Munchener Ruckversicherungs-gesellschaft Ag · XETR:MUV2
Munchener Ruckversicherungs-gesellschaft — Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München — Q2 2025 Earnings Presentation
62 slides from Munchener Ruckversicherungs-gesellschaft's earnings presentation, Aug 9, 2025
Slide 1: Half-year financial report as at 30 June 2025
Yuichiro Chino / Getty Images Munich Re Group Half-year financial report as at 30 June 2025 8 August 2025 Joachim Wenning (CEO) Christoph Jurecka (CFO)
Slide 2: Agenda
Half-year financial report as at 30 June 2025 Agenda 01 02 03 04 05 Additional Munich Re Group finance ERGO Reinsurance information Half-year financial report as at 30 June 2025 8 August 2025 2
Slide 3: Munich Re
01 Munich Re Source: Munich Re
Slide 4: After strong results in H1 2025, Munich Re well on track to achieve full-year targets
Munich Re After strong results in H1 2025, Munich Re well on track to achieve full-year targets Net result €2,687m H1 Net result Highly profitable €3.2bn Outlook 2025 reinsurance Return on equity ~€6.0bn business 19.5% Strong financial Net result performance of €492m Munich Re Group Return on equity
Slide 5: Increasing earnings contribution from less cyclical and less volatile business segments
Munich Re Increasing earnings contribution from less cyclical and less volatile business segments P&C reinsurance Disciplined underwriting and selective growth in a 01 market with healthy rate adequacy Profitability remains at a very attractive level Global Specialty Insurance (GSI) Shaping the port
Slide 6: July renewals
01 P&C reinsurance July renewals Price Renewals 2021–2024 July renewals Rigorous portfolio management ensuring change1 % 2025 high profitability and good portfolio quality 3.1 2.3 ▪ Good renewal in an attractive market environment – portfolio quality largely unchanged by maintaining improved terms a
Slide 7: July renewals
01 P&C reinsurance July renewals Volume change Property XL % Leveraging our strong balance sheet in a healthy market 5 environment and benefiting from good partnerships, but also giving up business where appropriate or retained by the client Casualty proportional Casualty proportional 0 Growth mainl
Slide 8: Global Specialty Insurance
02 Global Specialty Insurance (GSI) Global Specialty Insurance Insurance revenue1 €bn GSI has a strong, large and diverse Strength portfolio of specialty lines business ~9 showing solid organic growth 8.8 8.0 Good underlying profitability despite Results nat cat claims and reserve prudency – 7.2 exp
Slide 9: 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, growing the stock of CSM 1.9 ~1.7 Maintain clearly defined risk appetite, Reliable 1.4 experience tracking in line with earnings
Slide 10: ERGO
04 ERGO ERGO Net result1 €bn Business development ▪ Successful hybrid-customer sales model and top-rated products, e.g. in ~0.9 dental and private pensions, meet rising demand and drive top-line growth Germany ▪ Technical excellence and rigorous cost control support strong P&C 0.8 combined ratio of
Slide 11: Investment result
Munich Re Investment result Beneficial market environment Running yield expected to increase further Yield of fixed-income portfolio benefits from higher interest rates ▪ Reinvestments in fixed-income portfolios benefit from higher yields without changing the risk profile 4.4% Reinvestment ▪ Selecti
Slide 12: Our commitment to success
Munich Re Our commitment to success TSR 1.1.2021–30.06.20251 % Strong balance sheet – 187.2 185.6 deploying substantial capital in 174.6 Growth an attractive market, while prepared to manage the cycle 141.7 122.8 118.2 Leveraging diversification, 92.7 Profitability superior underwriting and active i
Slide 13: Outlook 2025
Munich Re Outlook 2025 Group Insurance revenue Net result Return on investment ~€62bn (prev. ~€64bn) ~€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 Tot
Slide 14: Group finance
02 Group finance Source: Munich Re
Slide 15: After strong Q2 well on track to achieve full-year targets
Munich Re – Financial highlights Q2 2025 After strong Q2 well on track to achieve full-year targets Sound underlying performance and very low major claims overcompensate Q1 cat losses Net result Total technical result Net financial result Operating result €m €m €m €m 5,088 5,086 4,382 5,069 3,178 3,
Slide 16: Capital position
Munich Re – Financial highlights Q2 2025 Capital position Equity Capitalisation €m €bn 10.8% 10.7% 10.8% 3 Equity 31.12.2024 32,901 Change in Q2 9.2% Senior debt Net result 3,178 2,085 0.3 0.2 Subordinated debt Changes 0.2 0.3 6.3 Dividend –2,613 –2,613 6.3 6.1 CSM (after tax) 4.7 Share buy-backs –9
Slide 17: Investments
Munich Re – Investments Investments Q2 2025 Investment portfolio1 % Government/Semi-government bonds2 31 (32) Alternative investments 17 (17) Covered bonds/Mortgage loans 14 (13) Equities3 4 (4) Total Corporate bonds 15 (16) Business-related participations 2 (2) €237bn Emerging markets government bo
Slide 18: Investment result
Munich Re – Investments Investment result €m Q2 2025 Return1 H1 2025 Return1 H1 2024 Return1 Regular income 2,222 3.8% 4,311 3.7% 4,087 3.6% Write-ups/write-downs –28 0.0% –68 –0.1% –110 –0.1% Change in expected credit loss (ECL) 6 0.0% 10 0.0% –21 0.0% Disposal gains/losses 76 0.1% 36 0.0% –201 –0.
Slide 19: Net financial result
Additional information – Investments Net financial result Q2 Q2 H1 H1 ▪ Q2 2025: Investment result benefited €m 2025 2024 2025 2024 from strong regular income and positive fair value changes on equities and Investment result 2,187 1,470 3,509 3,633 derivatives, partially offset by negative fair valu
Slide 20: 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 21: ERGO Germany
ERGO ERGO Germany Key ▪ L&H: Increase in total technical result driven Total technical result by life, health and travel €m messages ▪ L&H: 2.1% CSM release in Q2 fully in ▪ P&C: Good total technical result line with current expectation of ~2%; ▪ Strong net result of €155m driven by good PAA busines
Slide 22: ERGO Germany
ERGO ERGO Germany Property- Combined ratio 2024 59.8 28.8 88.6 % casualty 97.5 H1 2025 60.6 28.3 88.9 88.2 87.6 91.3 88.8 86.8 88.8 89.1 Q2 2025 60.5 28.6 89.1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2024 2024 2024 2024 2025 2025 Loss ratio Expense ratio Life and Total technical result CSM/RA development
Slide 23: ERGO International
ERGO ERGO International Key ▪ Technical profitability in L&H and Total technical result ▪ P&C: Very good combined ratios in P&C at an attractive level €m majority of all markets in Q2 – messages overall combined ratio at 89.5% ▪ Good net result of €96m due to strong operating performance ▪ L&H: On-g
Slide 24: ERGO International
ERGO ERGO International Property- Combined ratio % casualty1 89.3 87.4 99.6 84.3 87.2 98.2 90.4 96.1 74.1 89.5 89.5 91.7 90.3 89.0 89.5 87.9 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 H1 Poland Legal Greece Baltics Austria Thailand Spain 2023 2023 2024 2024 2024 2024 2025 2025 2025 protection Life and Total technical
Slide 25: Reinsurance
04 Reinsurance Source: Munich Re
Slide 26: Life and health reinsurance
Reinsurance Life and health reinsurance Key ▪ Ongoing strong new business development Total technical result messages ▪ CSM growth dampened by sizeable FX effects €m ▪ Insurance service result supported by ▪ Positive experience in Q1 largely offset by a 1,052 strong new business 913 ▪ Q2 negatively
Slide 27: Life and health reinsurance
Reinsurance Life and health reinsurance Total technical result Q2 H1 ▪ Release of CSM and RA in line with €m 2025 2025 expectation, supported by ongoing strong new business development Release of CSM 280 559 ▪ Q2 experience adjustments negatively affected by a random accumulation of Release of risk
Slide 28: CSM/RA
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, driving the business-related growth of CSM New contracts added 1,554 288 ▪ Operating changes include uplift from paramete
Slide 29: P&C reinsurance
Reinsurance P&C reinsurance Key ▪ Revenue decline of 1.3% vs. H1 2024 mainly Total technical result due to devaluation of USD €m messages ▪ Negative major loss ratio of –2.0% in Q2 ▪ Combined ratio of 61.0% in Q2 2025 driven due to by very low major losses 2,485 2,611 ▪ very low new major losses, 1,
Slide 30: P&C reinsurance
Reinsurance P&C reinsurance Combined ratio Q2 H1 Ø Annual % 2025 2025 expectation Change in 2024 52.8 15.0 9.5 77.3 loss component 0.4 0.6 ~0.0 H1 2025 53.3 10.1 9.5 72.9 Major losses1 –2.0 10.1 ~17.0 Q2 2025 –2.0 52.2 10.8 61.0 Nat cat1 0.5 8.6 ~14.0 Basic losses Major losses Expenses Man-made1 –2.
Slide 31: Global Specialty Insurance
Reinsurance Global Specialty Insurance Key ▪ Revenue increase of 2.3% vs. H1 2024 Total technical result €m ▪ Very pleasing loss ratio due to lower- messages ▪ Very pleasing combined ratio of 77.9% in than-average nat cat claims Q2 2025 driven by lower-than-average major 525 ▪ Expense ratio slightly
Slide 32: Global Specialty Insurance
Reinsurance Global Specialty Insurance Combined ratio Insurance revenue (gross) % H1 2025 % 2024 63.5 30.1 93.6 H1 2025 55.0 32.3 87.3 Total €4,311m Q2 2025 45.7 32.2 77.9 Loss ratio Expense ratio 100.2 American Modern 1,246 93.6 95.5 92.6 87.6 Hartford Steam Boiler 594 77.9 MR Specialty – North Ame
Slide 33: Additional information
05 Additional information Source: Munich Re
Slide 34: Actual vs. analysts’ consensus
Additional information Actual vs. analysts’ consensus Operating result – Actual vs. analysts’ consensus1 KPIs – Actual vs. analysts’ consensus1 €m Q2 2025 Consensus Delta €m Q2 2025 Consensus Impact2 Life and health reinsurance 432 520 –88 Total technical result 305 436 –131 Property-casualty reinsu
Slide 35: Segment income statement
Additional information Segment income statement Q2 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International Q2 2025 2,178 Insurance revenue from insurance contracts issued 3,094 4,513 2,022 3,540 1,606 14,775 Insurance service
Slide 36: Segment income statement
Additional information Segment income statement H1 2025 Life and health Property-casualty Global Specialty ERGO ERGO Total €m reinsurance reinsurance Insurance Germany International H1 2025 4,723 Insurance revenue from insurance contracts issued 6,165 9,405 4,311 7,444 3,262 30,586 Insurance service
Slide 37: July renewals
Additional information: Property-casualty reinsurance July renewals Total property-casualty book1 Regional allocation of July renewals % % Europe 7 Asia/Pacific/Africa 18 Total Total North America 30 Latin America 18 €26bn €3.3bn Worldwide 28 Nat cat shares of renewable portfolio2 % January renewals
Slide 38: Selective growth and portfolio optimisation
Additional information July renewals Selective growth and portfolio optimisation % 100.0 –7.8 92.2 –2.8 +7.4 96.8 €m 3,269 –254 3,015 –92 +243 3,166 Change in premium –3.2% Thereof price movement1 ~–2.1% Thereof change in exposure for our share ~–1.1% Total renewable Cancelled Renewable Decrease on
Slide 39: Revenue development
Additional information Revenue development H1 2025 Insurance revenue (gross) Segmental breakdown €m €bn Revenue Share Life and health reinsurance 6.2 20 % H1 2024 30,014 Property-casualty reinsurance 9.4 31 % Total €30.6bn Global Specialty Insurance 4.3 14 % Foreign ERGO Germany 7.4 24 % –168 exchan
Slide 40: ERGO Property-casualty Germany
ERGO ERGO Property-casualty Germany Insurance revenue (gross) in H1 2025 (H1 2024) €m Fire/property 676 (631) Legal protection 214 (227) Motor 444 (432) Marine 110 (136) Total €2,301 m Liability 427 (429) Other 164 (188) (€2,319m) Personal accident 267 (278) Half-year financial report as at 30 June
Slide 41: ERGO International – Insurance revenue (gross)
Additional information: ERGO ERGO International – Insurance revenue (gross) H1 2025 (H1 2024) Property-casualty Life and health H1 2025 H1 2024 Life H1 2025 H1 2024 Poland 1,150 1,085 Austria 80 77 Legal protection 243 235 Poland 68 58 Thailand 171 144 Belgium 55 59 Total Total Greece 143 134 € 2,00
Slide 42: Combined ratios
Additional information Combined ratios H1 2025 P&C Global Specialty ERGO ERGO €m reinsurance Insurance P&C Germany International1 Insurance revenue from insurance contracts issued 9,405 4,311 2,301 2,626 Insurance revenue ceded from reinsurance contracts held –323 –189 –47 –102 Insurance revenue (ne
Slide 43: Total comprehensive income
Additional information Total comprehensive income Munich Re Group €m Reinsurance ERGO Q2 2025 Total comprehensive income 437 159 703 Thereof net result 1,834 155 2,085 Thereof change in OCI (after tax) –1,397 4 –1,382 Thereof from investments 282 362 752 Thereof from insurance contracts –332 –317 –6
Slide 44: CSM and risk adjustment by segment
Additional information CSM and risk adjustment by segment H1 2025 vs. Risk vs. €m CSM 31.12.2024 (%) adjustment 31.12.2024 (%) Life and health reinsurance 14,691 1.6% 3,441 –4.5% Property-casualty reinsurance 331 21.4% 333 –7.8% Global Specialty Insurance – –% 43 –8.9% ERGO Germany 10,170 2.3% 7
Slide 45: Loss component by segment
Additional information Loss component by segment H1 2025 Loss vs. €m component 31.12.2024 (%) Life and health reinsurance 224 –7.6% Property-casualty reinsurance 510 6.3% Global Specialty Insurance 87 –19.1% ERGO Germany 119 –12.7% ERGO International 248 –6.7% Total 1,188 –3.6% Net of reinsurance.
Slide 46: Return on equity
Additional information Return on equity Reinsurance ERGO1 Munich Re Group €m 30.6. 31.3. 31.12. 30.6. 31.3. 31.12. 30.6. 31.3. 31.12. 2025 2025 2024 2025 2025 2024 2025 2025 2024 Adjusted equity 27,459 28,799 27,587 4,678 4,504 4,917 32,138 33,303 32,504 Q2 2025 average adjusted equity 28,129 4,591
Slide 47: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Government/Semi-government bonds Rating structure Regional breakdown % % Policyholder participation Total Without With 30.6.2025 31.12.2024 AAA 29 (29) BB 0 (0) US 21 2 22 24 AA 55 (56) NR 0 (1) Germany 3 17 20 20 Total €75bn
Slide 48: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Covered bonds/Mortgage loans Rating structure for covered bonds Regional breakdown % % 30.6.2025 31.12.2024 Germany 49 49 France 15 15 AAA 89 (89) BBB 0 (0) UK 7 7 Total AA 10 (10) NR 0 (0) Netherlands 5 5 €23bn Canada 3 3 A 0
Slide 49: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Corporate bonds (including bank bonds) Rating structure Sector breakdown % % 30.6.2025 31.12.2024 Banks 23 24 Utilities 13 12 AAA 4 (4) BB 10 (9) Industrial goods & services 9 8 Total AA 8 (8) B and lower 5 (4) Financial servi
Slide 50: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Emerging markets government bonds Rating structure Regional breakdown % % Policyholder participation Total Without With 30.6.2025 31.12.2024 AA 1 (1) BB 22 (20) Poland 18 7 25 25 Total A 40 (40) B and lower 2 (2) China 7 1 9 9
Slide 51: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) ABS/MBS Rating structure Regional breakdown % % 30.6.2025 31.12.2024 Europe 55 53 AAA 28 (31) BBB 1 (0) AA 66 (62) NR 1 (0) US 37 38 Total €9bn A 5 (6) Rest of world 8 8 Maturity structure Portfolio composition % % 0–1 years 1
Slide 52: Investment portfolio (economic view)
Additional information – Investments Investment portfolio (economic view) Alternative investments Alternative investments1 % 30.6.2025 31.12.2024 Real estate2 – Regional breakdown (%) Germany 65 65 US 15 15 Real estate 40 (40) Netherlands 5 5 Total Illiquids equity 38 (40) France 3 3 €40bn UK 2 2 Il
Slide 53: Equities
Additional information – Investments Investment portfolio (economic view) Equities Total equities €9bn 30.6.2025 31.12.2024 Regional breakdown (%) US 24 26 Germany 20 24 France 10 8 Switzerland 9 9 4.0 3.9 3.9 Japan 8 6 3.7 Other 29 28 3.6 Sector breakdown (%) Industrial goods & services 14 14 3.5 3
Slide 54: Return on investment by asset class and segment
Additional information – Investments Return on investment by asset class and segment H1 2025 Regular Write-ups/-downs, Disposal Fair value Other ᴓ Market income change in ECL result change inc./exp. RoI value (€m) Fixed income 3.5 0.0 –0.1 –0.4 0.0 3.0 188,210 Equities 5.0 0.0 0.0 13.4 0.0 18.4 10,7
Slide 55: Investment result – Reinsurance
Additional information Investment result – Reinsurance Life and health reinsurance €m Q2 2025 Return1 H1 2025 Return1 H1 2024 Return1 Regular income 178 4.1% 361 4.0% 380 4.1% Write-ups/write-downs –3 –0.1% –7 –0.1% –12 –0.1% Change in expected credit loss (ECL) 0 0.0% 0 0.0% –5 0.0% Disposal gains/
Slide 56: Investment result – Reinsurance
Additional information Investment result – Reinsurance Global Specialty Insurance €m Q2 2025 Return1 H1 2025 Return1 H1 2024 Return1 Regular income 150 3.7% 301 3.8% 245 3.5% Write-ups/write-downs –1 0.0% –3 0.0% –3 0.0% Change in expected credit loss (ECL) 1 0.0% 3 0.0% –0 0.0% Disposal gains/losse
Slide 57: Investment result – ERGO
Additional information Investment result – ERGO Germany €m Q2 2025 Return1 H1 2025 Return1 H1 2024 Return1 Regular income 1,048 3.8% 1,965 3.5% 1,898 3.4% Write-ups/write-downs –3 0.0% –6 0.0% –10 0.0% Change in expected credit loss (ECL) 2 0.0% 6 0.0% 6 0.0% Disposal gains/losses –20 –0.1% –29 –0.1
Slide 58: Duration investment portfolio
Additional information Duration investment portfolio H1 2025 Portfolio duration1 Assets Liabilities Reinsurance 3.7 (3.5) 3.6 (3.4) ERGO 7.3 (7.7) 6.9 (7.0) Munich Re 5.8 (5.9) 5.9 (5.8) DV011,2 €m Assets Liabilities net Reinsurance 30 (30) 20 (20) 10 ERGO 80 (86) 82 (84) –3 Munich Re 110 (116) 102
Slide 59: Changes to shares in circulation
Additional information: Shareholder information Changes to shares in circulation Shares 31.12. Acquisition of own Retirement of own 30.6. Weighted average number of shares in circulation (millions) 2024 shares in H1 2025 shares in H1 2025 2025 (millions) 136.0 132.9 130.3 130.7 Shares in 131.4 –1.8
Slide 60: 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 61: 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 62: 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