16 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Nov 7, 2024
Slide 1: Quarterly Statement as at 30 September 2024
Munich Re Group Quarterly Statement as at 30 September 2024 7 November 2024 Christoph Jurecka (CFO)
Slide 2: Agenda
Quarterly Statement as at 30 September 2024 Agenda 01 02 03 04 05 Munich Re ERGO Reinsurance Outlook Quarterly Statement as at 30 September 2024 7 November 2024 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Munich Re expects to exceed €5bn profit target this year
Munich Re – Financial highlights Munich Re expects to exceed €5bn profit target this year – increasing earnings diversification pays off Net result Total technical result Net financial result Operating result €m €m €m €m 6,956 6,189 6,333 4,692 5,117 3,593 930 1,169 1,651 2,221 883 1,194 1,776 21 75
Slide 5: Capital position
Munich Re – Financial highlights Capital position Equity Capitalisation €m €bn 11.2% 10.9% Equity 31.12.2023 29,772 Change in Q3 9.2% Senior debt Net result 4,692 930 8.8% Subordinated debt Changes 0.3 0.3 0.2 0.3 Dividend –2,006 0 4.8 6.2 6.2 CSM (after tax) 4.7 Share buy-backs –1,225 –583 19.2 20.
Slide 6: Investments
Munich Re – Investments Investments Q3 2024 Investment portfolio1 % Government/Semi-government bonds2 31 (33) Alternative investments 16 (16) Covered bonds/Mortgage loans 14 (15) Equities3 4 (5) Total Corporate bonds 15 (14) Business related participations 2 (3) €241bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result €m Q3 2024 Return1 9M 2024 Return1 9M 2023 Return1 Regular income 2,026 3.5% 6,114 3.6% 5,162 3.2% Write-ups/write-downs –138 –0.2% –248 –0.1% –64 0.0% Change in expected credit loss (ECL) 32 0.1% 10 0.0% –95 –0.1% Disposal gains/losses –115 –0.2% –316 –0.2%
Slide 8: ERGO
02 ERGO Source: Munich Re
Slide 9: ERGO Life and Health Germany
ERGO ERGO Life and Health Germany Key ▪ Q3: Total technical result of life and long-term Total technical result health business as well as … €m ▪ Q3: CSM release in life and long-term messages health at €195m ▪ … short-term business (PAA) largely in line 736 819 with expectations ▪ Q3: Short-term bu
Slide 10: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Key ▪ Q3: Overall, solid operating performance Total technical result above prior year €m ▪ Q3: Total technical result and messages 474 466 ▪ Q3: Total technical result impacted by combined ratio driven by continuously high claims inflation in motor ▪ High claims
Slide 11: ERGO International
ERGO ERGO International Key ▪ Q3: Total technical result burdened by Total technical result nat cat claims of €52m in Poland and €m ▪ CR of 96.1% in Q3 due to messages Austria 470 ▪ Elevated nat cat losses in Poland 436 and Austria (storm Boris) ▪ Q3/9M: Life and health with technical ▪ Unfavourable
Slide 12: Reinsurance
03 Reinsurance Source: Munich Re
Slide 13: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Exceeding full-year guidance for the total Total technical result technical result after nine months €m ▪ Insurance service result supported messages ▪ Ongoing favourable biometric experience in 1,632 by strong new business and positive experience varian
Slide 14: Property-casualty reinsurance
Reinsurance Property-casualty reinsurance Key ▪ Revenue growth of 5.0% vs. 9M 2023 Total technical result messages ▪ Elevated combined ratio of 90.5% in €m ▪ Major losses of 23.1% in Q3 higher than 3,679 3,350 average expectation Q3 2024 driven by higher-than-average major-loss expenditure from natu
Slide 15: Outlook
04 Outlook Source: Munich Re
Slide 16: Outlook 2024
Munich Re Outlook 2024 Group Insurance revenue Net result Return on investment ~€61bn >€5.0bn >2.8% (prev. ~€59bn) (prev. ~€5bn) ERGO Insurance revenue Net result Combined ratio Combined ratio P-C Germany International ~€21bn ~€0.8bn ~89% ~92% (prev. ~€20bn) (prev. ~87%) (prev. ~90%) Reinsurance Ins