Munich Re Group Investor Day 2020
8 December 2020 Investor Day 2020 Agenda
01 Munich Re Group Ambition 2025 Joachim Wenning
02 Group Finance Christoph Jurecka
03 Group Investment Management Nicholas Gartside
04 ERGO Markus Riess
05 Reinsurance Torsten Jeworrek
Munich Re Group – Investor Day 08 December 2020 2 Munich Re Group Ambition 2025
Joachim Wenning Priorities for 2020 delivered
Ambition 2020
COVID-19
2018–2020 2018–2020 2021–2025 Ambition 2020 reignited profitable growth
Strategic focus Key achievements
Increase Growing Reinsurance and turning around ERGO has raised earnings earnings to a new level; new Group CIO for improved investment management
Digital Leveraging data and technology for automation, sophistication and transformation disruption across Munich Re Group
Reduce Focus on markets and customers has improved organizational complexity effectiveness and business impact
Munich Re Group – Investor Day 08 December 2020 5 2018–2020 2021–2025 Munich Re has delivered on its Ambition 20201
Net income targets achieved1 … … despite challenging developments €bn Guidance . Above long-term-average large losses in 2019 Actual . P-C RI markets only started selectively firming Actual in excess of guidance from 2018 onwards COVID-19 normalization . Volatile capital markets 2.8 2.7 2.8 . Risk free rates reduced by ~100bps in Germany 2.3 2.5 and ~ 180bps in US since January 2018 2.3
2018 2019 20201
1 Normalized for COVID-19 claims. Munich Re Group – Investor Day 08 December 2020 6 2018–2020 2021–2025 Turned around RoE erosion and delivered superior Total Shareholder Return
RoE TSR since 1 January 20181 % % Value creation 52.8 49.8 16 47.4
12
Average cost 8 of capital
4
19.8 0 2010 2015 2019 10.3 9.7
Ø 8.7% ~ 8% 10-year RoE Cost of capital -6.6 -7.1 Munich Re Peer Peer Peer Peer Peer Peer Peer
1 Source: Datastream. Period from 01 Jan 2018 to 03 Dec 2020. Peers: Allianz, Axa, Generali, Hannover Re, Scor, Swiss Re, Zurich. Munich Re Group – Investor Day 08 December 2020 7 2018–2020 2021–2025 We believe in gradual market shifts with major opportunities for Munich Re Group
Gradual shifts in markets … … while fundamentals will not be disrupted
Rate hardening in commercial, specialty and … despite alternative capital reinsurance will continue for a couple of years …
Digital business models and client … thus insurers need to evolve, invest and adapt needs continue to evolve gradually …
Lower reinvestment yields shave >10bps p.a. … but can be partially compensated by superior off our portfolio’s RoI … investment and asset management
Profit / growth pools gradually shift towards … but traditional core markets in the US markets with lower insurance penetration … and Europe keep a vital role for profits
Strategic beliefs support continuation of a measured investment and transformation path
Munich Re Group – Investor Day 08 December 2020 8 Munich Re Group Ambition 2025
Ambition 2025 Scale. Shape. Succeed.
2021–2025 Munich Re Group Ambition 2025
Scale
Succeed Shape 2018–2020 2021–2025 Munich Re Group Ambition 2025 Scale. Shape. Succeed.
Scale … our core businesses, Succeed leveraging our capabilities further … benefiting our …
Shareholders Clients
… the insurance value chain, Employees creating new business opportunities Communities Shape
Munich Re Group – Investor Day 08 December 2020 11 2018–2020 2021–2025 Munich Re Group Ambition 2025 Scale. Shape. Succeed.
Expansion of core Scale Preference for organic growth Succeed Leverage superior underwriting Shareholders Growing earnings and RoE Uplift asset performance Clients Long-term partner – superior products, experience and capacity Employees Create additional business Employer of choice: skill-driven, fostering digital culture, risk entrepreneurs Monetize digital business investments Communities Comprehensive climate Create new strategic options strategy matching Shape Paris Agreement
Munich Re Group – Investor Day 08 December 2020 12 2018–2020 2021–2025 Munich Re Group Ambition 2025 Growing RoE
RoE improvement Succeed % Shareholders 12-14 Clients Employees 11.9 Communities RoE 2020 Margin Underlying Yield Performance Capital generation RoE normalized improvement growth erosion uplift and management 2025
Across all businesses, Across all businesses, Low yields eroding Self-funding growth in the short-term particularly in target RoI – managing to while actively mainly in P-C RI markets partly compensate managing capital
Munich Re Group – Investor Day 08 December 2020 13 2018–2020 2021–2025 Munich Re Group Ambition 2025 Long-term partner: bring superior products, experience and capacity to our clients
ERGO Succeed Reinsurance Shareholders . Deliver excellent service levels . Reliable and predictable partner Clients Employees . Continue to simplify and harmonize . Leader in capacity, services and thought Communities product portfolio . Expanding borders of insurability, e.g. cyber, . Upgrade customer experience through guarantees for new technologies End-to-End process re-design . Specialty commercial segment for North . Apply new technologies to America, bundling all offerings in MRSI enhance customer interfaces . Expand product scope, e.g. in US E&S
Munich Re Group – Investor Day 08 December 2020 14 2018–2020 2021–2025 Munich Re Group Ambition 2025 Employer of choice
Skill-driven in technical excellence Driving digital culture Succeed . Leading technical excellence, passing on . Superior data analytics trainings Shareholders superior UW capability . New ways of tech-enabled working Clients . Best-in-class risk management know-how Employees Communities Risk entrepreneurship Socially engaged . Pushing boundaries of insurability . Support ~ 500 projects in our communities . Digital hubs embedded into business . Enabling staff to contribute – in Munich Re and beyond . Leading partner network for innovation . Long-term reliable and caring employer
Diverse . 50+ sites globally . 80+ skill groups workforce . 60+ nationalities . 40% managers to be female in 2025
Highly committed talent, leading by skill and experience
Munich Re Group – Investor Day 08 December 2020 15 2018–2020 2021–2025 Munich Re Group Ambition 2025 and beyond Lead by climate action – leveraging role as investor, underwriter and audible public voice
Assets Liabilities Own CO2 emissions Succeed Financed CO2 emissions Insured CO2 emissions (primary, direct, facultative) from operational processes Shareholders No investment in Thermal coal Oil and gas – explora- Reducing our direct impact Clients companies with No insurance for new coal tion and production . Carbon neutral since 2015 . >30% revenue thermal coal mining, powerplants, No insurance for new and . Reduction by 44% per Employees . >10% revenue oil sands related infrastructure2 existing oil sand sites, employee since 2009 related infrastructure2 Communities
Total1 -25% to -29% emissions -5% emissions -12% emissions per employee -35% emissions3 Utilising the expertise of Thermal coal1 -35% emissions of Munich Re Group HSB Solomon Oil and gas1 -25% emissions
Total Net-zero by 2050 Net-zero emissions Net-zero emissions Full exit by 2040 by 2050 by 2030 Thermal coal Full exit by 2040
Leading with high and credible ESG standards 1 Based on sub-portfolio of equities, corporate bonds and real estate at the end of 2019. 2 Minor exceptions apply such as sites in countries with <90% electrification rate. 3 “Produced tonnes of thermal coal / MW capacity insured” used as proxy for emissions; base year 2019. Munich Re Group – Investor Day 08 December 2020 16 2018–2020 2021–2025 Our commitment to Succeed Leading Total Shareholder Return
We will deliver
Succeed
Improved RoE, 2025 EPS growth1 DPS growth1,2 Solvency II ratio in optimal range
12-14% ≥5% ≥5% 175-220%
Decarbonization targets in coal, oil and gas
1 CAGR – compound annual growth rate 2020-25 (EPS 2020 normalized). 2 Floor of at least previous year’s DPS. Munich Re Group – Investor Day 08 December 2020 17 Group Finance Christoph Jurecka Group targets are closely aligned to internal and external value drivers
Major TSR drivers Group targets 2025
New targets Improved RoE, 2025 RoE expectation 12-14% IFRS
1 Expected EPS growth EPS growth ≥5% Holistic, Existing focus value-driven DPS growth1,2 internal Economic ≥5% steering Expected dividend growth Solvency II ratio Other factors, in optimal range Capital e.g. cost of capital 175-220%
Overall target: sustainably increasing Total Shareholder Return (TSR) 1 Compound annual growth rate 2020-25 (EPS 2020 normalized). 2 Dividend floor of at least previous year’s DPS. Munich Re Group – Investor Day 08 December 2020 19 Internal steering covers value creation holistically
Dimensions of internal steering Key messages
Short- / medium-term Growth of IFRS earnings and capital productivity … profitability … driven by business growth and (cyclical) margin expansion … . Net income … outweighing yield erosion in overall earnings … . RoE … while maintaining high reserve quality IFRS
Long-term profitability, . Economic value added increasing – growth is self-funding risk assessment . Risk appetite remains largely stable Economic . Economic earnings . Absolute balance-sheet size and risk-capital consumption to grow . Capital generation . Unchanged balance between investment and insurance risks
Capital Capital resources . Commitment to attractive dividend growth . Remittance . Share buy-backs to manage excess capital . Solvency II / Rating . Strong Solvency II ratio and stable rating quality
Munich Re Group – Investor Day 08 December 2020 20 RoE improvement driven by profitable business growth overcompensating lower contribution from investments
IFRS
RoE improvement Succeed % Shareholders 12-14
11.9
RoE 2020 Margin Underlying Yield Performance Capital generation RoE normalized improvement growth erosion uplift and management 2025
Short-term better margin Long-term growth Low yields eroding RoI Active capital management . P-C Reinsurance: rate . Reinsurance overall: . Partly compensated for . Attractive cash return – hardening growing at the high end of at stable risk budgets by dividend growth target . Risk Solutions: increasing market expectations . SAA/TAA levers . Deploy capital for self- share of business with . Risk Solutions: growing at . Third party sourcing funding growth attractive combined ratio twice the pace of P-C RI . MEAG performance . ERGO: efficiency gains . ERGO International: . Other: e.g. finance costs improving overall above-market growth profitability . New businesses
Munich Re Group – Investor Day 08 December 2020 21 Continuation of prudent reserving approach allows for ongoing reserve releases
IFRS / Economic . Conservative loss estimates for new business, which facilitate Reserving reserve releases after clear manifestation of loss development approach . Reserves continue to be set at the upper end of the range of possible best estimates
. Higher share of personal lines business (growth in both Risk Solutions and traditional Reinsurance), with typically Business mix smoother development and lower reserve uncertainty Well established . New business opportunities in property and specialty are reserving approach in Reinsurance expected to lead to a higher share of shorter tail business, which could require smaller reserve margins on attritional with unchanged losses to achieve usual prudence level prudency
. Unchanged disciplined reserving approach, diligently reflecting developments in portfolio and business mix Outlook in . In the growing portfolio, “locked-in” reserve caution from prior Reinsurance years is based on lower prior-year premium levels . Ongoing substantial reserve releases expected, with ~ 4% points of net earned premiums being a suitable guidance
Munich Re Group – Investor Day 08 December 2020 22 Strong economic value added Facilitation of self-funding growth creating financial flexibility
Illustration: Expected economic earnings and capital generation 2021 to 2025 Economic
~ €20bn
Economic Delta Capital External Capital earnings SCR repatriation financing generation
Munich Re Group – Investor Day 08 December 2020 23 Unchanged balance between investment and insurance risks
SCR composition of investment and insurance risks Economic %
Investment risks 48 . Unchanged risk appetite despite persistently low interest rates 60 . Retaining flexibility to seize investment opportunities
Insurance risks 52 . Gradually increasing risk appetite allowing for disciplined 40 business growth . High diversification between business lines and markets
2016 2017 2018 2019 2025
Munich Re Group – Investor Day 08 December 2020 24 Capital generation supports SII ratio at the upper end of the optimal range despite growth and capital repatriation
Solvency II ratio1 Economic %
Illustration 245 244 237 216 220 Optimal range 175
€bn 2017 2018 2019 Q3 2020 2021 2022 2023 2024 2025
EOF 35.1 36.0 41.5 39.8
SCR 14.4 14.7 17.5 18.4
1 Based on Group Internal Model. Excluding already approved transitional measures. Application of static volatility adjustment for a small number of subsidiaries. No use of the dynamic volatility adjustment. Munich Re Group – Investor Day 08 December 2020 25 Funding structure provides financial flexibility
Low debt leverage Capital €bn
Debt leverage1 2 Senior and other debt . Despite recent issuance of €1.25bn Subordinated debt subordinated green bond …
15.1 . … debt leverage remains one of the lowest 13.2 in the insurance industry 12.6 12.0 10.0 . Sufficient internal funds for growth given strong economic profitability 0.3 . Debt leverage will continue to remain low – 0.4 0.3 0.3 0.3 reflecting financial flexibility as regards 5.0 refinancing or funding of growth opportunities 4.2 2.8 3.7 3.8
2016 2017 2018 2019 Q3 2020
1 Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity). 2 Other debt includes Munich Re bank borrowings and other strategic debt. Munich Re Group – Investor Day 08 December 2020 26 Stable outlook maintained – rating agencies recently confirmed our balance sheet strength
Capital Insurance financial Last Agency strength rating Outlook affirmation
“The ratings reflect Munich Re’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating A.M. Best A+ Stable 17 July 2020 Superior performance, very favourable business profile and very strong enterprise risk management”
“Munich Re is one of a select group of reinsurers that has the scale, Fitch AA Stable 7 Sep. 2020 diversity and financial strength to attract the highest-quality Very strong business in the global reinsurance market”
“… Munich Re … will be able to withstand the negative implications arising from the coronavirus pandemic, and potential underwriting Moody’s Aa3 Stable 6 May 2020 Excellent and investment losses will not result in an overall loss for the year 2020 under several stress-scenarios”
“The stable outlook reflects our view that [Munich Re] will maintain S&P AA– Stable 29 May 2020 capital adequacy above the 'AA' confidence level … , improve Very strong earnings … , and defend its extremely strong competitive position”
Munich Re Group – Investor Day 08 December 2020 27 Foster shareholder participation in Munich Re’s earnings growth
Capital management Sustainable dividend-per- Outlook Capital instruments share growth
CAGR . DPS growing with earnings … Dividends +4.7% Profit participation . … even faster than in previous years with ≥5% CAGR €9.8 . Dividend floor of at least previous year’s DPS
€7.8 . ERGO dividend for FY 2020 Share buy-backs onwards Reducing excess capital
2014 2015 2016 2017 2018 2019 2025
Strong dividend commitment – EPS growth driving DPS growth
Munich Re Group – Investor Day 08 December 2020 28 Munich Re Group Ambition 2025 creates competition between share buy-backs and growth opportunities
Conceptual capital management framework Capital
RoE Expansion of balance sheet to fund earnings growth for sustainable dividend growth RoE Cost of equity
Cost of equity
RoE Cost of equity In times of lacking opportunities reduction of excess capital by focusing on share buy-backs to improve capital efficiency
Equity
Opportunistic capital management with focus on shareholder value creation impacting size and frequency of future share buy-backs
Munich Re Group – Investor Day 08 December 2020 29 Outlook 2021
Group Gross written premium Net result Return on investment ~ €55bn ~ €2.8bn >2.5%
ERGO Combined ratio Gross written premium Net result P-C Germany International ~ €17.5bn ~ €0.5bn ~ 92%1 ~ 93%
Reinsurance Combined ratio Technical result, incl. fee Gross written premium Net result P-C income Life and Health ~ €37bn ~ €2.3bn ~ 96%2 ~ €400m
1 ~ 91% without COVID-19 impact. 2 ~ 95% without COVID-19 impact. Munich Re Group – Investor Day 08 December 2020 30 BACKUP: Composition of normalized RoE in 2020
IFRS
Group RoE1 Outlook 2020 net income €1.2bn €23.1bn Equity 31.12.20193 11.9% +€2.8bn Normalized net result Adjustments for COVID-19 and +€ bn other2 1.6 -€1.8bn Dividend / share buy-back in 2020
Normalized net result 2020 €2.8bn €24.1bn Equity 31.12.20203
Adjustments of business field equity5 RI RoE1 €2.3bn €17.8bn4 . Allocation of Group unrealized gains / 12.7% losses and currency translation . Recognition of intra-Group financing instruments ERGO RoE . Recognition of capital movements, €0.5bn €5.8bn4) ~ 9% e.g. ERGO dividend to Munich Re recognized in reinsurance equity 1 Normalized net result divided by adjusted average shareholders’ equity, based on beginning and end of year figures. 2 Reinsurance and ERGO, affecting underwriting result (premiums and claims) as well as investment result. 3 Shareholders‘ equity adjusted for unrealized gains / losses and currency translation effects. 4 Adjusted average business field equity 2020, based on beginning and end of year figures; Differences between RoE shown and calculated from the numbers on slide are due to rounding. Munich Re Group – Investor Day 08 December 2020 31 5 Compared to stand-alone business field balance sheet. Group Investment Management Nicholas Gartside Outlook Key investment challenges
Integrating ESG Net-zero greenhouse gas emissions by 2050
Low interest rates Mitigating yield attrition without increasing risk
Capital market volatility Portfolio resilience and market opportunities
Munich Re Group – Investor Day 08 December 2020 33 Integrating ESG
Public Impact commitments Target of the AOA . Further embed ESG Member of the UN net-zero . Commitment to net-zero criteria in investment process Asset Owner Alliance (AOA) greenhouse gas emissions . New investment Climate Action 100+ by 2050 opportunities membership . Engagement . Sectoral changes Responsible Investment . 5-year implementation plans within asset classes Guideline PRI
Munich Re as industry leader in ESG
Munich Re Group – Investor Day 08 December 2020 34 Low interest rates
Yield environment % Market drivers . Demographics 5 . Lower economic growth 4 . Digitization and globalization 3 imply lower inflation 2
1 0 Opportunities -1 . Alternative assets -2 . Corporate credit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 . Hedging strategies
Source: Bloomberg GER 10y US 10y UK 10y
Within secular trends, cyclical opportunities will improve the reinvestment yield
Munich Re Group – Investor Day 08 December 2020 35 Capital market volatility
Elevated volatility Robust and resilient portfolio protecting against downside risks
VDAX Defensive investment portfolio3 High quality fixed-income portfolio3 % % 100
Total Total 50 €250bn €213bn
0 2016 2017 2018 2019 2020 Fixed-interest securities and loans 81.2 AAA 42 BBB 12 NR2 5 Source: Reuters/Datastream Shares 5.6 AA 24 BB 3 Land and buildings 4.9 A 13 B 1 Miscellaneous1 8.2
Cushion volatility, take advantage of opportunities, safeguard reliable earnings
1 Deposits retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold. 2 Not rated. 3 Half year 2020; Munich Re Group investments excl. AuM for third parties. Munich Re Group – Investor Day 08 December 2020 36 CIO goal Higher investment return without increasing relative risk position
Defined asset owner and asset manager responsibility
Investment management Asset management
Strategic asset Tactical asset Asset manager Implementation Security Backoffice allocation allocation selection of mandates selection
Group Investment Management (GIM) Asset managers (MEAG and third party) Asset owner defines investment strategy MEAG as proprietary asset manager, and best owner external asset managers for defined mandates
New setup focuses expertise, delineates responsibilities, empowers higher returns
Munich Re Group – Investor Day 08 December 2020 37 Investment management Levers to sustainably increase investment returns
Strategic asset Tactical asset Asset manager allocation allocation selection
. Group investment strategy to . Common investment views . Assign investment mandates improve the risk / return profile across asset classes to best manager based on liabilities . Active use of trading ranges . MEAG as core asset manager . Diversification benefits . New trade ideas and . External asset managers for . Integration of ESG criteria risk premia non-core assets
Efficiently links liabilities to capital market views and skilled asset managers
Munich Re Group – Investor Day 08 December 2020 38 Asset management – MEAG Levers to sustainably increase investment returns
Strengthen Third-party Sustainable performance business growth operating model
. CIO public markets and CIO . Liability-driven investment . Productivity increase through alternative assets appointed expertise is a key strength improved operating model . Focus on core asset classes . Third party business to become . Comprehensive reorganization with proven track record a growth area for MEAG . Become recognized . Implementation of best . Historic track-record, ESG leader practice investment processes proprietary client access and strong pipeline
Transformation to start with Munich Re Group Ambition 2025 program in 2021
Munich Re Group – Investor Day 08 December 2020 39 ESG investment strategy Close alignment with our AOA commitments
Succeed
Set targets for asset classes, sectors, Transition of investment portfolio to net- Principle engagement and financing transition Target zero greenhouse gas emissions by 2050
All investments with impact on Reduce CO2 emission by 25-29% until Focus environment and climate, start with First step 2025 (on focused asset classes) equities, corporates, real estate
Approach Integration of ESG indices, best- Engage with companies, Double renewables portfolio in-class, criterion for exclusion develop action plans, CO2 to €3bn focused investment steering
Munich Re Group – Investor Day 08 December 2020 40 Munich Re Green Bond Active role in sustainable finance
Impact investment Succeed Munich Re Green Bond Framework: inaugural Green Bond issuance transacted in September 2020
Objective Increase investment in sustainable projects and play a key role in the transition to a low-carbon economy
Selection of eligible projects
Sustainable water Renewable energy Clean transportation Waste management Energy efficiency Green buildings
Eco-efficient Natural resources Circular economy Land use
Munich Re Group – Investor Day 08 December 2020 41 Return on Investment (RoI) Yield erosion to be partially offset
RoI expectations Succeed %
~ 3.0 Yield erosion Excluding performance uplift, ordinary running yield attrition of >10bps p.a. expected due to persistently low interest rates ~ 2.5 Performance uplift Management measures partly offset decline, supported by … … increasing income from rising share of alternative investments … strong balance sheet
Guidance 2025e 2020
Munich Re Group – Investor Day 08 December 2020 42 ERGO Markus Riess ERGO continues to deliver 2025
Combined ratio Return on Equity 2020 Germany International ~ 90% ~ 91% 12-14% Combined ratio Return on Equity . Top peer group profitability Germany International 2016 . Strong presence in Germany ~ 92% ~ 94% ~ 9% . Increased contribution from Combined ratio Return international portfolio on Equity . Competitive position in Germany Germany International . Digital leadership . Established hybrid operating model 97% 98% 1% . Optimized international portfolio
. Weak financial performance . No clear international strategy . Complex legacy systems
Munich Re Group – Investor Day 08 December 2020 44 ERGO Strategy Programme (ESP) 2016-2020 ESP to be successfully concluded by end of 2020
Net profit Combined ratio ERGO Group P-C Germany ~ -5 ppts. €m ~ +490 % ~ 530 97.0 97.5 96.0 412 440 92.3 ~ 92.0 273 41
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Outlook Outlook
Cost savings Combined ratio cumulative, €m ERGO International 279 % 98.0 ~ -4 ppts. 234 174 95.3 94.6 94.3 91 ~ 94.0 30
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Outlook Outlook
Munich Re Group – Investor Day 08 December 2020 45 ERGO Strategy Programme (ESP) 2016-2020 12 workstreams successfully concluded
1 8 Fit Sales – . Productivity of tied sales agents increased by 41% Successful Optimize product . Portfolio substantially renewed and de-risked with elimination of since 2016 portfolio dedicated focus, e.g. biometric offers and capital redundant market-oriented Life products, profitable and low- structures risk supplementary insurance in Health as well as simplified, customer-centric products in P-C 2 Administration – . Sustainable cost savings of €277m (net; accumulated, as improvement of Q3 2020) achieved of efficiency 9 Hybrid Customer - . ERGO Direkt, ERV and D.A.S. Germany unified in integrated one brand ERGO 3 International – . International cost optimization programme implemented, on- and offline . OneWebsite launched, ~ 1.2m users registered on strengthened sustainable cost savings of €49m (net, accumulated as of offerings customer portal as of Q3 2020 setup Q3 2020) achieved
4 Life Germany – . New business bundled in one risk carrier ERGO 10 Offer solutions to . Go-live of digital player nexible with motor product separation of Vorsorge and new product campaign started in 2018 pure online in Germany in 2017, market expansion into Austria traditional back with a significant production increase of 39% customers in 2018; ~ 62k policies, ~ 100k risks insured, €25m book and new . IBM cooperation established, foundation for TPA premium volume achieved as of FY 2019 business business model set . 5 Digital Basis IT – . Number of remaining legacy applications reduced by modernization 12%, additional 18% are in the process of being renovated of legacy systems . New collaboration model between IT and business established 12 Become a partner . ERGO Mobility Solutions established as partner of 6 Digital IT – . Agile IT hubs in Berlin and Warsaw set-up with for B2B2C automotive industry (BMW, Great Wall, Volvo, flexible and quick ~ 280 experts cooperations Emil Frey, Hyundai) implementation . New technology unit setup, ready to scale group-wide (Mobility) 7 Processes – . Automation rates in applications, policies and claims / 13 Focussed strategy . Systematic streamlining of international portfolio automate benefits increased, e.g. straight-through processing: for international (15 entities sales closed), growing footprint in India consistently on TPL / P-C up to 90% portfolio and China stable basis
Munich Re Group – Investor Day 08 December 2020 46 Munich Re Group Ambition 2025 The new strategic phase applies to all parts of ERGO Group
Germany International Digital projects and technology Top player position with Top peer profitability Technology enabled value chain market leading profitability in European markets and transfer of digital assets Succeed Secure profitability Increase net profit Build up strong growth and market position contribution of the in B2B2C and pure direct player Shareholders through first-rate international portfolio Top peer group RoE customer experience Continue modernization of legacy IT-infrastructures Customers Scale Customer-centric processes, products and services Employees Attractive work environment through new ways of working and technology Strengthen digital employer branding Strengthen Hybrid Expand cross-border Explore emerging Customer-centric synergies and utilization ecosystems in Mobility Leverage the strengths, innovative spirit business model of technological solutions and Travel; enhanced digital and diversity of our workforce footprint in all segments Communities Shape Partner of local communities “Digital first” in all customer- Clearly set goals according facing applications to the Paris Agreement
Munich Re Group – Investor Day 08 December 2020 47 Logic of ERGO Strategy Programme (ESP) applied 90 measures defined to be executed in 2021-2025
Initiative portfolio selection Focus initiatives – examples Net profit contribution
. Grow in existing 51% business fields . Enhance operational and technical excellence . Embrace cross-border Scale initiatives
Assessment of >150 Selection of 90 business initiatives: business initiatives . Strategic and regulatory . Foster Hybrid Customer 49% developed by the relevance management teams business model . Internal Rate of Return . Apply new technologies . Net profit contribution such as AI, Robotics, Shape Voice . Re-design IT-delivery
Munich Re Group – Investor Day 08 December 2020 48 Munich Re Group Ambition 2025 – ERGO RoE uplift results mainly from underlying growth
RoE improvement Succeed % 12-14 Shareholders
~ 9
RoE Margin Underlying Yield Performance Capital generation RoE 2020 improvement growth erosion uplift and management 2025
Better margin More growth Low yields eroding RoI Active capital management . Continue tight grip on costs . Continue profitable growth . Partly compensated for at . Reliable dividend stream . Improve technical excellence in paths in P-C and Health stable risk budgets by from ERGO to Group pricing and underwriting Germany . SAA/TAA levers . Competition for efficient . Apply modern technologies to . Build new “capital light” Life . Third party sourcing capital allocation book in Germany improve customer-oriented . MEAG performance processes and efficiency . Profitable business expansion in ERGO International . Other: e.g. finance costs . Broaden reach of pure digital business models
Munich Re Group – Investor Day 08 December 2020 49 ERGO Germany
Sustainable top-player position with market leading profitability Inter- Germany national DP and T
Secure profitable and stable market share Combined ratio . Maintain and continuously upgrade high level P-C Germany of insurance technical capabilities % . Further improve End-to-End process excellence, continue to simplify ~ 92 1 . Reduce costs in IT, distribution and processes ~ 92 Scale
~ 90 Strengthen Hybrid Customer business model . Continue to develop products and services to generate consistent omni-channel proposition . Utilize potential from interplay between online and offline channels Shape . Equip unified sales organization with Outlook Outlook Ambition harmonized IT-application landscape 2020 2021 2025
1 ~ 91% without COVID-19 impact. Munich Re Group – Investor Day 08 December 2020 50 ERGO Germany
Balanced initiative portfolio with focus on growth Inter- Germany national DP and T
P-C Health Life
Growth . Premium growth through product . Continued optimization of product . Continued expansion of new innovation and simplification range “capital light” book through capital market-oriented product portfolio . Expansion of commercial business . Additional growth in corporate Health insurance and group . Broadening of company pension . Implementation of digitized business schemes processes . Build Third Party Administration business
Margin . Ongoing improvement of . Further implementation of AI, . Completion of Life classic claims excellence Robotics and End-to-End IT-migration processing
Continued cost discipline
Munich Re Group – Investor Day 08 December 2020 51 ERGO International
Increase contribution from existing business through profitable growth Inter- Germany national DP and T
Increase net profit contribution of the Combined ratio international portfolio International . De-risk and expand product portfolio % . Scale up sales channels by combining digital ~ 94 and non-digital sales models ~ 93 . Continue cost-discipline and increase Scale process efficiency ~ 91
Expand cross-border utilization of technological solutions . Improve product offerings . Leverage platform harmonization and introduce digital technologies Shape Outlook Outlook Ambition . Apply cross-border synergies in multiple areas 2020 2021 2025
Munich Re Group – Investor Day 08 December 2020 52 ERGO International
ERGO with growth in European markets Inter- Germany national DP and T
Poland and Baltics Spain Austria Greece
Growth . Accelerate organic growth . Enlarge share in group . Continuation of successful . Further expansion of strategy in Non-Life business business cooperations in existing bancassurance bancassurance cooperation . Grow Life business through . Further develop TPA biometric products and use services . Accelerated transformation . Implement new Health cross-selling potential in into multi-line / -channel strategy from 2023 onwards . Enhance digital sales Poland insurer, grow Non-Life capabilities and build . Implement Hybrid Customer business . Further shift from traditional digital ecosystems business model annuity business to unit-linked . Strategically grow broker and biometric products in P-C business and enter Baltics Health market
Margin . Continue digitization . Digitize sales, Health- . Drive digitization path in . Improve digital capabilities, and automation of related services and all parts of value chain e.g. establish customer customer-facing processes claims processes portal
Continued cost discipline
Munich Re Group – Investor Day 08 December 2020 53 ERGO International
Focus on high growth markets India and China Inter- Germany national DP and T
India China
Growth . Expand product portfolio in Health . Expand agency-channel and increase and Non-Motor retail digital sales especially in Life insurance . Ramp-up distribution in OEM, online . Build mobility ecosystem with Great and by adding new bank partners Wall Motors . Complete merger of HDFC ERGO . Enter P-C market General Insurance and HDFC ERGO Health Insurance
Margin . Improve efficiency by scaling-up . Further increase operational efficiency digital self-servicing through digitized processes . Tap synergy potential through merger
Munich Re Group – Investor Day 08 December 2020 54 Digital projects and technology
Deploy technologies and implement digital asset transfer Inter- Germany national DP and T
Digital technologies Business application Optimize IT
. Extend the number of Robotics- . Grow pure digital player nexible . Increase IT-efficiency applications based on digitally optimized and . Extraction of cross-border highly automated processes . Leverage investments in synergies with sustainable AI infrastructure . Scale existing cooperations technology and services excellence with OEMs . Optimize online platforms and . Further simplify application enhance online channels to increase landscape for ERGO Germany Scale digital sales
. Consequently apply optimization . Expand pure digital player model . Install global deployment of based on Voice, Robotics and AI in scope and reach technology infrastructure . Digitize customer interfaces . Explore the role of insurance in . Expand and build up consistent ecosystems Mobility and Travel IT-architecture . Continuously evaluate and test new fields of technology . Continue to digitize Annex . Launch cross-border API1 factory (e.g. Virtual Reality) businesses leading to simplification of application deployment Shape
1 Application Programming Interfaces. Munich Re Group – Investor Day 08 December 2020 55 Application of Artificial Intelligence
Data and AI as main drivers for beneficial digitalization Inter- Germany national DP and T
… with a tangible footprint in developing AI use cases … ERGO has established a . Pattern recognition in Health claims to professional AI infrastructure … >10 use cases avoid fraud in production . Intent recognition to improve automatic workload routing >20 projects in preparation . Support churn prevention measures with People / Skill predictive models in Germany and Austria Experienced management team with analytics, IT and insurance background
… and to consequently apply AI to optimize business AI factory Enhance business processes with the value creating strength of AI along Group-wide accessible IT environment which enables the entire insurance value chain to integrate AI in all existing IT landscapes and legacy . Smart decision making to uplift straight-through processing systems . Extract business data in documents to automate data capturing . Use speech analytics to improve customer service and sales
Munich Re Group – Investor Day 08 December 2020 56 Over the next five years ERGO strives to improve its profitability to sustainably 12-14% RoE
Ambition 2025 Execute growth and shape business models Sustainable RoE . Further enhance Hybrid Customer model in Germany 12-14% Strict cost discipline, . Strong growth, especially lean organization through JVs in India and processes and China CR P-C Germany . Expand disruptive ~ 90% . Keep a tight grip on costs business models together with Finalize legacy system benchmark-level CR International replacement, especially organizational efficiency ~ 91% in Germany . Further optimize customer- oriented End-to-End- . Consistent future sales processes architecture . Reliable dividend stream GWP Growth . Migration Life classic to Munich Re ~ 2.5%1 . Further consolidation of systems
Munich Re Group – Investor Day 08 December 2020 57 1 CAGR 2020-2025; includes negative effects from life run-off books Germany and Belgium; does not include growth in India and China. Reinsurance Torsten Jeworrek Grow, excel, invent Ambition 2020 has been successfully accomplished in Reinsurance
2018: Ambition defined 2020: Achievements
Grow . We service our Reinsurance clients in . Strong and continuous top-line growth in all areas challenging markets and lines of business (CAGR ~ 8%) . We expand market positions in selected primary . Strong normalized bottom-line growth exceeding insurance fields (Risk Solutions) top-line growth rate
Excel . Permanent enhancement of risk modelling world-wide . We focus on underwriting excellence and investment in expertise . We digitize processes to strengthen efficiency . Achievement of ~ €200m savings, cost ratio improved by ~ 1%p
Invent . We define areas where we drive the digital . Definition of new areas where Munich Re drives digital transformation of our industry transformation of the industry (e.g. Realytix, MIRA) . We develop new strategic options and invest . Launching several initiatives to tap into new potentials in new business models (e.g. IoT)
Munich Re Group – Investor Day 08 December 2020 59 Grow, excel, invent Reinsurance has delivered bottom line despite challenges
IFRS result after tax (Reinsurance) €m P-C L&H Normalization Ambition 2,268 2,300 2020 1,864 706 Without COVID-19-effects, Ambition 2020 729 would have been reached, even in low 1,562 interest rate environment 1,135
2018 2019 Outlook 2020 Risk Solutions: growth in a less cyclical business field Combined ratio P-C (normalized) %
Actual IFRS CR Normalized P-C Prudent reserving assumptions and ~ 106 policy maintained 99 100
~ 99 ~ 98-99 ~ 97
2018 2019 Outlook 2020 Munich Re Group – Investor Day 08 December 2020 60 Grow, excel, invent Successful initiatives laying foundation for further progression
P-C Reinsurance L&H Reinsurance 24.0 CAGR GWP 22.1 GWP ~ 8% €bn 20.4 €bn 12.5 Core P-C CAGR 10.8 11.7 Reinsurance ~ 6%
CAGR Risk Solutions ~ 18% 2018 2019 Outlook 2018 2019 Outlook 2020 2020 Combined ratio ~ 99% ~ 98-99% ~ 97% Technical €584m €456m ~ €550m (normalized) result incl. normalized fee income Core P-C Reinsurance Risk Solutions L&H Reinsurance
Selective expansion in local Investment in new product US AMIG Asia / US Strong footprint in traditional reinsurance or regional business (also nat cat) suite and pricing Executing growth strategy and Founded to grow into SME FinMoRe / India MRSI Set of well-established growth areas successfully broadening offer market including E&S Longevity Actively given up business not Strong growth in core and Australia DI / Remediation progressed: Casualty HSB meeting our criteria (in US) strategic products US mortality recaptures and repricing executed Complex New products for performance Bundled business under Predictive MR F&C Digital transformation in underwriting risk guarantees one roof analytics
Munich Re Group – Investor Day 08 December 2020 61 Munich Re Group Ambition 2025 – Reinsurance Leading the evolution of our industry as a strong multifaceted player
Core P-C RI Risk Solutions L&H Reinsurance Leading global Leading specialty Leading global reinsurer in Property- insurer in selective reinsurer in casualty businesses based on Life and Health UW expertise
Grow in hardening Increase share of Risk Build on growth from markets and strengthen Solutions by leveraging underlying markets footprint on strong core and strong foundation Succeed Scale Shareholders Industry leading RoE
Expand in new Develop new products Drive new business Clients Long-term partner – superior business opportunities and improve operations opportunities products, experience and capacity Employees Shape Attractive employer – skill driven, digital culture, risk entrepreneurial Innovation . Develop strategic options based on our expertise in global risk-transfer and beyond Communities Comprehensive climate Start monetizing . Start monetizing on mature investments strategy matching . Continuously explore playing fields for further strategic options Paris Agreement
Munich Re Group – Investor Day 08 December 2020 62 Munich Re Group Ambition 2025 – Reinsurance Strong RoE contribution from Reinsurance
RoE improvement Succeed % Shareholders 12-14
12.7
RoE 2020 Margin Underlying Yield Performance Capital generation RoE normalized improvement growth erosion uplift and management 2025
Short-term better margin Long-term, more growth Low yields eroding RoI Active capital management . Significant margin . Ample opportunities in . Partly compensated for at . Attractive cash return – improvements in hardening reinsurance markets stable risk budgets by dividend growth target markets . Expansion of Risk Solutions . SAA/TAA levers . Deploy capital for self- . Underwriting focus on business . Third party sourcing funding growth sound profitability . MEAG performance . Other: e.g. finance costs
Munich Re Group – Investor Day 08 December 2020 63 Core P-C Reinsurance and Risk Solutions P-C lines contribute significantly to Ambition 2025
Core RI Risk RI P-C solutions L&H
Gross written premium Combined ratio €bn % ~ 31.5
~ 24.0 ~ 24.6 Scale CAGR ~ 4%
~ 97 1 Core P-C Reinsurance ~ 96 Range Core P-C Reinsurance ~ 95 CAGR Risk Solutions
Risk Solutions ~ 10%
Outlook Outlook Ambition Outlook Outlook Ambition Shape 2020 2021 2025 2020 2021 2025 (normalized)
1 ~ 95% without COVID-19 impact. Munich Re Group – Investor Day 08 December 2020 64 Core P-C Reinsurance Core traditional business leverages its underwriting superiority
Core RI Risk RI P-C solutions L&H
Grow with mature and emerging markets Gross written premium in favourable cycle €bn . Realize growth into a hardening market environment CAGR . Strengthen local footprint in selected markets ~ 4% . Keep focus on underwriting excellence ~ 22.0 and profitability Scale ~ 18.0 ~ 18.1 . Retain prudent reserving process
Create business opportunities and shape product landscape . Strive for product innovations (e.g. flood, parametric covers, credit) Outlook Outlook Ambition Shape . Cautious expansion of risk appetite and budgets for segments with interesting price-risk-relation 2020 2021 2025
Munich Re Group – Investor Day 08 December 2020 65 Core P-C Reinsurance Market hardening augmented by COVID-19
Core RI Risk RI P-C solutions L&H
Reinsurance market driver Hypothesis on rates and portfolio
Low interest rates to further Exacerbated need for appropriate technical Partially balancing effects continue in the market margins and profitability especially in long-tail business with overall positive outlook (market hardening) Claims / social inflation Prudent portfolio management, cautious UW impacting long-tail business and adequate reflection in prices Portfolio expected to remain stable and solid High loss experience especially Reflection in models and prices – uncertainty with regards in nat cat exposed markets to climate change Reinsurance will remain a (Alternative) capacity currently (Re-)financing of risks challenging cyclical business rather stable at higher prices Flight to quality with strong momentum for Munich Re, depending on development Retro markets difficult not dependent on additional retro of individual drivers
Potential negative demand impact in certain segments COVID-19 pandemic with high uncertainty of persistency Reinforced rate momentum in various segments like D&O, US commercials, industrial
Munich Re Group – Investor Day 08 December 2020 66 Core P-C Reinsurance Positive pricing outlook for upcoming renewals
Core RI Risk RI P-C solutions L&H
Worldwide / Specialty
Pricing sharpened by loss trends as well as Europe specific occurrences (Aviation), lack of RI book interest income and capacity reductions Lower pressure than in US, but driven by low interest rate and Japan GWP 2019, % general market sentiment North America Typhoon loss experience 25 1 drives pricing in Property 23 Strong rate increases in all LoB APAC/Africa due to social inflation (Casualty) and cat losses (Property) Prices hardened especially in specialty lines (PI and RI) driven by 2 loss experience (e.g. Agriculture) Latin America 14 Australia Rate increases driven by loss 26 experience (e.g. riots) 5 Rate increases driven by cat 5 experience (wildfire and hail)
Market hardening and continued upward pressure on (re)insurance prices (risk adjusted view) Real margin increase: price increases overcompensate for loss trend increase
1 Including Middle East. Munich Re Group – Investor Day 08 December 2020 67 Core P-C Reinsurance Ample growth opportunities in reinsurance
Core RI Risk RI P-C solutions L&H
Core P-C RI Expected nominal growth rates Global ceded premiums 2019, % CAGR (2020-2022 in €), % 5 6 Europe 2-4 31 North America 3-5 Reinsurance ambition 2025 to grow above P-C RI 24 market ~ €274bn Asia Pacific 5-7 markets 3-4% CAGR in mature markets Latin America 1-3 7-9% CAGR in emerging markets Africa/Middle East 3-4 34 3-5
. Less than 1/3 of weather-related natural disasters have been insured until now Insurance gap still very high worldwide Nat cat . Climate change helps to increase risk awareness . Munich Re increases risk appetite for nat cat in Grow with attractive hardening markets, however will lower appetite opportunities accordingly in softening environments
Munich Re Group – Investor Day 08 December 2020 68 Risk Solutions Growth trajectory based on products and digitization
Core RI Risk RI P-C solutions L&H
Extending our business based Gross written premium on strong client base €bn . Expansion in SME including E&S as largest contributor to growth CAGR ~ 10% . Strengthen HSB core business ~ 9.5 . Enter into large single risk opportunities in positive cycle Scale – continued caution in this difficult segment (MR F&C) . Utilize various opportunities for Syndicate and Aerospace in ~ 6.0 ~ 6.5 hard market
Develop new products suites and leverage on digitization . AMIG: shaping footprint in niche segments . Leverage on business via Munich Engine Outlook Outlook Ambition Shape . HSB new product lines, e.g. home systems cyber 2020 2021 2025 . Investments in IT for efficiency improvements
Munich Re Group – Investor Day 08 December 2020 69 Risk Solutions MRSI: shaping as differentiator for specialty lines in US
Core RI Risk RI P-C solutions L&H
Strong focus on less cyclical specialty commercial segment … with a strong MRSI is a differentiator … value proposition … … and Ambition 2025 American Modern Munich Re Specialty Insurance Individual risks and Innovative risk and claims specialty lines solutions powered by HSB CAGR Sophisticated UW advanced technology Munich Re Syndicate ~ 17% and claims capabilities and analytics MR F&C 2.6 Multi-channel distribution Enhanced responsiveness Including wholesalers to clients’ needs by integrated 1.2 Share of Risk Solutions UW and claims teams GWP Excess and Surplus market €bn in P-C Freedom of rate and form Simplified access % of GWP to the full breadth of Munich Re Outlook Ambition Data and analytics solutions through a dedicated 2020 2025 Necessary for rating / risk Broker Relationship Leader 70 75 selection and loss control One of the top specialty insurers with excellent 25 30 combined ratio in the North American market Outlook 2020 Ambition 2025
Munich Re Group – Investor Day 08 December 2020 70 L&H Reinsurance Strong fundament supplemented by promising business opportunities
Core RI Risk RI P-C solutions L&H
Building on growth of underlying Gross written premium Technical result incl. fee income markets and a strong foundation … €bn €m . Strong new business proposition CAGR CAGR driving traditional business ~ 4% development ~ 9% ~ 15.0 ~ 850 . FinMoRe and Longevity with ongoing Scale strong demand ~ 12.5 ~ 12.5 ~ 550 ~ 400 … our core strengths drive new business opportunities . Foster growth by further developing predictive analytics Outlook Outlook Ambition Outlook Outlook Ambition 2020 2021 2025 2020 2021 2025 . Monetize digital Life solutions, z. B . (normalized) Shape MIRA . Development of new (re-)insurance products, e.g. for saving products Munich Re Group – Investor Day 08 December 2020 71 L&H Reinsurance Market growth and established initiatives key drivers for Ambition 2025
Core RI Risk RI P-C solutions L&H
Growth of ~ 5% in core Longevity markets as foundation . Carefully continue expansion outside UK (e.g. Netherlands) . Underwriting approach stays prudent and selective . Strong growth in Asia . Accelerate growth path if opportunities meet risk appetite to be continued . Traditional business in US market Established initiatives with excellent proposition . Sophisticated product design Financial Markets and data-based pricing as basis . Offer comprehensive solutions to manage market risks and returns for for success global savings, retirements and investment industry . No dilution of our stringent . Intensify coverage of established markets and expand into new markets risk appetite . Grow portfolio by scaling up the organization . Result contribution expected to double by 2025
Munich Re Group – Investor Day 08 December 2020 72 Innovation Avenue for Munich Re – continue to shape beyond strong core
Core RI Risk RI P-C solutions L&H Innovation potential avenue for Munich Re … Innovation
New value Risk sharing proposition
Primary insurers Primary insurers Corporates and Across industries Target clients Corp. insurance buyers Corporates SME and functions
Core Add-on services Adjacent e.g. Cyber, Data-centric e.g. Consulting, e.g. IoT Digital Partners GeoWeb e.g. Building Data
… yielding in strategic options
Scale Cyber Digital cooperation models IoT Shape
Munich Re Group – Investor Day 08 December 2020 73 Innovation Shaping the cyber market as relevant driver for growth
Core RI Risk RI P-C solutions L&H
Innovation
. Leading position and growth due to early and full commitment (market share ~ 10%) CAGR ~ 15% . Profitability 1.4 of insurance and reinsurance book (CR 85-90%)
. Accumulation and risk management GWP 0.7 €bn continuously refined
. Silent cyber transparency and affirmative cyber potential Outlook 2020 Ambition 2025 . Complementary services in risk prevention and recovery (e.g. Allysca cooperation, Zeguro) . Continues to be a main growth area of Munich Re . Cautious expansion in growing market at . Leading expertise good risk / return profile and competitive knowledge advantage (~ 130 FTE)
Munich Re Group – Investor Day 08 December 2020 74 Innovation New Ventures: tapping into Canadian group insurance market
Core RI Risk RI P-C solutions L&H
Innovation Bringing concrete solutions to our clients with the vision to enhance the Group insurance market and create new income streams
Platform Munich Re . Tapping into large CAD 44bn income Canadian group insurance market . Create ~ €100m annual income in Admin the mid- to long-term services provided . Grow the voluntary group benefits Third-party market with a B2B2C model administrator New Munich Re . Improve scalability and efficiency of and broker insurance carrier business partner mandatory and voluntary products by straight-through processing In-force Quota . Ensure scalability and expansion in Parachute insurance share other markets and product lines business Digital insurance where possible
Munich Re Group – Investor Day 08 December 2020 75 Innovation IoT: attractive EaaS business providing comprehensive solutions
Core RI Risk RI P-C solutions L&H
Innovation Equipment as a Service
. Higher equipment sales and earnings growth . Alternative investment opportunities . Stronger customer confidence through guarantees Sale Invest . Interesting risk-return-profile Equipment OEM Investor
EaaS Equipment User SPV Munich Re: bundling components into integrated one-stop offering for customers . Higher operating margins through alignment of . Attracting and managing investors and equipment costs with usage acting as co-investor . Operations improvements (availability / Pay-per- Investment, . Performance guarantees enrich solutions output quality) use Insurance, IoT . IoT solutions unlocking additional . Enhanced balance sheet flexibility business value relayr. (OPEX instead of CAPEX) . Data-enabled risk management services
Partnerships with Trumpf and Porsche started – more in the pipeline
Munich Re Group – Investor Day 08 December 2020 76 Reinsurance well positioned to deliver on Ambition 2025
Shaping new business opportunities Sustainable RoE . Create opportunities by shaping product landscape 12-14% . Making targeted use of Scaling on solid digitization fundament . Expand beyond strong core . Grow P-C Reinsurance in with focused innovation favorable cycle activities . Extend in Risk Solutions Successful strategy based on client base and strong product portfolio . Grow, excel, invent successfully executed . Strong proposition for business growth in L&H . Constant delivery of convincing results . Initiatives laying foundation for further progression
Munich Re Group – Investor Day 08 December 2020 77 Financial calendar 2021
Balance sheet media conference for 2020 financial statements Analysts' and Investors' call Half-year financial report as at 30 June 2021 Annual General Meeting 2021
25 FEBRUARY 28 APRIL 10 AUGUST
17 MARCH 6 MAY 9 NOVEMBER
Quarterly statement as at 31 March 2021 Quarterly statement as at 30 September 2021 Annual report (Group), Annual report (Company)
Munich Re Group – Investor Day 08 December 2020 78 For 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: [email protected] Email: [email protected] Email: [email protected]
Ralf Kleinschroth Andreas Silberhorn (Rating agencies) Ingrid Grunwald (ESG) Tel.: +49 (89) 3891-4559 Tel.: +49 (89) 3891-3366 Tel.: +49 (89) 3891-3517 Email: [email protected] Email: [email protected] Email: [email protected]
Maximiliane Gerstner (ERGO) Tel.: +49 (211) 477-7483 Email: [email protected]
Münchener Rückversicherungs-Gesellschaft | Investor & Rating Agency Relations | Königinstraße 107 | 80802 München, Germany Fax: +49 (89) 3891-9888 | Email: [email protected] | Internet: www.munichre.com
Munich Re Group – Investor Day 08 December 2020 79 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 actual development, in particular the results, financial situation and performance of our Company. Obvious fluctuations in the incidence of major losses as well as pronounced volatility of the capital markets and exchange rates – as well as the special features of IFRS accounting make an accurate forecast of results impossible. Moreover, there is considerable uncertainty regarding the further development of the coronavirus pandemic. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments. Figures from Q1 2019 onwards are restated reflecting the new cost-allocation method.
Munich Re Group – Investor Day 08 December 2020 80