47 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, May 12, 2026
Slide 1: Quarterly statement as at 31 March 2026
Yuichiro Chino / Getty Images Munich Re Group Quarterly statement as at 31 March 2026 12 May 2026 Andrew Buchanan (CFO)
Slide 2: Agenda
Quarterly statement as at 31 March 2026 Agenda 01 02 03 04 05 Additional Munich Re ERGO Reinsurance Outlook information Quarterly Statement as at 31 March 2026 12 May 2026 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: Financial highlights Q1 2026
Munich Re – Financial highlights Q1 2026 Strong underlying performance across all business segments supported by low major losses Net result Total technical result Net financial result Operating result €m €m €m €m 2,676 2,230 1,714 2,054 1,465 1,094 139 –95 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1
Slide 5: Capital position
Munich Re – Financial highlights Q1 2026 Capital position Equity Capitalisation €m €bn Equity 31.12.2025 33,421 11.8% 11.6% 10.8% Senior debt Net result 1,714 9.2% 0.0 Changes 0.3 0.0 Subordinated debt 0.3 7.4 7.5 Dividend 0 6.3 CSM (after tax) 4.7 Share buy-backs –517 21.1 22.4 22.9 19.2 Equity Unr
Slide 6: Investments
Munich Re – Investments Investments Q1 2026 Investment portfolio1 % Government/semi-government bonds2 29 (30) Alternative investments 18 (17) Covered bonds/mortgage loans 12 (13) Equities3 4 (4) Total Corporate bonds 16 (16) Business-related participations 2 (2) €238bn Emerging markets government bo
Slide 7: Investment result
Munich Re – Investments Investment result Q1 Q1 €m 2026 Return1 2025 Return1 Regular income 1,979 3.5% 2,090 3.5% Write-ups/write-downs –35 –0.1% –39 –0.1% Change in expected credit loss (ECL) –45 –0.1% 4 0.0% Disposal gains/losses –6 0.0% –40 –0.1% Fair value change –25 0.0% –527 –0.9% Other income
Slide 8: Net financial result
Munich Re – Investments Net financial result Q1 Q1 Main drivers in Q1 €m 2026 2025 ▪ Investment result benefitted from solid Investment result 1,682 1,323 regular income, partially offset by negative currency result Currency result –162 –506 ▪ At ERGO, the net financial result for Investment result
Slide 9: ERGO
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Slide 10: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Increase in total technical result driven Total technical result in particular by improvements in short-term €m messages health and travel business ▪ L&H: CSM release in life and long-term health stable at €210m; strong result ▪ P&C: Good total technical result and 425 3
Slide 11: ERGO Germany
ERGO ERGO Germany Property- Combined ratio % 2025 61.2 27.7 88.9 casualty Q1 2025 60.7 28.1 88.8 91.3 88.8 86.8 88.8 89.1 88.7 89.1 86.7 Q1 2026 57.8 28.8 86.7 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2025 2025 2025 2025 2026 Loss ratio Expense ratio Life and Total technical result CSM/RA development
Slide 12: ERGO International
ERGO ERGO International Key ▪ Overall solid net result of €78m, driven by Total technical result good operating performance – prior-year €m messages quarter supported by extraordinarily high ▪ Good combined ratios in major markets in Q1 – overall combined ratio at 89.5% contribution from joint ventu
Slide 13: ERGO International
ERGO ERGO International Property- Combined ratio % casualty1 89.5 87.7 88.9 97.8 94.1 85.7 94.5 89.4 77.6 96.1 92.4 89.5 91.7 90.3 89.0 89.5 88.7 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Poland USA Legal Thailand Austria Greece Baltic Spain 2024 2024 2024 2025 2025 2025 2025 2026 2026 protection states Life and T
Slide 14: Reinsurance
03 Reinsurance Source: Munich Re
Slide 15: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Solid new business CSM Total technical result ▪ Small positive experience adjustments on €m messages ▪ Insurance service result supported by in-force business positive experience and high new 608 ▪ Total technical result above pro rata guidance 500 busin
Slide 16: Life and health reinsurance
Reinsurance Life and health reinsurance Total technical result Q1 ▪ Release of CSM and RA largest contributor to €m 2026 insurance service result ▪ CSM release supported by strong new business Release of CSM 299 development over recent periods ▪ Annualised CSM release rate of ~7%, in line with Relea
Slide 17: Life and health reinsurance
Reinsurance Life and health reinsurance CSM/RA CSM €m CSM1 RA1 ▪ Solid new business development in all CSM/RA major markets 31.12.2025 15,269 3,426 ▪ Positive operating changes driven by risk model parameter and portfolio updates New contracts added 284 65 ▪ Positive change in financial effects due
Slide 18: P&C reinsurance
Reinsurance P&C reinsurance ▪ Revenue decline vs. Q1 2025 driven Total technical result ▪ Major losses of 3.5% in Q1 much Key lower than expectation due to low nat by currency and renewal effects €m messages cat activity – no new major losses above ▪ Combined ratio of 66.8% benefitted from €100m 1,2
Slide 19: P&C reinsurance
Reinsurance P&C reinsurance Combined ratio Q1 Ø Annual % 2026 expectation Change in 2025 53.5 9.4 10.6 73.5 loss component 1.1% ~0.0 Q1 2025 54.2 21.3 8.4 83.9 Major losses1 3.5% ~18.0 Q1 2026 51.9 3.5 11.5 66.8 Nat cat1 1.5% ~14.5 Basic losses Major losses Expenses Man-made1 2.0% ~3.5 83.9 85.3 Res
Slide 20: April renewals
Reinsurance April renewals Total property-casualty book1 Regional allocation of April renewals % % Europe 14 Asia/Pacific/Africa 43 Total Total North America 10 Latin America 14 €25bn €2.5bn Worldwide 19 Nat cat shares of renewable portfolio2 % January renewals 60 January 14 86 April renewals 11 Apr
Slide 21: April renewals
Reinsurance April renewals Price Renewals 2022–2025 April Still healthy margins and good portfolio % quality due to rigorous cycle management change1 renewals 2026 3.1 ▪ Competition still mainly on price – portfolio resilience 0.5 largely maintained (terms and conditions as well 0.2 –1.2 as structur
Slide 22: Regional allocation of July renewals
Reinsurance Regional allocation of July renewals Outlook ▪ Regional focus on USA North America 29% and Latin America Latin America 17% ▪ Comparatively high Total nat cat share of ~35% 19% €3.2bn Asia/Pacific/Africa Europe 7% Worldwide 28% Quarterly Statement as at 31 March 2026 12 May 2026 22
Slide 23: Global Specialty Insurance
Reinsurance Global Specialty Insurance ▪ Revenue decline compared to Q1 2025 due Total technical result ▪ Low loss experience despite US Winter Key Storm to USD depreciation €m messages ▪ Expense ratio lower than expectation ▪ Strong combined ratio of 83.7% in Q1 2026 due to lower acquisition costs
Slide 24: Global Specialty Insurance
Reinsurance Global Specialty Insurance Combined ratio Insurance revenue (gross) Q1 2026 % €m 2025 53.5 32.5 85.9 American Modern 638 Hartford Steam Boiler 305 Q1 2025 63.3 32.3 95.5 Total €2,117m MR Specialty – North America 562 Q1 2026 53.3 30.4 83.7 MR Specialty – Global Markets1 612 Loss ratio Ex
Slide 25: Outlook
04 Outlook Source: Munich Re
Slide 26: 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 27: Additional information
05 Additional information Source: Munich Re
Slide 28: Actual vs. analysts' consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q1 2026 Consensus Delta €m Q1 2026 Consensus Impact2 Life and health reinsurance 493 548 –55 Total technical result 500 470 30 Property-casualty reinsura
Slide 29: Segment income statement
Additional information Segment income statement Q1 2026 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International Q1 2026 Insurance revenue from insurance contracts issued 3,306 3,923 2,117 3,887 1,784 15,018 Insurance service resul
Slide 30: April renewals
Additional information April renewals Portfolio optimisation % 100.0 –13.0 87.0 –9.2 +3.7 81.5 €m 2,502 –325 2,176 –231 +91 2,038 Change in premium –18.5% Thereof price movement1 ~ –1.6% Thereof change in exposure for our share –16.9% Total renewable Cancelled Renewable Increase on New Estimated fro
Slide 31: Revenue development
Additional information Revenue development Q1 2026 Insurance revenue (gross) Segment breakdown €m €bn Revenue Share Life and health reinsurance 3.3 22 % Q1 2025 15,811 Property-casualty reinsurance 3.9 26 % Total Global Specialty Insurance 2.1 14 % €15.0bn Foreign ERGO Germany 3.9 26 % –767 exchange
Slide 32: ERGO Property-casualty Germany
Additional information ERGO Property-casualty Germany Insurance revenue (gross) in Q1 2026 (Q1 2025) €m Fire/property 381 (354) Legal protection 113 (109) Total Motor 230 (225) Marine 66 (56) € 1,222 m Liability 216 (215) Other 89 (84) (€1,176m) Personal accident 128 (133) Quarterly Statement as at
Slide 33: ERGO International – Insurance revenue (gross)
Additional information ERGO International – Insurance revenue (gross) Q1 2026 (Q1 2025) Property-casualty Life and Health Q1 2026 Q1 2025 Life Q1 2026 Q1 2025 Poland 590 575 Austria 47 42 USA 161 0 Poland 34 34 Legal protection 128 125 Belgium 29 26 Thailand 77 86 Total Total Baltic states 18 16 € 1
Slide 34: Combined ratios
Additional information Combined ratios Q1 2026 P&C Global Specialty ERGO ERGO €m Reinsurance Insurance P&C Germany International1 Insurance revenue from insurance contracts issued 3,923 2,117 1,222 1,446 Insurance revenue ceded from reinsurance contracts held –152 –139 –35 –62 Insurance revenue (net
Slide 35: Total comprehensive income
Additional information Total comprehensive income Q1 2026 €m Reinsurance ERGO Munich Re Group Total comprehensive income 1,485 204 1,689 Thereof net result 1,479 235 1,714 Thereof change in OCI (after tax) 6 –31 –25 Thereof from investments –513 –466 –979 Thereof from insurance contracts 161 395 557
Slide 36: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment Q1 2026 vs. Risk vs. €m CSM 31.12.2025 (%) adjustment 31.12.2025 (%) Life and health reinsurance 15,755 3.2% 3,377 –1.4% Property-casualty reinsurance 465 –1.0% 337 –3.1% Global Specialty Insurance – – 49 8.8% ERGO Germany 9,980 1.1% 647
Slide 37: Loss component by segment
Additional information Loss component by segment Q1 2026 Loss vs. €m component 31.12.2025 (%) Life and health reinsurance 272 6.0% Property-casualty reinsurance 509 10.6% Global Specialty Insurance 68 –6.7% ERGO Germany 100 13.3% ERGO International 258 –6.4% Total 1,207 4.6% Net of reinsurance. Qu
Slide 38: Return on equity
Additional information Return on equity Q1 2026 Reinsurance ERGO Munich Re Group €m 31.3.2026 31.12.2025 31.3.2026 31.12.2025 31.3.2026 31.12.2025 Adjusted equity 28,690 27,039 6,670 7,191 35,450 34,230 Average adjusted equity 27,864 6,976 34,840 Net result 1,479 235 1,714 RoE 21.2% 13.5% 19.7% Quar
Slide 39: Return on investment by asset class and segment
Additional information Return on investment by asset class and segment Q1 2026 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 –0.1 0.0 –0.1 0.0 3.2 182,756 Equities 2.2 0.0 0.0 –0.3 0.0 1.9 10,926 Affiliate
Slide 40: Investment result – Reinsurance
Additional information Investment result – Reinsurance Q1 2026 Life and health reinsurance €m Q1 2026 Return1 Q1 2025 Return1 Regular income 141 3.9% 183 3.9% Write-ups/write-downs –3 –0.1% –4 –0.1% Change in expected credit loss (ECL) –23 –0.6% 0 0.0% Disposal gains/losses –6 –0.2% –7 –0.1% Fair va
Slide 41: Investment result – Reinsurance
Additional information Investment result – Reinsurance Q1 2026 Global Specialty Insurance €m Q1 2026 Return1 Q1 2025 Return1 Regular income 154 3.7% 151 3.8% Write-ups/write-downs –1 0.0% –2 0.0% Change in expected credit loss (ECL) –2 0.0% 2 0.0% Disposal gains/losses –8 –0.2% –9 –0.2% Fair value c
Slide 42: Investment result – ERGO
Additional information Investment result – ERGO Q1 2026 Germany €m Q1 2026 Return1 Q1 2025 Return1 Regular income 909 3.3% 917 3.3% Write-ups/write-downs –4 0.0% –3 0.0% Change in expected credit loss (ECL) –14 –0.1% 4 0.0% Disposal gains/losses –4 0.0% –9 0.0% Fair value change –51 –0.2% –425 –1.5%
Slide 43: Duration investment portfolio
Additional information Duration investment portfolio Q1 2026 Portfolio duration1 Assets Liabilities Reinsurance 3.2 (3.4) 3.0 (3.1) ERGO 7.3 (7.1) 6.2 (6.2) Munich Re 5.5 (5.5) 5.2 (5.2) DV011,2 €m Assets Liabilities net Reinsurance 27 (27) 16 (16) 11 ERGO 77 (76) 71 (72) 6 Munich Re 105 (103) 87 (8
Slide 44: Changes to shares in circulation
Additional information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 31.3. Weighted average number of shares in circulation (millions) 2025 shares in Q1 2026 shares in Q1 2026 2026 (millions) 136.0 132.9 Shares in 128.0 –1.0 – 127.0 129.7 127.4 circulation Treas
Slide 45: Financial calendar
Financial calendar 2026 Balance sheet media conference for 2025 financial statements Analysts’ and Investors’ call Quarterly Statement Quarterly Statement as at 31 March 2026 as at 30 September 2026 26 February 12 May 12 November 29 April 7 August Half-Year Financial Report Annual General Meeting as
Slide 46: 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 47: 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