn ‒ Sustained growth in P&C fostered by advanced pricing in retail and 26–30 operational excellence with new target operating model in commercial
Slide 18: Leverage our strengths and expand our core to deliver profitable growth
We will continue to leverage our strengths and expand our core to deliver profitable growth Outlook Insurance revenue P&C reinsurance (gross) ‒ Leveraging strong market position and flexible business model to deliver highest €bn profitability among peers over the cycle 48–57 ~39 ‒ Attractive portfol
Slide 19: Non-financial ambition: Group DEI and Climate Ambition 2030
Non-financial ambition Group DEI and Climate Ambition 2030 DEI Ambition Climate Ambition Investments (Re)insurance Own Operations We see DEI as a business 100% purchased Listed enterprises –12% emissions intensity Munich Re Facultative & Corporate Global imperative, helping us to electricity from re
Slide 20: Enabler: Highest execution excellence in all our activities
Enabler Highest execution excellence in all our activities Group-wide Implementing a Leveraging Building Driving functional enablers strategic HR agenda new technologies one IT excellence support future success of each field of business − Attract and retain the − Stay ahead by − One IT infrastructur
Slide 21: Strategic path: Reinsurer and primary insurer at scale
Strategic path: Reinsurer and primary insurer at scale Pre Beyond Ambition 2025 Ambition 2025 Ambition 2030 Ambition 2030 Superior cycle et and portfolio rk Capitalise on ma management hard market d ar H et k ar ft m So Manage the cycle Increasing earnings stability Decreasing reliance on P&C reinsu
Slide 22: Our commitment to Outperform
Our commitment to Outperform 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. Ambition 203
Slide 23: Ambition 2030 Group Finance
Image: Munich Re Ambition 2030 Group Finance Christoph Jurecka
Slide 24: New ambitious financial targets linked to boosting total shareholder return
Munich Re has set new, ambitious financial targets that are directly linked to boosting total shareholder return Major TSR drivers Ambition 2030 Expected RoE Key elements of RoE 2030 >18% Ambition 2030 ‒ Profitable business expansion remains key, although most likely not at the same Expected EPS EPS
Slide 25: Maintaining high level of RoE through execution across all four dimensions
Maintaining high level of RoE through execution across all four dimensions Major RoE drivers 1 2 3 4 illustrative Underwriting Efficiency Investments Capital management ~18% >18% 14–16% Ambition Outlook Seizing profitable Improving cost Enhancing yield Further increasing Ambition 2025 20251 growth
Slide 26: Seizing profitable growth opportunities in all lines of business
Underwriting 1Seizing profitable growth opportunities in all lines of business and geographies without constraints Revenue growth (CAGR1) Profitability2 L&H reinsurance 8%–12% Total technical result €2.4bn–€2.7bn P&C reinsurance 0%–3% Combined ratio 79%–83% GSI 5%–9% Combined ratio 87%–90% ERGO Germ
Slide 27: Improving cost efficiency in all fields of business
Efficiency 2 Improving cost efficiency in all fields of business Expected annual primary cost savings Munich Re Group, pre-tax Cost-saving initiatives €m ‒ Counteract an inflation-driven cost increase ~600 ‒ Help absorb inflationary pressures and business investments, resulting in a more efficient o
Slide 28: Levers for sustainably increasing investment returns
Investments 3 Levers for sustainably increasing investment returns GIM MEAG Group Investment Management Asset Management Defines investment strategy and Proprietary asset manager selects asset managers Alternative Active Asset manager Performance to Third-party Sustainable investments management ste
Slide 29: Enhancing yield through active investment management
Investments 3 Enhancing yield through active investment management Development and projection of investment returns Supporting drivers ~4.2% Favourable market Active investment environment management ~3.5% ‒ Reinvestments in fixed- ‒ Expansion of alternative income portfolios benefit investments fro
Slide 30: Gradually taking more asset risk, while balancing insurance and investment risk
Investments 3 Gradually taking more asset risk, while balancing insurance and investment risk Further expansion of alternative investments €bn Alternative risk taking ‒ Investment risk gradually rising due to increased alternative investments 41 ‒ Yield pick-up via complexity and illiquidity premium
Slide 31: Strong capitalisation across all metrics paves the way for earnings growth
Capital management 4 Strong capitalisation across all metrics paves the way for sustainable earnings growth Based on a strong balance sheet … … further improving capital efficiency Solid shareholders’ Strong reserving equity1 position Diversification of earnings IFRS through expansion of less 6% €32
Slide 32: Expanding less cyclical/volatile business segments
Diversification of earnings 4 Expanding less cyclical/volatile business segments to continuously increase earnings contribution Ongoing profitable … leading to further expansion revenue growth … of net income contribution Less cyclical/ ~70% ~75% ~50% ~60% volatile business segments Outlook 2025 203
Slide 33: Gradually increasing debt leverage is further improving our capital efficiency
Optimising capital and legal entity structure 4 Gradually increasing debt leverage is further improving our capital efficiency Munich Re’s debt leverage1 well below the industry’s Funding strategy Industry2 Munich Re ‒ Intention to gradually increase debt leverage over the medium-term towards a leve
Slide 34: Introduction of new SII ratio target provides more flexibility
Active capital management 4 Introduction of new SII ratio target provides more flexibility, while keeping the commitment to manage excess capital Lower bound as new Solvency II target replaces optimal range Rationale for new Solvency II target ‒ Increasing floor to 200% aligned with target rating of
Slide 35: Active management of Solvency II ratio, unlocking the full spectrum
Active capital management 4 Active management of Solvency II ratio, unlocking the full spectrum Solvency II – Committed to managing excess capital Options for capital deployment 293% a Business growth >200% Increase SCR b Taking investment risks c M&A Decrease EOF d Capital repatriation Q3 2025 Ambi
Slide 36: Broad diversification allows for capital-efficient business growth
a Business growth 4Broad diversification allows for capital-efficient business growth SCR growth disproportionally lower than premium growth EOF ‒ Strong business growth to remain an important CAGR: 5.5% capital generator ‒ Expected further increase of new business value in RI L&H SCR vs. GWP immedi
Slide 37: Gradually taking more asset risks will optimise the balance of risks
b Taking investment risks 4 Gradually taking more asset risks will optimise the balance between insurance and investment risks Well-balanced risk profile: SCR composition of investment and insurance risks % Investment risks ‒ Expanding alternative investments Overall, slight 39 40 38 expansion of to
Slide 38: Deploying capital for M&A is bound to strict criteria
c M&A 4 Deploying capital for M&A is bound to strict criteria Munich Re applies rigid criteria Strategic fit for assessing Financial fit inorganic growth opportunities ‒ Aiming at strengthening our strategic ‒ Any acquisition must create value for footprint with a focus on specialty insurance Munich
Slide 39: Commitment to even higher capital repatriation
d Capital repatriation 4 Commitment to even higher capital repatriation Dividends and share buy-backs1 €bn Higher future shareholder participation in increasing earnings Average payout ~75% Annual total payout >80% ‒ Capital repatriation well-funded by German GAAP distributable earnings and sound so
Slide 40: Outlook 2026 – We project another record-breaking year
Outlook 2026 – We project another record-breaking year 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 C
Slide 41: Appendix
Appendix Ambition 2030 11 December 2025 41
Slide 42: Climate Ambition 2030 Explanatory notes
Climate Ambition 2030 Explanatory notes Munich Re expresses the above-stated 2030 targets, as well as its long-term aims for 2040 and 2050, in the expectation that governments meet their own pledges to achieve the goals of the Paris Agreement. Unless otherwise noted, 2025 is the base year for 2030 t
Slide 43: 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