Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München — Q3 2025 Earnings Presentation
44 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 14, 2025
Slide 1: Quarterly statement as at 30 September 2025
Yuichiro Chino / Getty Images Munich Re Group Quarterly statement as at 30 September 2025 11 November 2025 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 30 September 2025 Agenda 01 02 03 04 05 Additional Munich Re ERGO Reinsurance Outlook information Quarterly Statement as at 30 September 2025 11 November 2025 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: After strong 9M very well on track to achieve full-year targets
Munich Re – Financial highlights Q3 2025 After strong 9M very well on track to achieve full-year targets Net result Total technical result Net financial result Operating result €m €m €m €m 7,910 6,782 7,418 6,230 5,176 4,623 3,036 1,161 1,997 907 2,822 1,696 813 1,026 954 –58 Q3 Q3 9M 9M Q3 Q3 9M 9M
Slide 5: Capital position
Munich Re – Financial highlights Q3 2025 Capital position Equity Capitalisation €m €bn 12.3% Equity 31.12.20243 32,901 Change in Q3 10.8% 10.7% 10.8% Senior debt Net result 5,176 1,997 0.2 0.2 Subordinated debt Changes 0.3 0.2 Dividend –2,613 0 6.3 6.3 6.1 7.4 CSM (after tax) Share buy-backs –1,344
Slide 6: Investments
Munich Re – Investments Investments Q3 2025 Investment portfolio1 % Government/Semi-government bonds2 31 (32) Alternative investments 17 (17) Covered bonds/Mortgage loans 13 (13) Equities3 4 (4) Total Corporate bonds 16 (16) Business-related participations 2 (2) €239bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result €m Q3 2025 Return1 9M 2025 Return1 9M 2024 Return1 Regular income 2,092 3.6% 6,403 3.7% 6,114 3.6% Write-ups/write-downs –51 –0.1% –118 –0.1% –248 –0.1% Change in expected credit loss (ECL) –9 0.0% 2 0.0% 10 0.0% Disposal gains/losses 337 0.6% 374 0.2% –316
Slide 8: Net financial result
Additional information – Investments Net financial result Q3 Q3 9M 9M Main drivers in Q3 €m 2025 2024 2025 2024 ▪ Investment result benefited from strong Investment result 2,385 2,091 5,894 5,724 regular income, positive fair value changes on equities and a one-off gain Currency result –189 –462 –1,
Slide 9: 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 10: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Increase in total technical result mainly Total technical result driven by health and travel €m messages ▪ P&C: Good total technical result again benefited ▪ L&H: 2.0% CSM release in Q3 fully in line with current expectation of ~2%; PAA 1,246 1,107 from benign claims dev
Slide 11: ERGO Germany
ERGO ERGO Germany Property- Combined ratio 2024 59.8 28.8 88.6 % casualty 9M 2025 60.9 28.0 88.8 97.5 87.6 91.3 88.8 86.8 88.8 89.1 88.7 Q3 2025 61.3 27.3 88.7 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2024 2024 2024 2025 2025 2025 Loss ratio Expense ratio Life and Total technical result CSM/RA development
Slide 12: ERGO International
ERGO ERGO International Key ▪ L&H: Pleasing technical profitability Total technical result messages ▪ P&C: Strong total technical result, combined €m ▪ P&C: Very good combined ratios in ratio better than full-year guidance level 552 major markets in Q3 – overall ▪ Extraordinarily strong net result o
Slide 13: ERGO International
ERGO ERGO International Property- Combined ratio % casualty1 89.1 87.4 100.4 86.4 87.0 97.5 88.6 75.2 96.1 90.3 89.5 89.5 91.7 89.0 89.5 88.7 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Poland Legal Greece Baltics Austria Thailand Spain 2023 2024 2024 2024 2024 2025 2025 2025 2025 protection Life and Total technical
Slide 14: Reinsurance
03 Reinsurance Source: Munich Re
Slide 15: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Strong business-related CSM growth Total technical result messages dampened by FX effects €m ▪ Insurance service result supported by strong new business and in-force ▪ Negative biometric experience in Q3 1,559 ▪ 9M total technical result in range of the
Slide 16: Life and health reinsurance
Reinsurance Life and health reinsurance Total technical result Q3 9M ▪ Release of CSM and RA largest contributor €m 2025 2025 to ISR, in line with expectation ▪ CSM release supported by ongoing strong Release of CSM 289 848 new business development ▪ Q3 experience adjustments reflected Release of ri
Slide 17: Life and health reinsurance
Reinsurance Life and health reinsurance CSM/RA CSM €m CSM1 RA1 ▪ Strong development of new business, CSM/RA including large transactions in North 31.12.2024 14,455 3,605 America, drove business-related growth ▪ Operating changes and Other driven by New contracts added 1,815 337 positive impacts from
Slide 18: P&C reinsurance
Reinsurance P&C reinsurance Key ▪ Revenue decline of 6.4% vs. 9M 2024 Total technical result messages driven by renewal effects and currency effects €m ▪ Q3: Major losses of 2.9% driven by ▪ Combined ratio of 62.7% in Q3 benefited 4,012 very low new major losses and net 3,142 positive run-off for pr
Slide 19: P&C reinsurance
Reinsurance P&C reinsurance Combined ratio Q3 9M Ø Annual % 2025 2025 expectation Change in 2024 52.8 15.0 9.5 77.3 loss component –1.9% –0.2% ~0.0 9M 2025 52.2 7.9 9.6 69.8 Major losses1 2.9% 7.9% ~17.0 Q3 2025 49.9 2.9 9.9 62.7 Nat cat1 –1.2% 5.6% ~14.0 Basic losses Major losses Expenses Man-made1
Slide 20: Global Specialty Insurance
Reinsurance Global Specialty Insurance Key ▪ Stable revenue vs. 9M 2024 despite currency Total technical result changes €m messages 875 ▪ Q3: Pleasing loss ratio due to lower ▪ Pleasing combined ratio of 82.8% in Q3 2025 than average nat cat claims driven by lower-than-average major nat cat 538 ▪ Q3
Slide 21: Global Specialty Insurance
Reinsurance Global Specialty Insurance Combined ratio Insurance revenue (gross) % 9M 2025 % 2024 63.5 30.1 93.6 9M 2025 53.3 32.5 85.8 Total €6,464m Q3 2025 49.9 32.9 82.8 Loss ratio Expense ratio 100.2 American Modern 1,851 93.6 95.5 92.6 87.6 82.8 Hartford Steam Boiler 897 77.9 MR Specialty – Nort
Slide 22: Outlook
04 Outlook Source: Munich Re
Slide 23: Outlook 2025
Outlook 2025 Group Insurance revenue Net result Return on investment ~€61bn (prev. ~€62bn) ~€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 technic
Slide 24: Additional information
05 Additional information Source: Munich Re
Slide 25: Actual vs. analysts’ consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q3 2025 Consensus Delta €m Q3 2025 Consensus Impact2 Life and health reinsurance 387 515 –128 Total technical result 314 435 –121 Property-casualty reins
Slide 26: Segment income statement Q3 2025
Additional information Segment income statement Q3 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International Q3 2025 2,456 Insurance revenue from insurance contracts issued 2,868 4,241 2,153 3,749 1,564 14,575 Insurance service
Slide 27: Segment income statement 9M 2025
Additional information Segment income statement 9M 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International 9M 2025 7,179 Insurance revenue from insurance contracts issued 9,033 13,646 6,464 11,192 4,827 45,162 Insurance servi
Slide 28: Revenue development
Additional information Revenue development 9M 2025 Insurance revenue (gross) Segment breakdown €m €bn Revenue Share Life and health reinsurance 9.0 20 % 9M 2024 45,510 Property-casualty reinsurance 13.6 30 % Total €45.2bn Global Specialty Insurance 6.5 14 % Foreign ERGO Germany 11.2 25 % –650 exchan
Slide 29: ERGO P&C Germany – Insurance revenue (gross)
Additional information ERGO P&C Germany – Insurance revenue (gross) Insurance revenue (gross) in 9M 2025 (9M 2024) €m Fire/property 1,018 (960) Legal protection 325 (345) Motor 674 (656) Marine 168 (192) Total Liability 650 (668) Other 247 (279) €3,484 m (€3,529m) Personal accident 403 (429) Quarter
Slide 30: ERGO International – Insurance revenue (gross)
Additional information ERGO International – Insurance revenue (gross) Property-casualty Life and Health 9M 2025 9M 2024 Life 9M 2025 9M 2024 Poland 1,732 1,630 Austria 118 115 Legal protection 365 352 Poland 101 88 Thailand 254 219 Belgium 84 83 Total Total Greece 215 204 € 3,021 m €1,805 m Baltic s
Slide 31: Combined ratios
Additional information Combined ratios Q3 2025 P&C Global Specialty ERGO ERGO €m Reinsurance Insurance P&C Germany International1 Insurance revenue from insurance contracts issued 4,241 2,153 1,183 1,247 Insurance revenue ceded from reinsurance contracts held –192 –121 –27 –57 Insurance revenue (net
Slide 32: Total comprehensive income
Additional information Total comprehensive income Q3 2025 €m Reinsurance ERGO Munich Re Group Total comprehensive income 1,651 351 2,002 Thereof net result 1,693 304 1,997 Thereof change in OCI (after tax) –42 47 5 Thereof from investments 96 –677 –580 Thereof from insurance contracts –109 753 645 T
Slide 33: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment Q3 2025 vs. Risk vs. €m CSM 31.12.2024 (%) adjustment 31.12.2024 (%) Life and health reinsurance 14,946 3.4% 3,384 –6.1% Property-casualty reinsurance 356 30.9% 334 –7.6% Global Specialty Insurance 0 – 43 –8.7% ERGO Germany 9,821 –1.2% 70
Slide 34: Loss component by segment
Additional information Loss component by segment Q3 2025 Loss vs. €m component 31.12.2024 (%) Life and health reinsurance 226 –6.8% Property-casualty reinsurance 436 –9.3% Global Specialty Insurance 73 –32.4% ERGO Germany 87 –36.2% ERGO International 259 –2.5% Total 1,080 –12.3% Net of reinsurance
Slide 35: Return on equity
Additional information Return on equity Reinsurance ERGO1 Munich Re Group 30.9. 30.6. 31.12. 30.9. 30.6. 31.12. 30.9. 30.6. 31.12. €m 2025 2025 2024 2025 2025 2024 2025 2025 2024 Adjusted equity 26,621 27,459 27,587 7,163 4,678 4,917 33,785 32,138 32,504 Q3 2025 average adjusted equity 27,040 5,921
Slide 36: Return on investment by asset class and segment
Additional information Return on investment by asset class and segment 9M 2025 Regular Write-ups/-downs, Disposal Fair value Other ᴓ Market %1 income change in ECL result change inc./exp. RoI value (€m) Fixed income 3.5 0.0 0.0 –0.3 0.0 3.1 188,001 Equities 3.9 0.0 0.0 12.7 0.0 16.6 10,780 Affiliate
Slide 37: Investment result – Reinsurance
Additional information Investment result – Reinsurance Life and health reinsurance €m Q3 2025 Return1 9M 2025 Return1 9M 2024 Return1 Regular income 171 4.1% 532 4.0% 573 4.1% Write-ups/write-downs –4 –0.1% –11 –0.1% –18 –0.1% Change in expected credit loss (ECL) 0 0.0% 0 0.0% –1 0.0% Disposal gains
Slide 38: Investment result – Reinsurance
Additional information Investment result – Reinsurance Global Specialty Insurance €m Q3 2025 Return1 9M 2025 Return1 9M 2024 Return1 Regular income 147 3.7% 448 3.8% 367 3.5% Write-ups/write-downs –14 –0.4% –17 –0.1% –20 –0.2% Change in expected credit loss (ECL) 2 0.1% 5 0.0% 3 0.0% Disposal gains/
Slide 39: Investment result – ERGO
Additional information Investment result – ERGO Germany €m Q3 2025 Return1 9M 2025 Return1 9M 2024 Return1 Regular income 952 3.4% 2,916 3.5% 2,833 3.4% Write-ups/write-downs 3 0.0% –3 0.0% –13 0.0% Change in expected credit loss (ECL) –1 0.0% 5 0.0% 11 0.0% Disposal gains/losses –5 0.0% –35 0.0% –8
Slide 40: Duration investment portfolio
Additional information Duration investment portfolio Q3 2025 Portfolio duration1 Assets Liabilities Reinsurance 3.5 (3.5) 3.5 (3.4) ERGO 7.2 (7.7) 6.7 (7.0) Munich Re 5.6 (5.9) 5.7 (5.8) DV011,2 €m Assets Liabilities net Reinsurance 29 (30) 19 (20) 10 ERGO 78 (86) 80 (84) –2 Munich Re 107 (116) 99 (
Slide 41: Changes to shares in circulation
Additional information: Shareholder information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 30.9. Weighted average number of shares in circulation (millions) 2024 shares in 9M 2025 shares in 9M 2025 2025 (millions) 139.4 136.0 132.9 Shares in 129.4 131.4 –2.5
Slide 42: 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 43: 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 44: 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