Munich Re Equity story

September 2021

Munich Re – Equity Story September 2021 1 Equity story Why invest in Munich Re

Diversified Good business model ✓ sustainability ratings

Attractive Strong dividends capital position

1 Leading 2 Digital transformation global reinsurer 3 opportunities

Munich Re – Equity Story September 2021 2 Equity story Delivering on our Ambition 20201 Based on good underlying performance

Net income targets achieved1 … … despite challenging developments €bn High large P-C RI markets Volatile capital Guidance losses in 2020 only started markets in 2020 Actual selectively firming and declining Actual in excess of guidance from 2018 interest rates onwards since 2018 COVID-19 normalisation

2.7 2.8 2.8 … by reigniting profitable growth 2.5 2.3 2.3

Growing Improved Leveraging data Reinsurance organisational and technology to and turning effectiveness and drive automation 2018 2019 20201 around ERGO business impact and disruption

1 Normalised for COVID-19 claims. Munich Re – Equity Story September 2021 3 Equity story Turned around RoE erosion and delivered superior total shareholder return (TSR)

RoE TSR 1.1.2018–31.12.20201 % % 53.7 50.8 Value creation 16 40.3

12

Average cost 8 of capital 21.1

4 10.2 8.7 0 2010 2015 2019

–8.3 Ø 8.7% ~ 8% –13.4 10-year RoE Cost of capital

Munich Re Peer Peer Peer Peer Peer Peer Peer

Munich Re – Equity Story September 2021 4 1 Source: Datastream. Peers: Allianz, Axa, Generali, Hannover Re, Scor, Swiss Re, Zurich. Equity story 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 Monetise digital business investments Communities Comprehensive climate Shape Create new strategic options strategy matching Paris Agreement

Munich Re – Equity Story September 2021 5 Equity story Munich Re Group Ambition 2025 – ERGO 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 through contribution of the in B2B2C and pure direct player Shareholders 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 Customer- Expand cross-border Explore emerging centric business model synergies and utilization ecosystems in Mobility Leverage the strengths, innovative spirit 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 – Equity Story September 2021 6 Equity story ERGO Germany

Inter- Sustainable top-player position with market leading profitability 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 harmonized IT-application landscape

1 ~ 91% without COVID-19 impact. Munich Re – Equity Story September 2021 7 Equity story ERGO International

Inter- Increase contribution from existing business through profitable growth 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 – Equity Story September 2021 8 Equity story 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 reinsurer Leading specialty insurer Leading global reinsurer in Property-casualty in selective businesses in based on UW expertise Life and Health

Grow in hardening Increase share of Risk Build on growth from markets and strengthen Solutions by leveraging on underlying markets and footprint strong core 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 – Equity Story September 2021 9 Equity story 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 – Equity Story September 2021 10 Equity story 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 ▪ Strengthen HSB core business CAGR ~ 10% ▪ Enter into large single risk opportunities in positive cycle ~ 9.5 – continued caution in this difficult segment (MR F&C) Scale ▪ Utilize various opportunities for Syndicate and Aerospace in hard market ~ 6.5 ~ 6.0

Develop new products suites and leverage on digitization ▪ AMIG: shaping footprint in niche segments ▪ Leverage on business via Munich Engine ▪ HSB new product lines, e.g. home systems cyber Outlook Outlook Ambition Shape 2020 2021 2025 ▪ Investments in IT for efficiency improvements

Munich Re – Equity Story September 2021 11 Equity story 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 driving CAGR traditional business development CAGR ~ 4% ~ 9% ▪ FinMoRe and Longevity with ongoing ~ 15.0 ~ 850 strong demand Scale ~ 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 – Equity Story September 2021 12 Equity story 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. Munich Re – Equity Story September 2021 13 3 “Produced tonnes of thermal coal / MW capacity insured” used as proxy for emissions; base year 2019. Equity story Making good progress towards Succeed achieving our ESG targets

Environment Social Governance

Ambitious decarbonisation targets Diverse workforce ESG criteria in BoM remuneration ▪ Climate protection targets for our ▪ 40% female managers by 2025 ▪ ESG criteria relevant for variable (re)insurance business ▪ 25% women on the Board of remuneration and multi-year bonus ▪ Decarbonisation of our investments Management (BoM) by 2025 ▪ Reduction of our own emissions

Climate-related disclosure Increased transparency Strengthening of ESG Governance ▪ TCFD Report published in April 2021 ▪ Actuals and targets of gender ambition ▪ Board Level “ESG Committee” established ▪ “A-” rating by CDP (Climate Change 2020) separately disclosed for various ▪ High-level “ESG Management Team”, with management levels top managers from different fields of Commitments business Recognition ▪ Decarbonisation strategy for treaty business ▪ Separate “ESG Investment Committee” ▪ Rank 5 on the German Diversity Index specifically designated for investments ▪ Founding member of the Net Zero 2021 (Beyond Gender Agenda) Insurance Alliance

Munich Re – Equity Story September 2021 14 Equity story 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, value-driven Existing focus 1,2 Economic DPS growth internal ≥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 – Equity Story September 2021 15 Equity story Munich Re Group Ambition 2025 Growing RoE

IFRS

RoE improvement Succeed % Shareholders 12-14 Clients Employees 11.9

Communities RoE 2020 Margin Underlying Yield Performance Capital generation and RoE normalized improvement growth erosion uplift 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 at ▪ Attractive cash return – hardening growing at the high end of 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: above- ▪ Other: e.g. finance costs improving overall profitability market growth ▪ New businesses

Munich Re – Equity Story September 2021 16 Equity story Solvency II ratio Sound capitalisation continues to support our capital management strategy

Economic Development of Solvency II ratio SII sensitivities % % 267 245 244 237 219 216 220 208 Optimal range 202 175 194 199 196 185

Interest rates Equity markets Spread Spread CORP Atlantic Hurricane +/-50bps 1 +/-30% 1 GOV +50bps +50bps 2

2016 2017 2018 2019 2020 EOF 40.7 35.1 36.0 41.5 €39.9bn SCR 15.3 14.4 14.7 17.5 €19.2bn

1 Parallel shift until last liquid point, extrapolation to unchanged UFR. 2 Based on 200-year event. Munich Re – Equity Story September 2021 17 Equity story 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 0.4 0.3 0.3 ▪ Debt leverage will continue to remain low – 0.3 reflecting financial flexibility as regards refinancing or funding of growth opportunities 3.8

2016 2017 2018 2019 2020

1 Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity). Munich Re – Equity Story September 2021 18 2 Other debt includes Munich Re bank borrowings and other strategic debt. Equity story 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 Share buy-backs ▪ ERGO dividend for FY 2020 Reducing excess capital onwards

2014 2015 2016 2017 2018 2019 2025

Strong dividend commitment – EPS growth driving DPS growth

Munich Re – Equity Story September 2021 19 Equity story 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 RoE Cost of equity dividend growth

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 – Equity Story September 2021 20 Equity story Outlook 2021

Group Gross premiums written Net result Return on investment ~ €58bn ~ €2.8bn >2.5% (prev. ~ €57bn)

ERGO Combined ratio Gross premiums written Net result P-C Germany International ~ €18bn ~ €0.5bn ~ 92%1 ~ 93% (prev. ~ €17.5bn)

Reinsurance Combined ratio Technical result, incl. fee Gross premiums written Net result P-C income in life and health ~ €40bn ~ €2.3bn ~ 96%2 ~ €400m3 (prev. ~ €39bn)

1 Increased uncertainty due to large losses, especially nat cat. 2 ~ 95% without COVID-19 impact. 3 Probability of missing the target of €400m has increased. Munich Re – Equity Story September 2021 21 Additional information Munich Re Group Backup: Group Munich Re at a glance Key financials

2020 2019 2018 2017 2016 Gross written premiums €bn 54.9 51.5 49.1 49.1 48.9 Operating result €m 1,986 4,004 3,725 1,241 4,025 Taxes on income €m –269 –483 –576 298 –760 Consolidated result €m 1,211 2,707 2,275 392 2,581 Investments €bn 233.0 228.8 216.9 217.6 219.4 Return on equity % 5.3 11.7 8.4 1.3 8.1 Equity €bn 30.0 30.6 26.5 28.2 31.8 Off-balance-sheet reserves1 €bn 21.3 19.9 16.1 15.0 17.3 Net technical provisions €bn 221.5 217.9 208.3 205.8 202.2 Staff at 31 December 39,642 39,662 41,410 42,410 43,428 Book value per share € 213.4 215.3 180.9 185.2 200.9 Earnings per share € 8.6 19.0 15.5 2.4 16.0 Dividend per share € 9.80 9.80 9.25 8.60 8.60 Amount distributed €m 1,373 1,386 1,342 1,290 1,338 Share price at 31 December € 242.8 263.0 190.6 180.8 179.7 Market capitalisation at 31 December €bn 34.0 38.0 28.5 28.0 28.9 No. of shares at year-end m 140.1 144.3 149.5 155.0 161.1

1 Including amounts attributable to minority interests and policyholders. Munich Re – Equity Story September 2021 23 Backup: Group Accumulated COVID-19-related financial impact for 2020 and H1 2021

€m ~ +€0.2bn ~€3.9bn Q2 2021: Provisions increased by €241m Re- ~ +€0.3bn ~€3.4bn ▪ Increase in P-C: €101m (largely driven by contingency Contingency 1,853 insurance business), L&H: €140m (higher-than-expected mortality in 1 (pre-tax) Property/BI 997 India and South Africa) Credit 203 ▪ P-C: 68% of the COVID-19 accumulated losses are IBNR, down from 73% as at Q1 2021 D&O/WC 200 ▪ Expected COVID-19-related claims for full-year 2021 Marine 16 ▪ P-C: ~ €300m Life and health 672 2020 Q1 2021 Q2 2021 Total ▪ L&H: ~ €400m (prev. ~ €200m)

€m Q2 2021: Earnings impact increased by €6m ERGO €64m –€12m (after tax) €6m €58m ▪ Claims –€29m: Lower claims in travel and frequency benefits mainly in motor ▪ Result impact from lost premiums +€20m: Especially Claims 10 continued low travel activity Result impact 42 ▪ Other +€15m: Mainly due to JV in India being affected by from lost premiums higher claims Other 6 ▪ COVID-19-related earnings impact for full-year 2021 decreased to ~ €40–50m due to better development in 2020 Q1 2021 Q2 2021 Total Germany, partly compensated for by India

1 Total incurred losses, including paid claims and reserves. Munich Re – Equity Story September 2021 24 Backup: Group Continuation of prudent reserving approach allows for ongoing reserve releases

▪ 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 expected reserving approach in Reinsurance to lead to a higher share of shorter tail business, which could require smaller reserve margins on attritional losses to achieve with unchanged 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 – Equity Story September 2021 25 Backup: Group Unchanged reserve prudency Protect balance sheet against negative surprises

Managing industry hot spots Munich Re impact Ongoing reserve releases1 COVID-19 Loss complex affects multiple Thorough claims assessment; lines with challenging loss solid reserve position with assessment in a situation 78% IBNR; uncertainties remain 5.5 5.6 where pandemic is still evolving to be high 5.2 4.6

Asbestos De-risking with large claims 4.2% Complex litigation, changes settlements in the past and in legal and regulatory further increased survival ratio environment in 2020 at a very strong level 2016 2017 2018 2019 2020

US liability Continuation of adverse loss High litigation risk trends in selected portfolios; pro- Again, significant reserve releases, and increasing social- active strengthening of reserves which more than offset adverse inflation trends to ensure unchanged high prudence level development in selected hot spot areas

1 Property-casualty reinsurance, in % of net earned premiums, basic losses after sliding scale commissions. Munich Re – Equity Story September 2021 26 Backup: Group Very strong reserve position Actual basic losses continue to be consistently below actuarial expectations

Reinsurance group – Comparison of incremental expected losses with actual reported losses1 €m

By exposure year By line of business 10,000 10,000 Actual reported loss Actual reported loss

2019

Motor 2018 Third-party liability Risks other property 1,000 1,000 Fire 2017 Engineering 2016 Aviation 2012 and prior 2015 Marine Credit 2014 2013 Expected reported loss Personal accident Expected reported loss 100 100 100 1,000 10,000 100 1,000 10,000 Actuals below expectation for all exposure years – Also on a line-of-business view all actuals are below overall picture consistent with previous years expectations

Legend: Green actuals below expectation Red actuals above expectation Solid line actuals equal expectation Dotted line actuals 50% above/below expectations

1 Reinsurance group losses as at Q4 2020, not including parts of Risk Solutions, special liabilities and major losses (i. e. events of over €10m for Munich Re's share). Munich Re – Equity Story September 2021 27 Backup: Group Positive run-off result despite reserve strengthening in selected portfolios without weakening resilience against future volatility

Ultimate losses1 – Favourable actual vs. expected comparison facilitates ultimate reductions for prior years Accident year (AY) ≤2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total 31.12.2010 52,015 31.12.2011 51,373 16,847 ▪ Again very favourable overall run- off, in particular for basic losses 31.12.2012 50,174 16,950 13,845 ▪ Negative run-off in AYs 2018 31.12.2013 49,777 16,688 13,604 13,739 and 2019 impacted by cautious positioning in US liability as a 31.12.2014 48,890 16,305 13,423 13,935 13,646 reaction to ongoing social inflation 31.12.2015 47,804 16,176 13,228 13,905 13,673 12,927 trends ▪ 2019 run-off includes COVID-19 31.12.2016 47,257 15,725 13,194 13,629 13,667 12,977 13,791 related losses for ERGO where 31.12.2017 46,964 15,703 13,094 13,560 13,462 12,780 13,642 16,696 a strict AY separation is not feasible; without COVID-19 impact 31.12.2018 46,130 15,427 12,847 13,277 13,211 12,572 13,689 16,710 16,979 ERGO run-off positive 31.12.2019 44,974 15,169 12,627 13,129 13,029 12,429 13,515 16,598 17,800 17,936 ▪ Reserve position remains strong 31.12.2020 44,265 15,019 12,440 12,773 12,821 12,318 13,174 16,523 18,155 18,421 21,022 Reinsurance2 €1,338m CY 2020 run- 708 150 187 356 208 111 341 74 –355 –484 – 1,295 off change ERGO –€43m CY 2020 run- off change (%) 1.6 1.0 1.5 2.7 1.6 0.9 2.6 0.4 –2.0 –2.6 – 0.7

1 Basic and major losses; accident-year split partly based on approximations. Adjusted to exchange rates as at 31.12.2020. Munich Re – Equity Story September 2021 28 2 Basic losses: €1,078m, major losses: €260m. Backup: Group Capital position

Equity Capitalisation €m €bn Equity 31.12.2020 29,994 Change in Q2 15.1 15.6 13.2 Consolidated result 1,695 1,106 12.0 12.4 Changes 0.3 Dividend –1,373 –1,373 0.3 0.3 0.3 0.3 3.8 5.0 5.1 4.0 Unrealised gains/losses –1,262 828 3.7 Exchange rates 528 –113 Share buy-backs 0 0 Other 337 79

Equity 30.6.2021 29,920 528 26.5 30.6 30.0 29.4 29.9 2018 2019 2020 31.3.2021 30.6.2021 Unrealised gains/losses Exchange rates

Fixed-interest securities Mainly driven by US$ Debt leverage1 (%) H1: –€2,094m Q2: €453m Senior and other debt Non-fixed-interest securities Subordinated debt H1: €804m Q2: €355m Equity

1 Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity). Munich Re – Equity Story September 2021 29 Backup: Group Outstanding senior and subordinated bonds

Nominal volume Coupon rate p. a. Emission/Issue Maturity €1,000m (green bond) Until 2032 1.00%, thereafter variable 2021 2042 €1,250m (green bond) Until 2031 1.25%, thereafter variable 2020 2041 €1,250m Until 2029 3.25%, thereafter variable 2018 2049 €900m Until 2022 6.25%, thereafter variable 2012 2042 £450m Until 2022 6.625%, thereafter variable 2012 2042 US$334m (senior) 7.45% 1996 2026

Maturity pattern Currency pattern €bn 2.4

EUR 83% 1.3 1.3 Total GBP 10% €5.3bn 0.3 0.1 USD 7%

0-5 5-10 10-15 15-20 20-25 25-30 30-35 undated

As at 2 September 2021. Bonds with a nominal value below €100m not considered. In addition, Munich Re has placed some natural catastrophe bonds. Munich Re – Equity Story September 2021 30 Backup: Group German GAAP (HGB) result 2020 supported by one-offs Capital repatriation well-funded

€bn HGB result 2019 Average –1.3 –0.7 2.3 3.5 1.5 2011 – 2020 €bn

Underwriting –0.6 Equalisation provision 3.2 –0.1 result 4.3 €bn

Investment result +1.8 10.0 3.0 –1.4 9.3 +0.8 Other +0.5

–0.3 HGB result 2020 3.2

Distributable Dividend Share HGB result Other 2 Distributable 2019 2020 earnings buy-back 1 2020 earnings 31.12.2019 31.12.2020

1 Buy-back programme 2019/20. 2 Changes in restrictions on distribution. Munich Re – Equity Story September 2021 31 Backup: Group Breakdown of SCR Increase driven by business growth, lower interest rates and volatile capital markets

SCR by risk category EOF by tier €bn Group RI ERGO Div. 2019 2020 Delta 2020 2020 2020 €41.5bn Property-casualty 8.8 9.4 +0.6 9.3 0.6 –0.5 €39.9bn Tier 3 % 1% Life and Health 6.4 7.0 +0.6 6.1 1.3 –0.4 10 13% Market 10.1 10.7 +0.7 5.6 6.6 –1.5 Tier 2 Credit 4.2 5.2 +1.0 2.8 2.6 –0.2

Operational risk 1.1 1.2 +0.1 0.8 0.6 –0.3

Other1 0.7 0.8 +0.1 0.5 0.3 –

Simple sum 31.2 34.3 +3.1 25.0 12.1 –2.8 Tier 12

Diversification –10.7 –11.7 –1.1 –9.3 –1.2 – 90% 86% Tax –3.0 –3.4 –0.4 –3.0 –0.9 –

Total SCR 17.5 19.2 +1.6 12.8 10.0 –3.5

2019 2020

1 Capital requirements for associated insurance undertakings and other financial sectors, e.g., institutions for occupational retirement provisions. Munich Re – Equity Story September 2021 32 2 99.96% unrestricted, 0.04% hybrid capital. Backup: Group Property-casualty risk

Top scenario exposures (net of retrocession) – AggVaR1 €bn

8 2020 2019 Top exposures €bn 2020 2019 1 Atlantic Hurricane 7 2 Earthquake North America Basic losses 4.1 4.0 3 Earthquake Japan 2 6 Major losses 8.9 8.3 4 Storm Europe 5 IT Virus 5 Diversification –3.7 –3.5

4 Total 9.4 8.8

3 ▪ Exploiting opportunities in an improving market environment – exposure growth in all major scenarios in accordance with higher risk-bearing capacity 2 ▪ Superior diversification of cat portfolio across perils and regions even strengthened via stronger growth in mid-sized scenarios 1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 Munich Re. Return period 200 years, pre-tax. 2 Natural catastrophes, man-made accumulations and major single losses. Munich Re – Equity Story September 2021 33 Backup: Group Life and Health risk

Life and Health – VaR1 €bn 2020 Overall increase driven by Longevity 1.8 1.6 2019 Reinsurance ▪ Business growth, esp. US mortality and UK 4.8 Mortality longevity business 4.3 ▪ Lower interest rates of main currencies

Morbidity 3.8 3.4 ERGO ▪ Lower € interest rates Health 0.9 0.9

Other 0.5 0.5

Total 7.0 6.4

1 Munich Re Group. Return period 200 years, pre-tax. Munich Re – Equity Story September 2021 34 Backup: Group Sensitivities of SII ratio

Ratio as at 31.12.2020 208%

Interest rate +50bps1 219

Interest rate –50bps1 194

Spread +50bps GOV 196

Spread +50bps CORP 202

Equity markets +30% 216

Equity markets –30% 199

FX –20% 203

Inflation +100bps2 205

Atlantic Hurricane3 185

UFR –50bps 206 Target capitalisation 175 220

1 Parallel shift until last liquid point, extrapolation to unchanged UFR. 2 Based on CPI inflation. 3 Based on 200-year event. Munich Re – Equity Story September 2021 35 Backup: Group Environmental proof points and sensitive issues Munich Re positions and measures

Enabling and solutions ▪ Nat cat premiums of ~€4bn in P-C Reinsurance portfolio ▪ Risk-transfer solutions for renewables and smart energy, Insurance e.g., solar/PV, windfarms, battery storage ▪ Sovereign and public-private nat cat risk transfer schemes as a way of closing the protection gap

Focus topics ESG Investment Committee ▪ Invested capital (equity and debt) in ▪ Responsible for renewable energies: €1.6bn implementation of ESG investment strategy Investments ▪ Investment in green bonds: €1.9bn ▪ Increase renewables portfolio to €3bn

Own emissions from operational processes

As at 31.12.2020. Munich Re – Equity Story September 2021 36 Backup: Group Social indicators Main goals: Attracting, developing and retaining outstanding staff

Diversity – Employees with access Share of women in … to mobile working ▪ Workforce, worldwide: 53% 100% ▪ Management, worldwide: 35% Winner of the HR ▪ Board of Management: 11% Employees with flexible Excellence Awards working hours for 2020 with “Rethinking ▪ Supervisory Board: 45% 95% Performance Management at Munich Re” Health and training Employees receiving regular ▪ 3.8% sick leave performance and career- development reviews ▪ 85% employees with access to health services 100% ▪ 86% employees with at least one training Employees with disabilities ▪ 3.2 training days per staff member 4.6%

As at 31.12.2020. Munich Re – Equity Story September 2021 37 Backup: Group Governance Remuneration system for the Board of Management as of 1 January 2021

Share ownership guidelines 100% of annual gross basic remuneration Basic remuneration plus remuneration in 50% kind/fringe benefits

Term Assessment basis Scaling 1 year IFRS consolidated 0% = T – 2X T: Target in €m 30% result 100% = T X: Deviation in €m 200% = T + X 4 years Total shareholder 0% – 200%; Peer group Variable 50% return (TSR) 0% = lowest Allianz, Axa, Generali, remuneration1 70% 80% compared to a defined 200% = highest Hannover Re, SCOR, peer group TSR in peer group Swiss Re, Zurich At least one 0% – 200% sustainability target 100% = Target 20% (new as from 2022)

1 For 100% achievement of objectives/performance evaluation. Evaluation of overall performance: Adjustment of achievement figures by the Supervisory Munich Re – Equity Story September 2021 38 Board of up to 20 percentage points (loading/reduction) – 10pp ESG criteria, 10pp success- and performance-related criteria. Additional information Reinsurance Backup: Reinsurance Munich Re Leading global reinsurer

Rank Company Country Net reinsurance premiums written 2019 (US$ bn)

1 Swiss Re Switzerland 39.6

2 Munich Re Germany 35.4

3 Hannover Re Germany 22.8

4 Berkshire Hathaway Re USA 17.0

5 SCOR France 16.2

6 China Re China 12.2

7 Reinsurance Group of America USA 11.3

8 Lloyd’s UK 10.5

9 Everest Re Bermuda 7.8

10 Partner Re Bermuda 6.9

Total top 40 247.3

Source: Standard & Poor's, September 2020 Munich Re – Equity Story September 2021 40 Backup: Reinsurance Reinsurance Overview

€bn 2020 2019 2018 2017 2016 Gross written premiums 37.3 33.8 31.3 31.6 31.5 Investments 94.6 92.4 85.6 85.8 91.9 Net technical provisions 78.2 77.2 72.4 68.1 67.1 Major losses (net) 4,689 3,124 2,152 4,314 1,542 Thereof natural catastrophes 906 2,053 1,256 3,678 929

Property-casualty – GWP by region 2020 Life and Health – GWP by region 2020 % %

North America 43 North America 38

Total Europe & LatAm 39 Total Europe & LatAm 28

€24.6bn Asia Pacific 14 €12.7bn Asia Pacific 27

Africa & Middle East 4 Africa & Middle East 8

Munich Re – Equity Story September 2021 41 Backup: Reinsurance Property-casualty – Portfolio Increased top line Well-balanced diversified portfolio

Total P-C book Core P-C Reinsurance % %

Casualty 48 (49) ▪ Well-balanced traditional Specialty2 9 (8) Total1 Total portfolio €25bn €19bn Other property 32 (34) ▪ Slight move towards nat cat XL and specialty Nat cat XL 11 (9)

Tailor-made solutions 19 (25) Risk Solutions % Other traditional business 56 (52) American Modern 19 (21) ▪ Strong proportion of US business, spread across Risk Solutions 25 (23) Hartford Steam Boiler 19 (22) all lines of business Total Facultative & Corporate Direct 19 (15) €6bn MR Specialty Insurance 23 (22)

Munich Re Syndicate 12 (12)

Aerospace 7 (8)

Rounded figures. 1 Gross written premiums. Economic view – not fully comparable with IFRS figures, as at 31.12.2020 (31.12.2019). Munich Re – Equity Story September 2021 42 2 Aviation, marine and credit. Backup: Reinsurance 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 and RoE normalized improvement growth erosion uplift 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- funding ▪ Underwriting focus on business ▪ Third party sourcing growth sound profitability ▪ MEAG performance ▪ Other: e.g. finance costs

Munich Re – Equity Story September 2021 43 Backup: Reinsurance Property-casualty – Portfolio traditional Core P-C Reinsurance Market hardening augmented by COVID-19

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 underwriting 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 depending rather stable at higher prices Flight to quality with strong momentum for Munich Re, on development of individual Retro markets difficult not dependent on additional retro 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 – Equity Story September 2021 44 Backup: Reinsurance Property-casualty Core P-C Reinsurance Ample growth opportunities

Core P-C Reinsurance Expected nominal growth rates Global ceded premiums 2020, % CAGR (2021-2023), % 5 5 Europe 2

32 North America 3 P-C RI 25 ~ €297bn Asia Pacific 4 Reinsurance ambition 2025 markets Latin America 4 to grow above market

Africa/Middle East 2-3 33 3

▪ 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 – Equity Story September 2021 45 Backup: Reinsurance Property-casualty – Portfolio traditional Core P-C Reinsurance Portfolio management and high share of proportional business support earnings resilience

%

Share increases ▪ Nat cat XL – accordingly, Casualty motor 27 (30) Agro 5 (5) ongoing slight shift towards Total Casualty ex motor 21 (20) Credit 4 (4) non-proportional business €19bn Property nat cat XL 11 (9) Marine 3 (2) ▪ Marine and aviation business Property ex nat cat XL 27 (29) Aviation 2 (1)

% Share decreases ▪ Proportional property and casualty Total Facultative 9 (9) €19bn XL 17 (16) Proportional 73 (75)

1 Gross written premiums. Economic view – not fully comparable with IFRS figures, as at 31.12.2020 (31.12.2019). Munich Re – Equity Story September 2021 46 Backup: Reinsurance Property-casualty – Renewals Core P-C Reinsurance Renewal results – risk-adjusted price changes since 2011

2.4 2.3 1.8

1.0 0.8

0.2 0.3

–0.5 –0.9

–1.6

–2.4

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Munich Re – Equity Story September 2021 47 Overview renewals 2021

1 January April July

25 10.5 2.0 3.6

Australia/ North America 42 New Zealand 8 Europe Japan Latin America

15 North America 35

15 11 32 22

Munich Re – Equity Story September 2021 48 Backup: Reinsurance Property-casualty – Renewals Positive price dynamics continue July renewals 2021

% 100 –10.2 89.8 +5.7 15.6 111.1 €m 3,528 –361 3,167 +202 +550 3,918

Change in premium +11.1% Thereof price movement1 ~ 2.0% Thereof change in exposure for our share +9.1%

Total renewable Cancelled Renewed Increase New Estimated from 1 July on renewable business outcome

1 Price movement is risk-adjusted, i.e. includes claims inflation/loss trend and is adjusted for portfolio mix effects. Furthermore, price movement is calculated on a Munich Re – Equity Story September 2021 49 wing-to-wing basis (including cancelled and new business). Backup: Reinsurance Property-casualty – Risk trading Core P-C reinsurance Retrocession – Continuity despite a difficult market

Retrocession – Maximum in-force protection per nat cat scenario1 €m ▪ Protection against peak risks mainly via traditional retrocession 1,500 (CXL) and sidecars ▪ Well-balanced buying strategy reflects 1,000 ▪ strong Munich Re capital base and risk-bearing capacity, ▪ expected IFRS result stabilisation and market terms 500 ▪ Multi format programme providing material scalability and access to rated-paper capacity as well as multiple, diverse investment 0 buckets 2016 2017 2018 2019 2020 2021

Munich Re key channels Traditional retrocession Sidecar programme ▪ Munich Re still has one of the largest retrocession ▪ QS cessions of certain lines of business, in 2021 collateralised by programmes worldwide US$ 635m ▪ Munich Re placement well received – despite some ▪ Targeting long-term partnerships with institutional investors, capacity constraints in the broader market predominantly pension funds

1 Including indemnity retrocession, ILW/derivatives, risk swaps, cat bonds and the sidecars including Eden Re. Selection of main scenarios. Munich Re – Equity Story September 2021 50 Backup: Reinsurance Property-casualty – Risk trading Core P-C Reinsurance Munich Re's maximum in-force nat cat protection

Nat cat protection before reinstatement premiums, as at January 2021 €m Risk swaps

Sidecars

1,000 Indemnity retro

500

Australia US Windstorm Northeast US Windstorm Southeast US EU EU Japan Cyclone Earthquake Windstorm Other perils Earthquake

Munich Re – Equity Story September 2021 51 Backup: Reinsurance Risk Solutions MRSI: shaping as differentiator for specialty lines in US

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 advanced HSB CAGR Sophisticated UW 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 75 70 selection and loss control One of the top specialty insurers with excellent combined ratio in 25 30 the North American market

Outlook 2020 Ambition 2025

Munich Re – Equity Story September 2021 52 Backup: Reinsurance L&H Reinsurance Market growth and established initiatives key drivers for Ambition 2025

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 to be continued ▪ Accelerate growth path if opportunities meet risk appetite ▪ Traditional business in US market with Established initiatives excellent proposition ▪ Sophisticated product design Financial Markets and data-based pricing as basis ▪ Offer comprehensive solutions to manage market risks and returns for global for success 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 – Equity Story September 2021 53 Backup: Reinsurance Life and Health Strong footprint in traditional business supplemented by established initiatives and data-driven services

Canada (€1.8bn / 14%) Continental Europe (€1.8bn / 14%) Asia / MENA (€3.4bn / 27%) ▪ Leading position in traditional ▪ Sound but stagnating traditional business overall ▪ Growing book of business building on business ▪ Demand for tailor-made FinMoRe solutions growth of underlying markets and strong ▪ Attractive margins despite ▪ Grow financial markets business foundation competitive environment ▪ Promote digital services ▪ Market- and client-specific strategies ▪ Major contributor to global IFRS ▪ Strong demand for FinMoRe solutions result ▪ Largest health reinsurance book of all ▪ Develop footprint in group regions business ▪ Expansion of financial markets business ▪ Development of data-driven services

USA (€2.9bn / 23%) ▪ Positioned amongst market leaders ▪ Further develop FinMoRe business Australia (€0.8bn / 6%) and predictive analytics to foster ▪ Rehabilitation of in-force top priority, growth UK / Ireland (€1.5bn / 12%) good progress being made ▪ Attractive risk-return profile of ▪ Successful FinMoRe proposition ▪ However, state of disability market new business ▪ Longevity book continues to grow, top line > €1bn remains an area of concern ▪ Develop financial markets business ▪ Margins in protection business remain unattractive ▪ Highly selective new business ▪ Successful in-force management ▪ Organisational set-up not affected by Brexit proposition

Gross written premiums 2020/share of total (core regions). Munich Re – Equity Story September 2021 54 Backup: Reinsurance Life and Health Financially motivated reinsurance Strong demand prevails

Gross written premiums1 Technical result1 New business contribution1, 2 €m €m €m 200 277 4,793 257 4,306 231 154 205 127 178 89 >100 35 68 32 1,264 1,267 1,201 30 31 16 22 12 19 17 18 18 12 10 10 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Portfolio development Expectations going forward ▪ New business opportunities arising mainly from Asia and the US ▪ Demand expected to remain high ▪ 2018 drop in top line due to scheduled termination/restructuring ▪ Opportunities mainly in Asia and US ▪ 2018 result negatively impacted by one large financing transaction ▪ Execution power supported by strong balance sheet and ▪ Top line stagnating since 2018 as majority of new business recognised tailor-made structuring ability as fee income ▪ Number and size of transactions will vary on an annual basis

1 From 2017 including Health. 2 Present value of future profits from new business net of cost of capital (pre-tax). Munich Re – Equity Story September 2021 55 Backup: Reinsurance Life and Health Asia Success through tailor-made market and client strategies

Gross written premiums1 Technical result1 New business contribution1, 2 €m €m €m 3,392 202 3,045 315 162 289 156 >100 2,182 2,338 244 1,909 108 100 180 190 27 22 26 28 32 16 19 23 14 23 24 25 18 15

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Portfolio development Expectations going forward ▪ Strong organisational set-up throughout the region ▪ Growth path in the region prevails ▪ Sustained growth path ▪ High demand for solvency relief and financing solutions ▪ Particularly strong development of fee income ▪ Competition increasing ▪ New business contribution volatile on amount of ▪ Product trends and emerging experience to be monitored closely, FinMoRe written in a particular year particularly in critical illness and dismemberment business

1 From 2017 including Health. 2 Present value of future profits from new business net of cost of capital (pre-tax). Munich Re – Equity Story September 2021 56 Backup: Reinsurance Life and Health Longevity Strong growth path – execution of first transaction outside the UK

Gross written premiums Liability p.a.1 €m €m

5,072 1,072 3,292 685 614 484 2,020 417 8 1,884 6 6 4 3 697

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Portfolio development Expectations going forward ▪ Market entry in 2011 after in-depth research, focus on UK market ▪ No change to risk appetite and prudent underwriting and valuation ▪ Growing contribution to top line, also in relative terms approach ▪ Accretive to earnings, claims prove better than assumed in pricing ▪ Prepared to write higher volumes of new business if opportunities ▪ Positive hedge against adverse mortality proven in case of COVID-19 are attractive and meet our risk appetite ▪ 2020: two transactions executed, including first outside the UK ▪ Carefully consider expansion beyond UK (initial step taken in 2020) and extension of product offering

1 Present value of future claims at the time the business was written. Munich Re – Equity Story September 2021 57 Backup: Reinsurance Life and Health Financial markets Comprehensive market risk solutions for the financial services industry

IFRS earnings contribution1 Strategic proposition €m ▪ Offer comprehensive solutions to globally manage market risks and returns ▪ Innovate new business, optimise in-force business, and boost asset returns of insurers, pension providers and other investors 106 ▪ Capitalise on growth and consolidation opportunities in the global savings, retirement and investment industry ▪ Support the digitalisation of the end customer offering of clients 79 ▪ Transfer and transform financial risks to markets via state-of-the-art platform Portfolio development ▪ Initial focus on Europe and Asia (mainly Japan); now expansion across Europe, Asia, 59 and North America as well as market exploration in Latin America and Australia ▪ Portfolio has gained stand-alone significance 44 37 ▪ Asset-liability hedging has successfully irrigated the volatile capital market environment of 2020 Expectations going forward ▪ Intensify coverage of existing markets and expand into further markets ▪ Support growth by further scaling up the organisation ▪ Broaden product, service and regulatory scope 2016 2017 2018 2019 2020 ▪ Grow contribution to IFRS earnings and new business contribution

1 Excluding management expenses, recognised in non-technical result, 2019 figure restated by +€3m. Munich Re – Equity Story September 2021 58 Backup: Reinsurance Innovation Avenue for Munich Re – continue to shape beyond strong core

Innovation potential avenue for Munich Re …

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 – Equity Story September 2021 59 Backup: Reinsurance Innovation Shaping the cyber market as relevant driver for growth

▪ 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 – Equity Story September 2021 60 Backup: Reinsurance Innovation New Ventures: tapping into Canadian group insurance market

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 Canadian income group insurance market ▪ Create ~ €100m annual income in​ the Admin 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 – Equity Story September 2021 61 Backup: Reinsurance Innovation IoT: attractive EaaS business providing comprehensive solutions

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 Pay-per- Investment, ▪ Operations improvements (availability / ▪ Performance guarantees enrich solutions output quality) use Insurance, IoT ▪ IoT solutions unlocking additional business ▪ Enhanced balance sheet flexibility value relayr. (OPEX instead of CAPEX) ▪ Data-enabled risk management services

Partnerships with Trumpf and Porsche started – more in the pipeline

Munich Re – Equity Story September 2021 62 Additional information ERGO Backup: ERGO ERGO – Overview

2020 2019 2018 2017 2016 Gross written premiums €bn 17.6 17.7 17.8 17.5 17.4 Investments €bn 149.4 145.5 139.7 141.1 139.4 Net technical provisions €bn 143.3 140.8 135.9 137.6 135.2 Combined ratio p-c Germany % 92.4 92.3 96.0 97.5 97.0 Combined ratio p-c International % 92.7 94.3 94.6 95.3 98.0

Premium split by region – 2020 Distribution channels Germany – New business 2020 % %

Germany 70 Tied agents 53 Poland 9 Total Broker 26 Spain 5 €17.6bn Direct 19 Belgium 5 Banks/other 2 Rest of World 11

Munich Re – Equity Story September 2021 64 Backup: ERGO Life and Health Germany Additional information

Life Germany Health Germany GWP – Market view3 % €bn

Key figures1 2018 2019 2020 Comprehensive insurance – ERGO number 2 in German market Reinvestment yield 1.6 1.8 1.9 5.7 3.7 Average yield 2.9 2.9 2.7 2.9 2.9 2.4 Average guarantee2 2.1 1.9 1.7 Peer 1 ERGO Peer 2 Peer 3 Peer 4

€bn Key financials1 2018 2019 2020 Supplementary insurance – ERGO clear market leader Free RfB 1.3 1.6 1.6 1.7 Terminal bonus fund 0.9 0.8 0.8

Unrealised gains 9.4 13.3 14.8 0.7 0.7 0.6 0.5 Accumulated ZZR 5.4 6.2 7.0 ERGO Peer 1 Peer 2 Peer 3 Peer 4

1 German GAAP figures. 2 Actuarial interest rate incl. effect from ZZR. 3 Market data as at 2018. Munich Re – Equity Story September 2021 65 Backup: ERGO ERGO Strategy Programme (ESP) 2016–2020 Main KPIs show success of ESP

Net profit Combined ratio –4.6 pp. ERGO Group +476 P-C Germany 97.0 97.5 €m 517 % 96.0 412 440 92.3 92.4 273

41

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Cost savings1 Combined ratio cumulative, €m International –5.3 pp. 299 98.0 % 95.3 234 94.6 94.3 92.7 174 91 30

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

1 After policyholder participation and tax. Munich Re – Equity Story September 2021 66 Backup: ERGO 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 – Equity Story September 2021 67 Backup: ERGO 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 and RoE 2020 improvement growth erosion uplift management 2025

Better margin More growth Low yields eroding RoI Active capital management ▪ Continue tight grip on costs ▪ Continue profitable growth paths ▪ Partly compensated for at ▪ Reliable dividend stream ▪ Improve technical excellence in in P-C and Health Germany stable risk budgets by from ERGO to Group pricing and underwriting ▪ Build new “capital light” Life ▪ SAA/TAA levers ▪ Competition for efficient ▪ Apply modern technologies to book in Germany ▪ Third party sourcing capital allocation improve customer-oriented ▪ Profitable business expansion ▪ MEAG performance processes and efficiency in ERGO International ▪ Other: e.g. finance costs ▪ Broaden reach of pure digital business models

Munich Re – Equity Story September 2021 68 Backup: ERGO 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, lean ▪ Strong growth, especially 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

1 CAGR 2020-2025; includes negative effects from life run-off books Germany and Belgium; does not include growth in India and China. Munich Re – Equity Story September 2021 69 Additional information Financial highlights H1 2021 Reinsurance Reinsurance Property-casualty

Gross premiums written Major result drivers €m €m H1 2021 H1 2020  Q2 2021 Q2 2020  H1 2020 11,680 Technical result 1,110 217 893 845 291 554 Foreign exchange –835 Non-technical result 538 428 110 351 122 228 Divestments/investments 0 thereof investment result 1,043 1,188 –144 621 485 136 Organic change 2,640 Other –432 –157 –275 –337 –66 –272 H1 2021 13,486 Net result 1,217 488 728 858 348 510

▪ Negative FX effects mainly driven by US$ Technical result Investment result ▪ Strong organic growth across all lines of business ▪ Q2/H1: Below-average major losses ▪ H1: Disposal gains on fixed income ▪ Risk Solutions: Substantial growth across all units ▪ COVID-19-related claims of €101m in Q2 in line investments and equities ▪ Core reinsurance: Increase from new business as with expectations ▪ Q2: Return on investment of 3.7% well as benefits from primary rate increases in ▪ Improved expense ratio due to cost reductions supported by disposal gains proportional business and positive impact from hardening market ▪ Underlying performance remains sound – Other normalised combined ratio at 95.3% ▪ FX result of –€88m in H1 (H1 2020: +€191m), thereof –€55m in Q2 (Q2 2020: +€57m)

Munich Re – Equity Story September 2021 71 Reinsurance Reinsurance Property-casualty Combined ratio

%

◼ Basic losses ◼ Major losses ◼ Expense ratio

2019 100.2 51.4 15.2 33.6

2020 105.6 53.9 20.8 30.9 111.6 112.2 106.0 H1 2021 94.3 54.1 11.0 29.3 103.9 104.2 98.9 Q2 2021 90.1 53.7 6.8 29.6

99.9

90.1 Major Reserve Normalised 86.9 losses Nat cat Man-made releases1 combined ratio2

H1 2021 11.0 7.0 3.9 –4.0 95.3

Q2 2021 6.8 3.2 3.6 –4.0 95.3

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Ø Annual 2019 2019 2019 2020 2020 2020 2020 2021 2021 expectation ~ 12.0 ~ 8.0 ~ 4.0 ~ –4.0

1 Basic losses prior years, already adjusted for directly corresponding sliding-scale and profit-commission effects. Munich Re – Equity Story September 2021 72 2 Based on reserve releases of 4%-pts. Reinsurance Reinsurance Life and Health

Gross premiums written Major result drivers €m €m H1 2021 H1 2020  Q2 2021 Q2 2020  H1 2020 6,411 Technical result 5 21 –16 9 7 2 Foreign exchange –197 Non-technical result 178 96 82 69 44 25 Divestments/investments 0 thereof investment result 411 400 11 166 174 –8 Organic change –11 Other –39 –51 12 15 8 7 H1 2021 6,202 Net result 145 67 78 93 59 34

▪ Negative FX effects mainly driven by US$ Technical result, incl. fee income of €64m in Q2 Investment result ▪ Overall stable organic development – growth in (H1: €115m) ▪ H1: Disposal gains on fixed income North America largely compensates for decrease ▪ Higher-than-expected COVID-19-related losses of investments and equities, in Q2 in Europe and Asia €140m in Q2 driven by India and South Africa significantly lower than in Q1 ▪ Adjusted for COVID-19, performance better than ▪ Q2: Return on investment: 2.3% expected, supported by one-offs Other ▪ Overall, positive experience in Europe and Asia largely compensates for negative experience in the US ▪ FX result of –€24m in H1 (H1 2020: (including large losses) +€14m), thereof –€16m in Q2 (Q2 2020: +€20m) ▪ Ongoing strong fee income

Munich Re – Equity Story September 2021 73 ERGO ERGO Life and Health Germany

Gross premiums written Major result drivers €m €m H1 2021 H1 2020  Q2 2021 Q2 2020  H1 2020 4,464 Technical result 188 46 142 72 –36 108 Foreign exchange 0 Non-technical result 30 89 –59 11 182 –171 Divestments/investments 0 thereof investment result 1,863 1,757 106 964 917 47 Organic change 105 Other –92 –66 –26 –50 –82 32 H1 2021 4,569 Net result 126 69 57 33 63 –31

▪ Life (+€90m): Increase driven by growth through Technical result Investment result new products Strong improvement in Q2 driven by: ▪ Q2/H1: Disposal gains exceed losses from ▪ Health (–€14m): Increase in supplementary ▪ Continuously good operational performance derivatives in rising capital markets insurance, negative COVID-19 effect in travel in health ▪ H1: Disproportionately high ZZR funding ▪ Digital Ventures (+€29m): Growth mainly due to ▪ Lost premiums in travel more than offset by ▪ Q2: Return on investment of 3.1% health business decreased claims due to reduced travel activity Other ▪ High intra-year volatility in previous year due ▪ FX result of –€33m in H1 (H1 2020: –€26m), to COVID-19, with negative impact in Q2 thereof –€45m in Q2 (Q2 2020: –€47m)

Munich Re – Equity Story September 2021 74 ERGO ERGO Property-casualty Germany

Gross premiums written Major result drivers €m €m H1 2021 H1 2020  Q2 2021 Q2 2020  H1 2020 2,135 Technical result 121 145 –24 70 85 –15 Foreign exchange –2 Non-technical result 42 –20 61 55 –16 71 Divestments/investments 0 thereof investment result 140 93 47 110 42 68 Organic change 208 Other –57 –54 –3 –44 –19 –25 H1 2021 2,341 Net result 106 71 35 81 50 31

▪ Strong organic growth in almost all lines of Technical result Investment result business; driven by liability (+€75m), fire/property Combined ratio in H1 of 93.4% (92.9%), in ▪ Q2: Strong result due to one-offs from alternative (+€41m), marine (+€23m), motor (+€22m) and Q2 of 92.6% (92.5%); only slightly above investments and real estate other (+€49m) guidance level although ▪ Q2: Return on investment of 5.7% ▪ nat cat and man-made losses significantly above expectations … Other ▪ … due to good operating performance, ▪ FX result of €3m in H1 (H1 2020: –€11m), thereof strong growth and lower expenses €1m in Q2 (Q2 2020: –€2m)

Munich Re – Equity Story September 2021 75 ERGO ERGO Property-casualty Germany

Combined ratio Gross premiums written in H1 2021 (H1 2020) % €m ◼ Loss ratio ◼ Expense ratio

2019 92.3 60.3 32.0

2020 92.4 61.9 30.5 Total €2,341m H1 2021 63.2 30.1 93.4 (€2,135m) Q2 2021 92.6 63.4 29.1

94.2 Motor 492 (470) Legal protection 221 (218) 92.1 93.2 93.4 92.5 92.8 92.6 90.9 Fire/property 486 (444) Marine 132 (108) 86.2 Liability 478 (403) Other 235 (186)

Personal accident 297 (304) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2020 2020 2020 2020 2021 2021

Munich Re – Equity Story September 2021 76 ERGO ERGO International

Gross premiums written Major result drivers €m €m H1 2021 H1 2020  Q2 2021 Q2 2020  H1 2020 2,422 Technical result 129 111 18 78 75 3 Foreign exchange –24 Non-technical result 10 19 –9 –6 0 –6 Divestments/investments –2 thereof investment result 167 179 –12 72 79 –7 Organic change 201 Other –37 –25 –12 –31 –16 –15 H1 2021 2,596 Net result 102 105 –4 41 59 –18

▪ Life (–€8m): Lower premiums due to run-down in Technical result Investment result Belgium, partially compensated for by Poland Stable development in Q2: ▪ Q2/H1: Decrease driven by lower ordinary result ▪ Health (+€44m): Positive business development ▪ Life: Better result driven by Belgium due to joint ventures; disposal gains and write-ups in Spain and Belgium compensate for losses from derivatives ▪ Health: Stable development, strong ▪ P-C (+€139m): Increase driven by strong growth operational performance in Spain ▪ Q2: Return on investment of 1.4% in Poland ▪ P-C: Lower result driven by large losses in Baltic states and nat cat event in Austria, Other ongoing good operational performance in ▪ FX result of €1m in H1 (H1 2020: –€1m), thereof Poland and Greece –€2m in Q2 (Q2 2020: –€5m)

Munich Re – Equity Story September 2021 77 ERGO ERGO International

Combined ratio Gross written premiums in H1 2021 (H1 2020) % €m

95.0 94.8 95.2 93.8 91.8 92.5 93.0 92.2 Property-casualty 1,472 (1,333) 90.1 Total €2,596m Life 307 (315) (€2,422m) Health 818 (774)

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2020 2020 2020 2020 2021 2021

H1 2021 P-C H1 H1 Life H1 H1 Thereof: 2021 2020 Thereof: 2021 2020 94.0 101.0 100.2 99.8 89.4 93.0 Austria 164 76.7 Poland 809 703 158 Belgium 66 74 Legal protection 368 338 Greece 117 122 Health H1 H1 Thereof: 2021 2020 Baltics 100 96 Poland Spain Austria Baltics Greece Legal Total Spain 486 455 protection Austria 60 52 Belgium 331 319

Munich Re – Equity Story September 2021 78 Additional information Investments Backup: Investments Return on Investment (RoI) Yield erosion to be partially offset

RoI expectations %

~ 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 – Equity Story September 2021 80 Backup: Investments Investment result H1 2021

€m Q2 2021 Return1 H1 2021 Return1 H1 2020 Return1 Regular income 1,645 2.6% 3,073 2.5% 3,265 2.6%

Write-ups/write-downs –77 –0.1% –248 –0.2% –1,567 –1.3%

Disposal gains/losses 627 1.0% 1,610 1.3% 1,566 1.3%

Derivatives2 –90 –0.1% –458 –0.4% 694 0.6%

Other income/expenses –172 –0.3% –353 –0.3% –342 –0.3% Investment result 1,933 3.1% 3,624 2.9% 3,617 2.9% Total return 4.3% –2.0% 4.7%

3-month Write-ups/ Disposal Write-ups/ Disposal reinvestment yield Q2 2021 write-downs gains/losses Derivatives H1 2021 write-downs gains/losses Derivatives Q2 Fixed income –10 379 –8 Fixed income –16 926 –217 2021 1.7% Equities Equities Q1 –32 56 –125 –118 396 –318 1.5% 2021 Commodities/Inflation 0 0 52 Commodities/Inflation 0 0 88 Q4 1.3% 2020 Other –34 192 –9 Other –115 288 –10

1 Annualised return on quarterly weighted investments (market values) in %. 2 Result from derivatives without regular income and other income/expenses. Munich Re – Equity Story September 2021 81 Backup: Investments Return on investment by asset class and segment H1 2021

%1 Regular Write-ups/ Disposal Extraord. Other ᴓ Market income -downs result derivatives result inc./exp. RoI value (€m) Afs fixed-income 1.8 0.0 0.7 0.0 0.0 2.5 136,350 Afs non-fixed-income 6.0 –1.2 4.0 0.0 0.0 8.8 19,775 Derivatives 4.8 0.0 0.0 –44.9 –0.9 –41.0 2,038 Loans 2.6 0.0 1.3 0.0 0.0 3.9 61,958 Real estate 4.6 –1.2 1.4 0.0 0.0 4.7 12,185 Other2 1.2 –0.4 2.2 0.0 –3.7 –0.7 18,391 Total 2.5 –0.2 1.3 –0.4 –0.3 2.9 250,698 Reinsurance 2.2 –0.3 1.3 0.1 –0.3 3.0 96,153 ERGO 2.6 –0.1 1.3 –0.7 –0.2 2.8 154,545

Return on investment Average 3.0%

3.4% 3.3% 3.2% 3.2% 3.1% 3.1% 2.9% 3.0%

2.7% 2.7% 2.7% 2.3%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

1 Annualised. 2 Including management expenses. Munich Re – Equity Story September 2021 82 Backup: Investments Investment result – Reinsurance

Life and health reinsurance 1 1 1 €m Q2 2021 Return H1 2021 Return H1 2020 Return Regular income 171 2.3% 340 2.3% 386 2.6% Write-ups/write-downs –3 0.0% –5 0.0% –14 –0.1% Disposal gains/losses 13 0.2% 107 0.7% 50 0.3% Derivatives2 6 0.1% 7 0.0% 21 0.1% Other income/expenses –21 –0.3% –39 –0.3% –42 –0.3% Investment result 166 2.3% 411 2.8% 400 2.7% Average market value 29,450 29,347 29,507

Property-casualty reinsurance 1 1 1 €m Q2 2021 Return H1 2021 Return H1 2020 Return Regular income 368 2.2% 734 2.2% 854 2.6% Write-ups/write-downs –36 –0.2% –138 –0.4% –224 –0.7% Disposal gains/losses 240 1.4% 511 1.5% 360 1.1% Derivatives2 107 0.6% 60 0.2% 320 1.0% Other income/expenses –59 –0.4% –123 –0.4% –122 –0.4% Investment result 621 3.7% 1,043 3.1% 1,188 3.6% Average market value 67,269 66,806 65,624

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. Munich Re – Equity Story September 2021 83 Backup: Investments Investment result – ERGO

Life and Health Germany 1 1 1 €m Q2 2021 Return H1 2021 Return H1 2020 Return Regular income 960 3.1% 1,745 2.8% 1,768 2.8% Write-ups/write-downs –39 –0.1% –112 –0.2% –1,244 –2.0% Disposal gains/losses 317 1.0% 881 1.4% 1,064 1.7% Derivatives2 –187 –0.6% –476 –0.8% 322 0.5% Other income/expenses –88 –0.3% –176 –0.3% –153 –0.2% Investment result 964 3.1% 1,863 2.9% 1,757 2.8% Average market value 125,155 126,550 126,657

Property-casualty Germany 1 1 1 €m Q2 2021 Return H1 2021 Return H1 2020 Return Regular income 70 3.6% 107 2.8% 81 2.2% Write-ups/write-downs –6 –0.3% –11 –0.3% –62 –1.7% Disposal gains/losses 46 2.3% 59 1.6% 74 2.0% Derivatives2 0 0.0% –10 –0.3% 13 0.3% Other income/expenses 1 0.0% –6 –0.1% –12 –0.3% Investment result 110 5.7% 140 3.6% 93 2.5% Average market value 7,759 7,671 7,495

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. Munich Re – Equity Story September 2021 84 Backup: Investments Investment result – ERGO

International 1 1 1 €m Q2 2021 Return H1 2021 Return H1 2020 Return Regular income 76 1.5% 147 1.4% 176 1.9% Write-ups/write-downs 6 0.1% 17 0.2% –22 –0.2% Disposal gains/losses 11 0.2% 51 0.5% 19 0.2% Derivatives2 –16 –0.3% –38 –0.4% 19 0.2% Other income/expenses –5 –0.1% –10 –0.1% –13 –0.1% Investment result 72 1.4% 167 1.6% 179 1.9% Average market value 20,019 20,324 18,839

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. Munich Re – Equity Story September 2021 85 Backup: Investments Investment portfolio H1 2021

Investment portfolio1 %

Fixed-interest securities 54.5 (55.3) Shares, equity funds and participating interests3 8.1 (6.4) Total Loans 24.0 (25.6) Land and buildings 4.9 (4.8) €251bn Miscellaneous2 8.6 (7.9)

Portfolio duration1 DV011,4 €m Assets Liabilities Assets Liabilities Net Reinsurance 6.6 (6.6) 7.0 (6.7) 47 (49) 39 (38) 8

ERGO 9.8 (10.1) 9.7 (10.3) 130 (141) 132 (146) –2

Munich Re 8.7 (8.9) 8.9 (9.3) 178 (190) 172 (184) 6

1 Fair values as at 30.6.2021 (31.12.2020). 2 Deposits retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold. 3 Incl. derivatives: 7.5% (6.0%). 4 Market value change due to a parallel downward shift in yield curve by one basis Munich Re – Equity Story September 2021 86 point, considering the portfolio size of assets and liabilities (pre-tax). Negative net DV01 means rising interest rates are beneficial. Backup: Investments Investment portfolio H1 2021

Investment portfolio Fixed-interest securities1 (%) 30.6.2021 31.12.2020 % Governments/Semi-governments 65 64 Pfandbriefe/Covered bonds 9 10 Cash/Other 0 1 Corporates 19 19 Total Banks 3 3 €251bn Structured products 4 4 Loans1 Governments/Semi-governments 41 43 Pfandbriefe/Covered bonds 38 38 Loans to policyholders/mortgage loans 14 13 Corporates 6 5 Fixed-interest securities 54.5 (55.3) Banks 1 1

Loans 24.0 (25.6) Miscellaneous Deposits on reinsurance 40 40 Miscellaneous3 8.6 (7.9) Bank deposits 16 17 Shares, equity funds and participating interests2 8.1 (6.4) Investment funds5 10 10 Derivatives4 6 7 Land and buildings (4.8) 4.9 Other 29 26

1 Approximation – not fully comparable with IFRS figures. Fair values as at 30.6.2021 (31.12.2020). 2 Incl. derivatives: 7.5 (6.0%). 3 Deposits retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold. 4 Non-fixed derivatives. Munich Re – Equity Story September 2021 87 5 Non-fixed property funds and non-fixed bond funds Backup: Investments Fixed-income portfolio Allocation and regional structure – H1 2021

Fixed-income portfolio Regional breakdown % % Without With Total policyholder 30.6.2021 31.12.2020 participation Germany 5.0 19.8 24.8 25.9 US 14.6 2.1 16.7 15.7 Total France 2.0 4.9 6.9 7.2 €207bn Canada 4.3 0.7 5.0 4.9 UK 2.7 1.9 4.5 4.6 Netherlands 1.4 2.8 4.2 4.5 Australia 3.2 0.7 3.9 3.5 Supranationals 0.7 2.8 3.5 3.7 Governments/semi-government 55 (55) Spain 0.8 2.0 2.8 2.8 Pfandbriefe/covered bonds 17 (18) Ireland 0.8 1.8 2.6 2.4 Corporate bonds 14 (14) Austria 0.5 2.0 2.5 2.6 Cash/other 5 (5) Belgium 0.6 1.7 2.3 2.5 Poland 1.3 0.4 1.7 1.8 Loans to policyholders/mortgage loans 4 (4) Italy 0.6 0.8 1.4 1.3 Structured products 2 (2) Luxembourg 0.4 1.0 1.4 1.5 Bank bonds 2 (2) Other 7.3 8.4 15.7 15.2 Total 46.2 53.8 100.0 100.0

Approximation – not fully comparable with IFRS figures. Fair values as at 30.6.2021 (31.12.2020). Munich Re – Equity Story September 2021 88 Backup: Investments Fixed-income portfolio Rating and maturity structure – H1 2021

Rating structure Market value (€bn) AAA (%) AA A BBB BB

Pfandbriefe/covered bonds 34.7 75 22 1 1 – – 1

Corporate bonds (excluding bank bonds) 29.7 2 5 18 53 18 4 0

Bank bonds 4.5 0 11 54 29 5 0 1

Structured products 5.2 50 41 7 1 0 0 0

Maturity structure 0-1 years Average maturity (years) (%) 1-3 years 3-5 years 5-7 years 7-10 years >10 years n.a. Total 9.8 9 14 15 12 13 34 3 Governments/semi-government 12.0 8 12 12 12 14 43 –

Pfandbriefe/covered bonds 6.3 7 18 21 18 18 19 –

Corporate bonds (excluding bank bonds) 7.9 7 18 20 15 13 27 –

Bank bonds 3.8 8 35 44 7 2 4 –

Approximation – not fully comparable with IFRS figures. Fair values as at 30.6.2021. Munich Re – Equity Story September 2021 89 1 Mainly loans to policyholders, mortgage loans and bank deposits. Backup: Investments Fixed-income portfolio Corporate bonds and bank bonds – 2020

Corporate bonds – Sector breakdown Bank bonds – Regional breakdown Total % 30.06.2021 31.12.2020 % Senior Sub- Loss- bonds ordinated bearing 30.6.2021 31.12.2020 Utilities 13.9 13.9 US 34.6 4.1 0.0 38.8 31.6 Industrial goods and services 13.8 12.9 UK 8.6 0.7 0.2 9.5 11.4 Germany 8.1 0.1 0.8 9.0 8.4 Oil and gas 11.1 11.2 Canada 7.8 0.0 0.0 7.8 8.9 France 6.4 0.6 0.0 7.0 6.2 1 Financial services 9.6 11.8 Ireland 6.2 0.0 0.0 6.2 6.4 Telecommunications 8.5 8.5 Netherlands 4.3 0.1 0.0 4.3 4.7 Switzerland 2.8 0.0 0.0 2.8 2.0 Healthcare 6.3 6.9 Japan 1.4 0.0 0.0 1.4 2.1 Other 12.5 0.7 0.0 13.2 18.3 Automobiles 4.8 5.3 Technology 4.5 5.8 Cover pools % Construction 3.9 2.9 Food and beverages 3.9 4.0 Senior 93 (91) Travel and leisure 2.4 Total 3.4 Subordinated3 6 (7) €4.5bn Personal and household goods 3.0 3.0 Loss-bearing2 1 (2) Real estate1 2.8 0.0 Other 10.7 11.4

1 Shift from financial services to the new real estate sector. 2 Classified as Tier 1 and upper Tier 2 capital for Solvency purposes. 3 Classified as lower Tier 2 and Tier Munich Re – Equity Story September 2021 90 3 capital for Solvency purposes. Approximation – not fully comparable with IFRS figures. Fair values as at 30.6.2021 (31.12.2020). Backup: Investments On- and off-balance-sheet reserves 30.6.2021

€m 31.12. 31.12. 31.3. 30.6.  2019 2020 2021 2021 in Q2 Market value of investments 247,310 252,789 248,707 250,597 1,890 Total reserves 33,120 37,269 30,397 31,135 738

On-balance-sheet reserves

Fixed-interest securities 10,738 14,426 9,377 9,766 389 Non-fixed-interest securities 3,632 2,866 3,740 4,569 829 Other on-balance-sheet reserves1 203 137 139 165 26 Subtotal 14,574 17,430 13,256 14,499 1,244

Off-balance-sheet reserves

Real estate2 5,600 5,592 5,652 5,629 –23 Loans3 12,147 12,778 10,095 9,503 –592 Associates 799 1,469 1,394 1,504 110 Subtotal 18,546 19,839 17,142 16,636 –506 Reserve ratio 13.4% 14.7% 12.2% 12.4% 0.2%pp.

1 Unrealised gains/losses from unconsolidated affiliated companies, measured using the equity method and cash-flow hedging. Munich Re – Equity Story September 2021 91 2 Excluding reserves from owner-occupied property. 3 Excluding insurance-related loans. Backup: Investments Sensitivities to interest rates, spreads and equity markets 30.6.2021

Sensitivity to risk-free interest in €bn (change in basis points) –50bps –25bps +50bps +100bps Change in market value, gross +9.1 +4.4 –8.2 –15.6 Change in on-balance-sheet reserves, net +2.4 +1.2 –2.2 –4.3 Change in off-balance-sheet reserves, net +0.4 +0.2 –0.4 –0.7 P&L (investment result), gross +0.3 +0.2 –0.3 –0.6 P&L, net +0.2 +0.1 –0.2 –0.3

Sensitivity to spreads2 in €bn (change in basis points) +50bps +100bps Change in market value, gross –5.7 –10.8 Change in on-balance-sheet reserves, net –1.4 –2.6 Change in off-balance-sheet reserves, net –0.3 –0.5 P&L (investment result), gross –0.2 –0.4 P&L, net –0.1 –0.2

Sensitivity to share prices3 in €bn (change in %) –30% –10% +10% +30% Change in market value, gross –3.0 –1.3 +1.4 +4.2 Change in on-balance-sheet reserves, net –1.0 –0.4 +0.6 +1.8 P&L (investment result), gross –0.9 –0.3 –0.0 +0.1 P&L, net –0.8 –0.2 +0.1 +0.2

1 Rough calculation with limited reliability assuming unchanged portfolio as at 30.6.2021. After rough estimation of policyholder participation and deferred tax; linearity of relations cannot be assumed. Approximation – not fully comparable with IFRS figures. 2 Sensitivities to changes of spreads are calculated for every category of the fixed income portfolio, except government securities with AAA ratings. 3 Sensitivities to change in share prices are calculated for listed shares only; Munich Re – Equity Story September 2021 92 assumptions: equity impairments as soon as market value drops below acquisition cost and best-estimate calculation of hedging impact. /IR

Additional information Shareholder information Backup: Shareholder information Share information

Acquisition of Retirement of Weighted average number of shares in circulation 31.12. own shares in own shares in 30.6. Shares (millions) 2020 Q1 2021 Q1 2021 2021 (millions)

143.6 Shares in 140.1 – – 140.3 140.1 140.1 circulation 140.1

Treasury – – – shares –

Total 140.1 – – 140.1

2019 2020 H1 2021 Q2 2021

Sector Insurance Reuters MUVGn Type of share No-par-value registered shares Country Germany Bloomberg MUV2 Votes Each share entitles the holder to one vote Currency Euro WKN 843002 Dividend Paid out once per year in cash Accounting principles IFRS ISIN DE0008430026 Trading venues All German stock exchanges plus Xetra

Munich Re – Equity Story September 2021 94 Backup: Shareholder information Mission of Investor & Rating Agency Relations

We aim to enhancing Munich Re’s visibility and attractiveness in the international financial community Responsibility Main objective Munich Re’s communication with the capital market / Active communication to support a fair capital-market valuation of financial community Munich Re shares and outstanding bonds

External communication Internal communication Increase transparency Transmission on financial performance, strategy and expectations about of investors’ and creditors’ demands, and the capital future perspectives within the principles of a credible, markets’ perception of Munich Re, to management accurate, complete and timely provision of relevant and staff information Target Target Achieving a fair valuation and optimising the cost of capital Support management in the setting of ambitious by increasing information efficiency between Munich Re and targets as well as in the execution of a value-based the financial community while developing a relationship of and shareholder-oriented strategy trust with our investor base

Munich Re – Equity Story September 2021 95 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 – Equity Story September 2021 96 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 – Equity Story September 2021 97 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 of the results, financial situation and performance of our Group. Obvious fluctuations in the incidence of major losses in addition to the 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 Group 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. Due to rounding, there may be minor deviations in summations and in the calculation of percentages in this presentation.

Munich Re – Equity Story September 2021 98