Half-year financial report as at 30 June 2020

6 August 2020

Joachim Wenning

Christoph Jurecka

Image: Klaus Ohlenschläger / dpa Picture Alliance

Half-year financial report as at 30 June 2020

1

Munich Re

3 ERGO

5 Backup

2

Group finance

4 Reinsurance

Half-year financial report as at 30 June 2020

6 August 2020

2

Munich Re showing resilience against COVID-19 impact

Business activities running smoothly

Insurance risk well manageable

Strong IT facilitating work from home for tens

Significant short-term claims impact, but good

of thousands of employees without any friction

medium- and long-term business opportunities

Solid investment result

Reliable shareholder return

Navigating capital market volatility

Proven stress resilience allows

with well-diversified investment

for dividend payment

portfolio and effective hedging

Financial impact of COVID-19 on Munich Re well bearable

Image: MathieuRivrin / Getty Images

Half-year financial report as at 30 June 2020

6 August 2020

3

In times of COVID-19, Munich Re fulfils the economic and social role of (re)insurance

Economy

  • Gradual relaxation of lockdowns, partially reversed again
  • Fiscal and monetary stimuli

▪ V-,U-, W- or L-shaped development?

Capital markets

  • Quick and strong rebound of equity

and credit markets after severe losses

▪ Increasing decoupling from economic fundamentals

  • Risk of setbacks remains

Population

  • Social and economic life strongly limited
  • Still rising infections and fatalities
  • Increasing unemployment
  • Risk of a second wave

Munich Re

  • Fulfilling our mission as an insurer by covering claims of €1.5bn in H1 2020 - immediately supporting our business partners
  • Engaging in public-private-partner- ship discussions to tackle future pandemic challenge
  • Protecting our employees as a socially responsible employer - strict measures ensuring infection risk is kept as low as possible
  • Extending into voluntary activities - engaged in supporting communities in need

Fully committed to protecting stakeholder value

Image: CROCOTHERY / stock.adobe.com

Half-year financial report as at 30 June 2020

6 August 2020

4

Despite COVID-19, business operations well on track - Strong capitalisation safeguards financial flexibility …

COVID-19 …

Our strong capitalisation enables us to …

… increases uncertainty,

… seize

driving reinsurance

profitable

demand

business

opportunities

… accelerates

… substantially

digitalisation

invest in digital

transformation

  • Reinsurance market hardening - 7.6% premium growth (July: 8.3%) and 1.8% price increase (July: 2.8%) in 2020 renewals
  • Flight to quality - we remain reliable and provide ample capacity
  • COVID-19crisis to further crystalise the value proposition of (re)insurance
  • Employees:Digital infrastructure facilitated instant mobile working
  • Customers:Digital sales channels safeguarded premium service levels during lockdown
  • Operations:New business models gaining momentum

… requires risk-

… grow GWP and

bearing capacity and

deliver on capital

high capital flexibility

repatriation

  • Increase in dividend per share from 2017 to 2019: 14% - ambition for further growing dividends
  • Total volume of share buy-back between 2017 and 2019: €3bn
  • Expansion in attractive lines of business and geographies

Image: CROCOTHERY / stock.adobe.com

Half-year financial report as at 30 June 2020

6 August 2020

5

  • to pave the way for continued earnings growth - the basis for attractive total shareholder return

Ambition 2020 no longer achievable due to COVID-19 - underlying performance remains strong

Guidance Actual

2.7 2.8

2.3 2.3

2.5

H1 2020

Net income normalised for

TSR vs.

▪ 12% large losses in

P-C Reinsurance

peers since

1.1.20182

▪

COVID-19 claims in

L&H Reinsurance

supporting former FY target

2018

2019

20201

Peer 1 65.2%

Munich Re46.5%

Peer 2 35.0%

Peer 3 9.7%

Peer 4 2.7%

Peer 5 -3.4%

Peer 6 -15.8%

Peer 7 -20.0%

1

Guidance withdrawn due to uncertain development of the COVID-19 pandemic.

Half-year financial report as at 30 June 2020

6 August 2020

6

2

Source: Datastream. Period from 1.1.2018 to 30.6.2020. Peers: Allianz, Axa, Generali, Hannover Re, Scor, Swiss Re, Zurich.

Outlook 2020

Group

Gross premiums written

~€54bn

(before: ~€52bn)

ERGO

Gross premiums written1

~17.5bn

Reinsurance

Gross premiums written

~€36bn

(before: ~€34bn)

Net result

withdrawn

Net result1

~€530m

Net result

withdrawn

Return on investment1

~3%

Combined ratio

P-C Germany1

International1

~92%

~94%

Combined ratio

Technical result, incl. fee income

Property-casualty

Life and Health

withdrawn

withdrawn

(before: ~€550m)

1 Substantial risk of falling short of this guidance, subject to the further development of the COVID-19 pandemic.

Half-year financial report as at 30 June 2020

6 August 2020

7

Group finance

2

Image: Klaus Ohlenschläger / dpa Picture Alliance

Munich Re - COVID-19

Financial impact of COVID-19 on Munich Re well manageable

P&L impact in H1 2020

Outlook/

Projection 2020

Life and Health

  • ~€100m in COVID-19-related losses, dominated by far by the US
  • Claims reported in Q2 consistent with pandemic development
  • Claims development depends on further mortality experience, esp. in North America
  • Portfolio mortality expected to be below that of the general population
  • 5% of extra mortality claims in our book would lead to excess annual claims cost of ~€200m2
  • Still far away from 200-year event scenario3 of ~€1.4bn

Property-casualty

  • ~€1.4bn in COVID-19- related losses across various lines of business, whereas contingency losses account for the largest share by far
  • ~€80m paid claims and client reported case reserves in reinsurance, ~€1.3bn IBNR1
  • Contingency claims to remain the biggest risk
  • Claims in other lines of business are expected to increase, while not reaching the level of contingency losses
    • BI: Most policies are not affected, having physical damage triggers - contract wording is crucial
    • Credit: Risk manageable given government inter- ventions and exposure management of our cedants
    • Workers' comp./D&O: Risk limited as lines of business/ exposures considered less exposed

1 incl. ~€500m claims (direct business) for which we gave confirmation of coverage in H1 2020. 2 Estimate based on a stress test with simplistic assumptions,

e.g. no differentiation between markets, no specific age distributions of our exposure and lethality of the pandemic. Estimate does not consider any difference

Half-year financial report as at 30 June 2020

6 August 2020

9

between population mortality and our portfolio; refers only refers to mortality business. 3 Scenario based on the assumption of 10m incremental global deaths.

Image: CROCOTHERY / stock.adobe.com

Munich Re - COVID-19

Careful reserving for COVID-19 related claims

Life and Health

  • H1 includes COVID-19 related claims expected to be incurred by 30 June, including
    • paid claims,
    • reported claims that are in course of settlement,
    • and a provision for incurred, but not reported claims - determined by looking at both general development of population and cedant data
  • Early notification process with key cedants supporting timely identification of COVID-19 claims
  • No specific provisions for COVID-19-related deaths after 30 June established - US GAAP principles that we apply for IFRS would only allow for that this projected additional claims cost exceeded the margins in existing reserves

Property-casualty

  • H1 includes COVID-19-related claims incurred, reserved in a careful manner across affected lines of business. The loss amount consists of:
    • Paid and reported losses under reinsurance treaties
    • Additional reserves for claims incurred, but not yet reported by our clients to us, or not yet known on an individual basis (IBNR)
  • Unlike nat cat events, COVID-19 ranges over a much longer time period and affects almost every line of business
  • While classification as a COVID-19 loss is straightforward in some lines of business, in many others the range of assessments is wider when trying to separate COVID-19 losses from other loss activity

No explicit provision for future COVID-19-related claims under Solvency II due to uncertainty of further loss development and existing aggregate on top provisions

Half-year financial report as at 30 June 2020

6 August 2020

10

Munich Re - Financial highlights Q2 2020

Good Q2 result given the challenging environment - Sound business development and balance sheet resilience

Munich Re

Net result

€579m (€800m)

Good underlying performance:

Reinsurance result of €407m impacted by COVID-19 - strong ERGO result of €173m

Return on investment1

2.7% (2.9%)

Solid return in volatile capital markets - reinvestment yield: 1.6%

Shareholders' equity

€29.8bn (-2.6% vs. 31.12.)

Return on equity1: 10.4% (7.1%)

Solvency II ratio2: 211%

Q2 2020 (H1 2020)

Technical result

Investment result

Net result

€m

1,893

€m

3,676

3,617

€m

1,626

1,245

1,919 1,697

993

800

519

579

400

Q2

Q2

H1

H1

Q2

Q2

H1

H1

Q2

Q2

H1

H1

2019

2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

2020

Reinsurance

ERGO

Life and Health: Technical result, incl. fee income: €48m

L&H Germany: RoI: 2.9% (2.8%) - net

(€104m) - COVID-19 negative impact in Q2 mainly in

result €63m (€69m)

the US - net result €59m (€67m)

Property-casualty: 99.9% (103.0%) - Major-loss ratio:

Property-casualty Germany: C/R: 92.5%

14.8% (18.0%); reserve releases3: -4.0%(-4.0%) -

(92.9%) - net result €50m (€71m)

net result €348m (€488m)

July renewals: Risk-adjusted price change: ~ +2.8%,

International: C/R: 90.1% (92.7%) - net

premium change: +8.3%

result €59m (€105m)

1 Annualised. 2 Including positive impact from cancelled share buy-back of ~5%-points. 3 For prior-year basic losses.

Half-year financial report as at 30 June 2020

6 August 2020

11

Munich Re - Capitalisation

Capital position

Equity

€m

Equity 31.12.2019

30,576

Change in Q2

Consolidated result

800

579

Changes

Dividend

-1,373

-1,373

Unrealised gains/losses

787

1,907

Exchange rates

-280

-175

Share buy-backs

-359

0

Capitalisation

0.3

0.3 0.3 3.8

2.8 3.7

€bn

0.3 0.3

3.9 3.7

Other

-385

-289

Equity 30.6.2020

29,766

649

10.0

13.2 12.0

12.6 11.9

Unrealised gains/losses

Exchange rates

Fixed-interest securities

Devaluation of various currencies

28.2 26.5 30.6

2017 2018 2019

29.1 29.8

31.3.2020 30.6.2020

H1: €1,579m

Q2: €1,738m

Non-fixed-interest securities

H1: -€805m

Q2: €160m

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.

Debt leverage1 (%)

Senior and other debt2

Subordinated debt

Equity

Half-year financial report as at 30 June 2020

6 August 2020

12

Munich Re - Investments

Investment portfolio

Investment portfolio1

% Portfolio management in Q2

Land and buildings 4.9 (4.7)

Miscellaneous2 8.2 (8.1)

Shares, equity funds and participating interests3 5.6 (7.1)

Fixed-interest securities 55.1 (53.9)

TOTAL

€250bn

Loans

26.1 (26.1)

  • Stable equity exposure - we remain cautious given ongoing disconnect with economic fundamentals
  • Expansion of international investment-grade corporate bonds at the expense of covered bonds
  • Reinvestment yield 1.6% in Q2 - higher corporate bond yields mitigate decline in interest rates, particularly in the US

Portfolio duration1

Reinsurance

ERGO

Munich Re

DV011,4

€m

Assets Liabilities

Assets

Liabilities

Net

7.1 (6.5)

7.6 (6.3)

52 (46)

44 (34)

8

9.8 (9.4)

10.7 (10.1)

136 (126)

150 (139)

-14

8.9 (8.4)

9.8 (9.0)

188 (172)

194 (173)

-6

1 Fair values as at 30.6.2020 (31.12.2019). 2 Deposits retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and

Half-year financial report as at 30 June 2020

6 August 2020

13

investments in renewable energies and gold. 3 Net of hedges: 4.5% (6.4%). 4 Market value change due to a parallel downward shift in yield curve by one basis

point, considering the portfolio size of assets and liabilities (pre-tax). Negative net DV01 means rising interest rates are beneficial.

Munich Re (Group) - Investments

Investment result

€m

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

1,721

2.8%

3,265

2.6%

3,459

2.9%

Write-ups/write-downs

-108

-0.2%

-1,567

-1.3%

-181

-0.2%

Disposal gains/losses

1,189

1.9%

1,566

1.3%

1,038

0.9%

Derivatives2

-906

-1.5%

694

0.6%

-329

-0.3%

Other income/expenses

-200

-0.3%

-342

-0.3%

-311

-0.3%

Investment result

1,697

2.7%

3,617

2.9%

3,676

3.1%

Total return

9.5%

4.7%

12.1%

3-month

Write-ups/

Disposal

Write-ups/

Disposal

reinvestment yield

Q2 2020

write-downs gains/losses Derivatives

H1 2020

write-downs

gains/losses

Derivatives

Q2 2020

1.6%

Fixed income

1

622

26

Fixed income

-14

1,038

578

Q1 2020

1.9%

Equities

-117

555

-891

Equities

-1,464

233

182

Commodities/Inflation

12

0

67

Commodities/Inflation

40

0

16

Q4 2019

1.9%

Other

-3

12

-107

Other

-128

296

-82

1 Annualised return on quarterly weighted investments (market values) in %. 2 Result from derivatives without regular income and other income/expenses.

Half-year financial report as at 30 June 2020

6 August 2020

14

ERGO

3

Image: dem10 / iStockphoto Getty Images

ERGO

ERGO Life and Health Germany

Gross premiums written

€m

H1 2019

4,658

Foreign exchange

0

Divestments/investments

0

Organic change

-193

H1 2020

4,464

Major result drivers

€m

H1 2020

H1 2019

Q2 2020

Q2 2019

Technical result

25

153

-129

-59

75

-134

Non-technical result

110

99

11

205

68

137

thereof investment result

1,757

2,000

-243

917

1,008

-90

Other

-66

-118

52

-82

-71

-11

Net result

69

135

-66

63

72

-9

  • Life (+€62m): Increase driven by growth through new products and merger of EDL1 into EVL2 in 2019; ordinary attrition of back book
  • Health (-€93m): Growth in comprehensive and supplementary insurance over- compensated by COVID-19's effect in Travel
  • Digital Ventures (-€162m): Reduction related to merger of EDL1 into EVL2

Technical result

  • Q2: Interdependency between investment and technical result - COVID-19 leading to high intra-year volatility; no increased claims activity in Health
  • Q2: Travel affected by COVID-19

Investment result

  • H1: Effective hedging and disposal gains offset impairments on equities
  • Q2: Disposal gains from fixed income (ZZR) and equities compensate for losses from equity derivatives in strongly rising stock markets
  • Q2: Return on investment of 2.9%

Other

  • FX result of -€26m(-€39m), thereof
    -€47m in Q2

1 ERGO Direkt Leben (EDL). 2 ERGO Vorsorge Leben (EVL).

Half-year financial report as at 30 June 2020

6 August 2020

16

ERGO

ERGO Property-casualty Germany

Gross premiums written

€m

H1 2019

2,035

Foreign exchange

6

Divestments/investments

0

Organic change

94

H1 2020

2,135

Major result drivers

€m

H1 2020

H1 2019

Q2 2020

Q2 2019

Technical result

145

150

-5

85

127

-42

Non-technical result

-20

-61

41

-16

-47

31

thereof investment result

93

71

22

42

27

15

Other

-54

-20

-34

-19

-25

6

Net result

71

69

2

50

55

-5

  • Organic growth in almost all lines of business; mainly driven by fire/property
    (+€36m), liability (+€21m), motor (+€20m) and other insurance (+€23m)

Technical result

Combined ratio of 92.9% in H1 at a good level, 92.5% in Q2 due to

  • stable premium development,
  • COVID-19:Negative effects (business closure and event cancellation) partly compensated for retail lines; favourable cost development, and
  • major losses below expectations

Investment result

  • H1: Write-downs and disposal gains on equities largely balance each other out
  • Q2: Equity disposal gains offset losses from equity derivatives
  • Q2: Return on investment of 2.2%

Other

  • Taxes driven by positive pre-tax result

Half-year financial report as at 30 June 2020

6 August 2020

17

ERGO

ERGO Property-casualty Germany

Combined ratio

% Gross premiums written in H1 2020 (H1 2019)

€m

  • Loss ratio ◼ Expense ratio

2018

96.0

62.5

33.4

2019

92.3

60.3

32.0

H1 2020

92.9

61.5

31.5

Q2 2020

92.5

62.0

30.5

94.7

97.9

98.1

93.2

93.4

92.5

92.1

86.2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2018

2018

2019

2019

2019

2019

2020

2020

Other

Motor

186 (163)

470 (450)

Marine 108 (103)

TOTAL

Fire/property

€2,135m

444 (409)

(€2,035m)

Legal protection 218 (219)

Personal accident

Liability

304 (309)

403 (382)

Half-year financial report as at 30 June 2020

6 August 2020

18

ERGO

ERGO International

Gross premiums written

€m

H1 2019

2,519

Foreign exchange

-21

Divestments/investments

-90

Organic change

14

H1 2020

2,422

Major result drivers

€m

H1 2020

H1 2019

Q2 2020

Q2 2019

Technical result

111

95

16

75

51

24

Non-technical result

19

-42

61

0

-18

18

thereof investment result

179

160

19

79

81

-2

Other

-25

-36

11

-16

-25

9

Net result

105

16

89

59

8

51

  • Life (-€30m): Lower level due to run-down in Belgium and reduced new business in Austria related to COVID-19
  • Health (+€43m): Positive business development in Spain and Belgium
  • P-C (-€111m): Decrease mainly driven by portfolio streamlining in 2019

Technical result

Highlights in Q2:

  • Life: Stable development
  • Health: Improved portfolio mix (shift to personal lines) with no noticeable COVID-19 effects in Spain
  • P-C: Ongoing good operational performance (esp. Poland, Baltics), reduced claims frequency (esp. motor), lower large losses

Investment result

  • Prior year impacted by portfolio streamlining
  • Q2: Return on investment of 1.7%

Other

  • FX result of -€1m(-€19m), thereof -€5m in Q2

Half-year financial report as at 30 June 2020

6 August 2020

19

ERGO

ERGO International

Combined ratio

  • Gross premiums written in H1 2020 (H1 2019)

€m

93.3

94.5

95.4

95.0

91.8

94.8

95.2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2018

2018

2019

2019

2019

2019

2020

90.1

Q2

2020

Property-casualty1,333 (1,444)

TOTAL

€2,422m

(€2,519m)

Life 315 (345)

Health 774 (731)

H1 2020

90.2

94.2

89.5

88.1

100.7

78.9

Poland Spain Austria Baltics Greece Legal protection

P-C

H1

H1

Life

92.7

Thereof:

2020

2019

Thereof:

Poland

703

743

Austria

Belgium

Legal protection

338

320

Health

Greece

122

120

Baltics

96

96

Thereof:

Spain

Total

Austria

52

51

Belgium

H1 H1

2020 2019

  1. 181
  1. 77

H1 H1

2020 2019

  1. 426
  1. 305

Half-year financial report as at 30 June 2020

6 August 2020

20

Reinsurance

4

Image: John Lund Getty Images

Reinsurance

Reinsurance Life and Health

Gross premiums written

€m

H1 2019

5,636

Foreign exchange

60

Divestments/investments

0

Organic change

715

H1 2020

6,411

▪ Positive FX effects

Major result drivers

€m

H1 2020

H1 2019

Q2 2020

Q2 2019

Technical result

21

129

-108

7

44

-37

Non-technical result

96

266

-170

44

161

-117

thereof investment result

400

587

-187

174

344

-169

Other

-51

-60

9

8

-51

59

Net result

67

335

-268

59

154

-96

Technical result, incl. fee income of €48m (€104m)

Investment result

▪ Premium growth mainly from Europe, Asia

and North America

  • COVID-19-relatedclaims of ~€100m in Q2, particularly in the US
  • Strong results in Asia and Europe largely compensate for ...
  • … higher than expected non-COVID-19-related claims in the US, attributable to a small number of clients and involving a few of larger claims, ...
  • … and higher-than-expected claims in Australia, reversing good Q1 results
  • Pleasing fee income
  • H1/Q2: Disposal gains on fixed income investments from ordinary portfolio turnover more than compensate for write-downs of equities (H1) or derivative losses (Q2)
  • Q2: Return on investment: 2.4%

Other

  • H1: FX result of €14m vs €42m, thereof €20m in Q2

Half-year financial report as at 30 June 2020

6 August 2020

22

Reinsurance

Reinsurance Property-casualty

Gross premiums written

€m

H1 2019

10,327

Foreign exchange

170

Divestments/investments

0

Organic change

1,183

H1 2020

11,680

▪ Positive FX effects mainly driven by US$

Major result drivers

€m

H1 2020

H1 2019

Q2 2020

Q2 2019

Technical result

217

1,366

-1,149

291

948

-657

Non-technical result

428

35

394

122

9

114

thereof investment result

1,188

858

330

485

460

25

Other

-157

-330

173

-66

-253

187

Net result

488

1,071

-582

348

704

-356

Technical result

Investment result

▪ Organic growth esp. in fire and special lines

  • COVID-19-relatedclaims of ~€1.4bn in H1 (thereof ~€0.6bn in Q2), contingency losses account for the largest share
  • Expense ratio improved due to cost reductions and premium growth
  • Underlying performance remains sound - normalised combined ratio at ~97% in Q2 and H1
  • H1: Gains on fixed-income/real estate disposals and derivatives clearly exceed write-downs on equities
  • Q2: Disposal gains on fixed income/equities more than offset losses on derivatives (equity hedges and CDS)
  • Q2: Return on investment: 3.0%

Other

  • H1: FX result of €191m (€114m), thereof €57m in Q2

Half-year financial report as at 30 June 2020

6 August 2020

23

Reinsurance

Reinsurance Property-casualty -

Combined ratio

%

◼ Basic losses

◼ Major losses

◼ Expense ratio

111.6

105.1

103.9

106.0

99.9

97.3

100.7

2018

99.4

53.6

11.6

34.2

100.2

2019

51.4

15.2

33.6

103.0

H1 2020

54.4

18.0

30.5

99.9

Q2 2020

54.1

14.8

31.0

86.9

H1 2020

Q2 2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Ø Annual

2018

2018

2019

2019

2019

2019

2020

2020

expectation

  1. Basic losses prior years, already adjusted for directly corresponding sliding-scale and profit-commission effects.
  2. Based on reserve releases of 4%-pts.

Major

Reserve

Normalised

losses

Nat cat

Man-made

releases1

combined ratio2

18.0

3.4

14.6

-4.0

97.0

14.8

3.1

11.7

-4.0

97.1

~12.0

~8.0

~4.0

~-4.0

Half-year financial report as at 30 June 2020

6 August 2020 24

Reinsurance - July renewals 2020

July renewals

Total property-casualty book1

%

Remaining business

Business up for renewal in January

30

46

TOTAL

€22bn

Business up for renewal in July

Business up for renewal in April

16

8

Regional allocation of July renewals

%

Worldwide

North America

22

31

TOTAL

Asia/Pacific/Africa

€3.5bn

30

Europe

South America

6

10

Nat cat shares of renewable portfolio2

%

January 10

April 28

July 21

Total 14

1 Gross premiums written. Economic view - not fully comparable with IFRS figures. 2 Total refers to total P-C book, incl. remaining business.

Half-year financial report as at 30 June 2020

6 August 2020

25

Reinsurance - July renewals 2020

Positive price dynamic continues and broadens

July renewals 2020

%

100

-11,9

88.1

+8.0

+12.2

108.3

€m

3,475

-412

3,063

+279

+423

3,765

Change in premium

+8.3%

Thereof price movement1

~ 2.8%

Thereof change in exposure for our share

+5.5%

Total renewable Cancelled

Renewed

Increase

New

Estimated

from 1 July

on renewable

business

outcome

  • Positive pricing dynamics continue - particularly in regions and lines of business with high loss experience
  • In addition, COVID-19 supports flight to quality and market hardening
  • Premium growth driven by business opportunities, especially in North America and with global clients

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

Half-year financial report as at 30 June 2020

6 August 2020

26

wing-to-wing basis (including cancelled and new business).

Backup

5

Image: imaginima / Getty Images

Backup: Group finance and risk

Segment income statement Q2 2020

€m

Reinsurance

Reinsurance

ERGO

ERGO

ERGO

Total

L/H1

P-C

L/H Germany

P-C Germany

International

Q2 2020

Gross premiums written

3,332

5,524

2,149

696

1,126

12,827

Net earned premiums

2,955

5,401

2,214

852

1,093

12,515

Income from technical interest

160

289

1,016

17

245

1,727

Net expenses for claims and benefits

-2,590

-3,725

-2,953

-524

-957

-10,749

Net operating expenses

-518

-1,673

-335

-260

-307

-3,094

Technical result

7

291

-59

85

75

400

Investment result

174

485

917

42

79

1,697

Insurance-related investment result

23

9

358

0

206

596

Other operating result

7

-82

-55

-40

-39

-210

Deduction of income from technical interest

-160

-289

-1,016

-17

-245

-1,727

Non-technical result

Operating result

44

122

205

-16

0

356

51

414

146

70

75

755

Other non-operating result

0

-7

0

-2

3

-6

Currency result

20

57

-47

-2

-5

23

Net finance costs

-10

-31

-5

-2

-7

-55

Taxes on income

-3

-84

-30

-14

-8

-138

Net result

59

348

63

50

59

579

Tax rate

4.2%

19.4%

32.3%

21.3%

11.6%

19.3%

1 Technical result, incl. fee income: €48m.

Half-year financial report as at 30 June 2020

6 August 2020

28

Backup: Group finance and risk

Segment income statement H1 2020

€m

Reinsurance

Reinsurance

ERGO

ERGO

ERGO

Total

L/H1

P-C

L/H Germany

P-C Germany

International

H1 2020

Gross premiums written

6,411

11,680

4,464

2,135

2,422

27,112

Net earned premiums

5,732

10,988

4,489

1,718

2,234

25,161

Income from technical interest

331

552

1,106

34

-38

1,985

Net expenses for claims and benefits

-4,987

-7,967

-4,897

-1,067

-1,462

-20,381

Net operating expenses

-1,055

-3,355

-674

-541

-622

-6,247

Technical result

21

217

25

145

111

519

Investment result

400

1,188

1,757

93

179

3,617

Insurance-related investment result

10

-32

-392

0

-134

-549

Other operating result

18

-176

-148

-79

-64

-449

Deduction of income from technical interest

-331

-552

-1,106

-34

38

-1,985

Non-technical result

Operating result

96

428

110

-20

19

634

118

645

135

125

130

1,153

Other non-operating result

0

-8

-3

-5

0

-17

Currency result

14

191

-26

-11

-1

167

Net finance costs

-20

-63

-11

-3

-13

-110

Taxes on income

-44

-277

-25

-35

-11

-393

Net result

67

488

69

71

105

800

Tax rate

39.9%

36.2%

27.0%

33.2%

9.2%

32.9%

1 Technical result, incl. fee income: €104m.

Half-year financial report as at 30 June 2020

6 August 2020

29

Backup: Group finance and risk

Actual vs. analysts' consensus

Operating result - Actual vs. analysts' consensus1

€m

KPIs - Actual vs. analysts' consensus1

€m

Q2 2020

Consensus

Delta

Q2 2020

Consensus

Impact2

Reinsurance Property-casualty

414

294

120

Combined ratio

99.9%

101.2%

72

Reinsurance Life and Health

51

79

-28

Tech. result, incl. fee income

€48m

ERGO Life and Health Germany

146

104

42

ERGO Property-casualty Germany

70

102

-32

Combined ratio

92.5%

90.4%

-18

ERGO International

75

69

6

Combined ratio

90.1%

95.4%

41

Operating result

755

649

106

FX

23

Other comments

Other

-61

ERGO L/H Germany: Policyholder participation in -€47m

FX loss increases operating result.

Taxes

-138

Net result

579

405

174

1 Simple average of estimates the Munich Re Investor Relations team has gathered from analysts covering Munich Re, not taking into account any external

Half-year financial report as at 30 June 2020

6 August 2020 30

data providers. 2 Delta between actual and consensus times net earned premiums.

Backup: Group finance and risk

Premium development

Gross premiums written

€m

25,175

H1 2019

Foreign

215

exchange

Divestments/

-90

investments

Organic

1,813

change

H1 2020

27,112

Segmental breakdown

Reinsurance

Property-casualty

11,680 (43%) ( 13.1%)

TOTAL

€27.1bn

Reinsurance

Life and Health

6,411 (24%) ( 13.7%)

€m

ERGO Life and Health Germany

4,464 (16%) ( -4.1%)

ERGO Property-casualty Germany

2,135 (8%) ( 4.9%)

ERGO

International

2,422 (9%) ( -3.9%)

Half-year financial report as at 30 June 2020

6 August 2020

31

Backup: Reinsurance

Development of combined ratio

Combined ratio vs. basic losses (%)

160.9

Combined ratio

Basic loss ratio

105.1

111.6

106.0

99.9

103.9

103.9

88.6

102.0

100.7

97.3

86.9

54.1

55.6

53.2

55.7

55.3

50.4

54.8

50.1

54.7

46.4

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

54.7

54.1

Q1 2020

Q2 2020

Nat cat vs. man-made(%)

70.3

Nat cat ratio Man-maderatio

12.0

2.6

11.0

10.5

14.1

5.7

3.1

10.8

21.1

17.4

11.7

4.7

0.0

-1.1

2.3

2.0

3.8

4.0

0.9

7.6

6.3

3.7

3.1

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Half-year financial report as at 30 June 2020

6 August 2020

32

Backup: Group finance and risk - Investments

Return on investment by asset class and segment

H1 2020

%1

Regular

Write-ups/

Disposal

Extraord.

Other

ᴓ Market

income

-downs

result

derivatives result

inc./exp.

RoI value (€m)

Afs fixed-income

2.1

-0.0

1.0

0.0

0.0

3.1

133,562

Afs non-fixed-income

5.1

-17.5

2.8

0.0

0.0

-9.6

16,776

Derivatives

3.9

0.0

0.0

43.8

-1.2

46.5

3,172

Loans

2.7

-0.0

1.1

0.0

0.0

3.8

64,927

Real estate

4.6

-1.1

4.7

0.0

0.0

8.2

12,118

Other2

2.5

-0.2

0.1

0.0

-3.7

-1.3

17,566

Total

2.6

-1.3

1.3

0.6

-0.3

2.9

248,121

Reinsurance

2.6

-0.5

0.9

0.7

-0.3

3.3

95,131

ERGO

2.6

-1.7

1.5

0.5

-0.2

2.7

152,990

Return on investment

Average 3.0%

3.4%

3.4%

3.2%

3.2%

3.1%

3.1%

3.1%

2.9%

3.0%

2.7%

2.7%

2.3%

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

1 Annualised. 2 Including management expenses.

Half-year financial report as at 30 June 2020

6 August 2020

33

Backup: Investments

Investment result - Reinsurance

Reinsurance Life and Health (€m)

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

190

2.6%

386

2.6%

385

2.8%

Write-ups/write-downs

4

0.1%

-14

-0.1%

0

0.0%

Disposal gains/losses

24

0.3%

50

0.3%

219

1.6%

Derivatives2

-13

-0.2%

21

0.1%

-8

-0.1%

Other income/expenses

-32

-0.4%

-42

-0.3%

-9

-0.1%

Investment result

174

2.4%

400

2.7%

587

4.3%

Average market value

29,670

29,507

27,562

Reinsurance Property-casualty(€m)

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

449

2.7%

854

2.6%

951

3.0%

Write-ups/write-downs

-34

-0.2%

-224

-0.7%

-90

-0.3%

Disposal gains/losses

210

1.3%

360

1.1%

184

0.6%

Derivatives2

-81

-0.5%

320

1.0%

-64

-0.2%

Other income/expenses

-60

-0.4%

-122

-0.4%

-124

-0.4%

Investment result

485

3.0%

1,188

3.6%

858

2.7%

Average market value

65,591

65,624

62,493

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses.

Half-year financial report as at 30 June 2020

6 August 2020

34

Backup: Investments

Investment result - ERGO

Life and Health Germany (€m)

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

946

3.0%

1,768

2.8%

1,853

3.0%

Write-ups/write-downs

-94

-0.3%

-1,244

-2.0%

-109

-0.2%

Disposal gains/losses

883

2.8%

1,064

1.7%

589

1.0%

Derivatives2

-723

-2.3%

322

0.5%

-180

-0.3%

Other income/expenses

-94

-0.3%

-153

-0.2%

-153

-0.2%

Investment result

917

2.9%

1,757

2.8%

2,000

3.2%

Average market value

126,806

126,657

123,876

Property-casualty Germany (€m)

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

45

2.4%

81

2.2%

81

2.2%

Write-ups/write-downs

-6

-0.3%

-62

-1.7%

-13

-0.3%

Disposal gains/losses

63

3.4%

74

2.0%

55

1.5%

Derivatives2

-54

-2.9%

13

0.3%

-40

-1.1%

Other income/expenses

-7

-0.4%

-12

-0.3%

-12

-0.3%

Investment result

42

2.2%

93

2.5%

71

1.9%

Average market value

7,472

7,495

7,429

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses.

Half-year financial report as at 30 June 2020

6 August 2020

35

Backup: Investments

Investment result - ERGO

International (€m)

Q2 2020

Return1

H1 2020

Return1

H1 2019

Return1

Regular income

91

1.9%

176

1.9%

187

2.1%

Write-ups/write-downs

22

0.5%

-22

-0.2%

30

0.3%

Disposal gains/losses

8

0.2%

19

0.2%

-8

-0.1%

Derivatives2

-35

-0.7%

19

0.2%

-37

-0.4%

Other income/expenses

-7

-0.1%

-13

-0.1%

-13

-0.1%

Investment result

79

1.7%

179

1.9%

160

1.8%

Average market value

18,987

18,839

17,802

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses.

Half-year financial report as at 30 June 2020

6 August 2020

36

Backup: Investments

Investment portfolio

Investment portfolio

Land and buildings

4.9 (4.7)

Shares, equity funds

TOTAL

and participating

€250bn

interests2

5.6 (7.1)

Miscellaneous3

8.2 (8.1)

%

Fixed-interest securities1

Fixed-interest securities

Structured products

55.1 (53.9)

3 (4)

Corporates

19 (18)

TOTAL

Banks

€138bn

2 (2)

Loans

Pfandbriefe/Covered bonds

26.1 (26.1)

11 (13)

%

Governments/

Semi-government

63 (63)

Cash/Other 1 (1)

Miscellaneous

%

Loans1

Other

Deposits on

Loans to policyholders/

24 (25)

reinsurance

mortgage loans

Derivatives4

39 (40)

13 (13)

8 (6)

TOTAL

Corporates

TOTAL

Investment funds5

€21bn

€65bn

4 (4)

11 (11)

Bank deposits

Banks

18 (19)

1 (1)

1

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019). 2 Net of hedges: 4.5 (6.4%). 3 Deposits

Half-year financial report as at 30 June 2020

retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold.

4

Non-fixed derivatives. 5 Non-fixed property funds and non-fixed bond funds

%

Governments/

Semi-governments

42 (41)

Pfandbriefe/ Covered bonds 40 (41 )

6 August 2020

37

Backup: Investments

Fixed-income portfolio

Total

Fixed-income portfolio

Bank bonds

2 (1)

Structured products

2 (2)

Loans to policyholders/ mortgage loans

4 (4)

Cash/Other

6 (5)

Corporates

13 (13)

Pfandbriefe/

Covered bonds

19 (21)

TOTAL

€213bn

%

Governments/

Semi-government

54 (53)

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Half-year financial report as at 30 June 2020

6 August 2020

38

Backup: Investments

Fixed-income portfolio

Total

Rating structure

% Regional breakdown

%

NR1 5 (5)

<>

1 (0)

TOTAL

BB

€213.3bn

3 (3)

BBB

12 (12)

Maturity structure

n.a. 3 (3)

>10 years

AVERAGE

MATURITY

34 (34)

9.5 years

7-10 years

14 (15)

AAA

42 (43)

AA

24 (24)

A

13 (13)

%

0-1 years

10 (9)

1-3 years

13 (13)

3-5 years

14 (13)

5-7 years

13 (13)

Germany

US

France

UK

Canada

Netherlands

Supranationals

Spain

Australia

Austria

Belgium

Ireland

Poland

Italy

Sweden

Other

Total

Without

With

Total

policyholder participation

30.6.2020

31.12.2019

4.8

21.9

26.7

26.8

14.4

1.7

16.2

15.6

2.2

5.0

7.2

7.3

2.8

2.0

4.8

5.1

4.0

0.7

4.7

4.7

1.5

2.9

4.5

4.3

0.7

3.0

3.7

3.6

0.9

2.1

3.0

3.1

2.6

0.4

3.0

3.1

0.5

2.1

2.6

2.6

0.7

1.6

2.3

2.4

0.7

1.6

2.3

2.2

1.3

0.5

1.8

1.8

0.7

0.8

1.5

1.3

0.2

1.2

1.3

1.4

6.6

7.9

14.5

14.6

44.7

55.3

100.0

100.0

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019). 1 Mainly loans to policyholders, mortgage loans and bank deposits.

Half-year financial report as at 30 June 2020

6 August 2020

39

Backup: Investments

Fixed-income portfolio

Governments/semi-governments

Rating structure

% Regional breakdown

%

NR

0 (0)

<>

0 (0)

BB

2 (2)

BBB

7 (7)

Maturity structure

>10 years

45 (44)

7-10 years

14 (15)

TOTAL

€114.6bn

AVERAGE MATURITY

11.5 years

AAA

44 (43)

AA

31 (32)

A

15 (16)

%

0-1 years

8 (9)

1-3 years

11 (11)

3-5 years

11 (11)

5-7 years

10 (11)

Germany

US

Supranationals

Canada

Australia

Spain

Belgium

France

Austria

Poland

Netherlands

UK

Finland

Ireland

Italy

Other

Total

Without

With

Total

policyholder participation

30.6.2020

31.12.2019

3.6

21.0

24.5

23.9

16.0

1.2

17.2

16.5

1.3

5.5

6.8

6.7

5.7

0.7

6.4

6.5

4.0

0.1

4.1

4.0

1.2

2.9

4.0

4.3

1.1

2.9

4.0

4.1

1.7

2.0

3.7

3.8

0.6

2.7

3.3

3.2

2.3

0.8

3.1

3.2

0.7

1.3

2.0

1.9

1.9

0.0

2.0

2.8

0.2

1.7

2.0

2.0

0.4

1.1

1.6

1.6

0.7

0.9

1.5

1.4

6.9

6.9

13.7

14.1

48.4

51.6

100.0

100.0

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Half-year financial report as at 30 June 2020

6 August 2020

40

Backup: Investments

Fixed-income portfolio

Pfandbriefe/covered bonds

Rating structure

NR

1 (1)

BBB

0 (0)

TOTAL

A€41.2bn

2 (2)

AA

21 (20)

Maturity structure

>10 years

20 (21)

AVERAGE

MATURITY

6.5 years

7-10 years

20 (21)

%

Regional breakdown

AAA

Germany

76 (77)

France

UK

Netherlands

Sweden

Norway

Spain

Italy

Ireland

Other

%

Cover pools

0-1 years

Mixed and other

7 (5)

9 (10)

1-3 years

14 (15)

TOTAL

3-5 years

€41.2bn

18 (17)

5-7 years

Public

21 (20)

29 (29)

%

30.6.2020 31.12.2019

33.1 35.4

19.7 19.5

  1. 9.8
  2. 8.4

6.15.9

5.45.4

1.91.8

1.31.1

  1. 0.3
  1. 12.5

%

Mortgage 62 (61)

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Half-year financial report as at 30 June 2020

6 August 2020

41

Backup: Investments

Fixed-income portfolio

Corporate bonds (excluding bank bonds)

Rating structure

NR

0 (0)

<>

3 (2)

BB

15 (11)

BBB

57 (61)

Maturity structure

>10 years

25 (24)

7-10 years

12 (12)

5-7 years

15 (15)

TOTAL

€28.8bn

AVERAGE MATURITY

7.5 years

  • Regional breakdown

AAA

2 (2) Industrial goods and services Utilities

  1. Oil and gas
    5 (5)

Financial services

19

A

Telecommunications

(19)

Healthcare

%

Technology

Automobiles

0-1 years

Food and beverages

9

(10)

Personal and household goods

1-3 years

Media

17

(19)

Basic resources

3-5 years

Retail

Other

22

(20)

%

30.6.2020 31.12.2019

14.1 14.2

  1. 13.6
  1. 10.9
  1. 9.6
  1. 8.0

7.5 7.5

6.0 6.0

4.5 3.9

4.0 4.0

3.2 3.1

3.1 3.6

2.9 3.5

2.8 2.7

9.2 9.3

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Half-year financial report as at 30 June 2020

6 August 2020

42

Backup: Investments

Fixed-income portfolio

Structured products

Structured products portfolio (at market values): Breakdown by rating and region

€m

Rating

Region

Market-to-

AAA

AA

A

BBB

<>

NR

USA + RoW

Europe

Total

par

ABS

Consumer-related ABS1

157

92

80

0

0

0

208

122

330

100%

Corporate-related ABS2

5

16

368

40

0

0

48

381

429

100%

Subprime HEL

0

1

0

0

0

0

1

0

1

95%

CDO/

Subprime-related

0

0

0

0

0

0

0

0

0

0%

CLN

755

1,454

32

8

0

0

677

1,572

2,249

98%

Non-subprime-related

MBS

Agency

865

25

0

0

0

0

890

0

890

108%

Non-agency prime

4

15

1

0

0

0

1

19

20

98%

Non-agency other (not subprime)

256

23

0

0

0

0

14

265

279

98%

Commercial MBS

564

27

18

0

0

1

540

70

610

106%

Total 30.6.2020

2,607

1,652

499

48

0

1

2,379

2,428

4,807

101%

In %

54%

34%

10%

1%

0%

0%

49%

51%

100%

Total 31.12.2019

2,876

1,527

303

58

0

9

2,870

1,904

4,774

101%

1 Consumer loans, auto, credit cards, student loans. 2 Asset-backed CPs, business and corporate loans, commercial equipment.

Half-year financial report as at 30 June 2020

6 August 2020 43

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Backup: Investments

Fixed-income portfolio

Bank bonds

Rating structure

NR

1 (1)

<>

1 (0)

TOTAL

BB

€3.4bn

3 (4)

BBB

34 (38)

Maturity structure

>10 years 2 (2)

7-10 years

AVERAGE

MATURITY

6 (7)

3.3 years

5-7 years

8 (8)

%

Regional breakdown

%

Total

AAA

Senior bonds

Subordinated

Loss-bearing

30.6.2020

31.12.2019

1 (1)

US

24.4

7.6

0.4

32.3

35.4

Canada

11.2

0.0

0.0

11.2

11.4

UK

7.7

1.3

0.2

9.1

7.2

AA

Germany

6.5

0.2

1.8

8.6

10.2

Ireland

7.9

0.0

0.0

7.9

8.8

19 (17)

France

5.2

0.7

0.0

6.0

5.0

Netherlands

3.4

0.1

0.0

3.4

2.6

A

Guernsey island

2.5

0.0

0.0

2.5

2.3

Switzerland

1.9

0.0

0.0

1.9

1.3

40 (38)

Other

16.0

1.2

0.0

17.2

15.8

%

Cover pools

%

0-1 years

Loss-bearing1

Senior

16 (13)

2 (6)

87 (82)

1-3 years

TOTAL

44 (40)

€3.4bn

3-5 years

Subordinated2

24 (30)

11 (12)

1 Classified as Tier 1 and upper Tier 2 capital for Solvency purposes. 2 Classified as lower Tier 2 and Tier 3 capital for Solvency purposes.

Half-year financial report as at 30 June 2020

6 August 2020

44

Approximation - not fully comparable with IFRS figures. Fair values as at 30.6.2020 (31.12.2019).

Backup: Investments

Sensitivities to interest rates, spreads and equities1

Sensitivity to risk-free interest in €bn (change in basis points)

-50bps-25bps +50bps

+100bps

Change in market value, gross

+9.9

+4.8

-8.9

-16.9

Change in on-balance-sheet reserves, net

+2.5

+1.2

-2.3

-4.4

Change in off-balance-sheet reserves, net

+0.5

+0.2

-0.4

-0.8

P&L (investment result), gross

+0.6

+0.3

-0.5

-1.1

P&L, net

+0.3

+0.2

-0.3

-0.6

Sensitivity to spreads2 in €bn (change in basis points)

+50bps

+100bps

Change in market value, gross

-6.3

-11.8

Change in on-balance-sheet reserves, net

-1.5

-2.8

Change in off-balance-sheet reserves, net

-0.3

-0.6

P&L (investment result), gross

-0.3

-0.6

P&L, net

-0.1

-0.3

Sensitivity to share prices3 in €bn (change in %)

-30%

-10%

+10%

+30%

Change in market value, gross

-1.5

-0.7

+0.7

+2.0

Change in on-balance-sheet reserves, net

-0.6

-0.2

+0.3

+1.0

P&L (investment result), gross

-0.5

-0.2

-0.2

-0.7

P&L, net

-0.3

-0.1

-0.0

-0.1

1 Rough calculation with limited reliability assuming unchanged portfolio as at 30.6.2020. 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 fixed

Half-year financial report as at 30 June 2020

6 August 2020

45

income portfolio, except government securities with AAA ratings. 3 Sensitivities to change in share prices are calculated for listed shares only; assumptions: equity

impairments as soon as market value drops below acquisition cost and best-estimate calculation of hedging impact.

Backup: Investments

On- and off-balance-sheet reserves

€m

31.12.

31.12.

31.3.

2018

2019

2020

Market value of investments

231,876

247,310

247,196

Total reserves

22,002

33,120

31,117

On-balance-sheet reserves

Fixed-interest securities

4,953

10,738

9,809

Non-fixed-interest securities

1,817

3,632

1,879

Other on-balance-sheet reserves1

207

203

182

Subtotal

6,977

14,574

11,870

Off-balance-sheet reserves

30.6.

2020

in Q2

249,858

2,662

35,321

4,205

13,058

3,249

2,355

477

130

-52

15,544

3,673

Real estate2

4,769

5,600

5,626

5,631

5

Loans3

9,453

12,147

12,782

13,292

509

Associates

803

799

839

855

17

Subtotal

15,024

18,546

19,246

19,778

531

Reserve ratio

9.5%

13.4%

12.6%

14.1%

1.5%-pts.

1

Unrealised gains/losses from unconsolidated affiliated companies, valuation at equity and cash-flow hedging.

Half-year financial report as at 30 June 2020

6 August 2020 46

2

Excluding reserves from owner-occupied property. 3 Excluding insurance-related loans.

Backup: Investments

On- and off-balance-sheet reserves

€m

On-balance-sheet reserves

Off-balance-sheet reserves1

Total reserves (gross)

15,544

19,778

Provision for deferred premium refunds

-6,079

-11,790

Deferred tax

-2,183

-2,420

Minority interests

-7

-

Consolidation and currency effects

-188

-

Shareholders' stake

7,086

5,567

1 Excluding reserves for owner-occupied property and insurance-related loans.

Half-year financial report as at 30 June 2020

6 August 2020

47

Backup: Shareholder information

Changes to shares in circulation

Acquisition of

Retirement of

30.6.

Shares

31.12. own shares in

own shares in

2020

(millions)

2019

H1 2020

H1 2020

Shares in

141.5

-1.4

-

140.1

circulation

Treasury

2.9

1.4

-4.2

-

shares

Total

144.3

-

-4.2

140.1

Weighted average number of shares in circulation (millions)

148.7

143.6

140.5

140.1

2018

2019

H1 2020

Q2 2020

Half-year financial report as at 30 June 2020

6 August 2020

48

Backup: Shareholder information

Financial calendar

2 0 2 0

5 November Quarterly statement as at 30 September 2020

8 December

Investor Day

2 0 2 1

25 FEBRUARY

17 MARCH

28 APRIL

6 MAY

10 AUGUST

9 NOVEMBER

Balance sheet media conference for 2020 financial statements Analysts' and Investors' call

Annual report (Group), Annual report (Company)

Annual General Meeting 2021

Quarterly statement as at 31 March 2021

Half-year financial report as at 30 June 2021

Quarterly statement as at 30 September 2021

Half-year financial report as at 30 June 2020

6 August 2020

49

Backup: Shareholder information

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: tdzuba@munichre.com

Email: cfranziszi@munichre.com

Email: cbecker-hussong@munichre.com

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: rkleinschroth@munichre.com

Email: asilberhorn@munichre.com

Email: igrunwald@munichre.com

Maximiliane Gerstner (ERGO)

Tel.: +49 (211) 477-7483

Email: maximiliane.gerstner@ergo.de

Münchener Rückversicherungs-Gesellschaft | Investor & Rating Agency Relations | Königinstraße 107 | 80802 München, Germany

Fax: +49 (89) 3891-9888 | Email: IR@munichre.com | Internet: www.munichre.com

Half-year financial report as at 30 June 2020

6 August 2020

50

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.

Half-year financial report as at 30 June 2020

6 August 2020

51

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Munich Re Group - Münchener Rück AG published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 07:23:12 UTC