Key figures
Key figures
Munich Re at a glance
Q1-2 2020 Q1-2 2019 Change Q2 2020 Q2 2019 Change
% %
Consolidated result €m 800 1,626 -50.8 579 993 -41.7
Thereof attributable to non-controlling interests €m -1 1 - -1 1 -
Earnings per share € 5.71 11.22 -49.2 4.14 6.88 -39.8
Return on equity (RoE)1 % 7.1 14.3 10.4 17.4
Return on investment (Rol) % 2.9 3.1 2.7 3.2
1 The annualised RoE is calculated on the basis of the consolidated result, including the result attributable to non-controlling interests. We use the figures as at 31 December 2019 and 30 June 2020, adjusted for unrealised gains and losses and for currency translation, to calculate the average equity for the first six months of 2020.
30.6.2020 31.12.2019 Change
%
Share price € 231.40 263.00 -12.0
Munich Reinsurance Company's market capitalisation €bn 32.4 38.0 -14.6
Carrying amount per share € 211.74 215.32 -1.7
Investments €m 230,080 228,764 0.6
Insurance-related investments €m 10,104 9,163 10.3
Equity €m 29,766 30,576 -2.6
Off-balance-sheet unrealised gains and losses1 €m 21,143 19,913 6.2
Net technical provisions €m 219,104 217,941 0.5
Balance sheet total €m 294,358 287,553 2.4
Number of staff 39,693 39,662 0.1
1 Including those apportionable to minority interests and policyholders.
Reinsurance Q1-2 2020 Q1-2 2019 Change Q2 2020 Q2 2019 Change
% %
Gross premiums written €m 18,091 15,963 13.3 8,856 7,583 16.8
Combined ratio property-casualty % 103.0 92.1 99.9 86.9
Investment result €m 1,588 1,445 9.9 659 804 -18.0
Consolidated result €m 555 1,406 -60.5 407 858 -52.6
Thereof: Reinsurance - Life and health €m 67 335 -80.1 59 154 -61.9
Thereof: Reinsurance - Property-casualty €m 488 1,071 -54.4 348 704 -50.6
ERGO Q1-2 2020 Q1-2 2019 Change Q2 2020 Q2 2019 Change
% %
Gross premiums written €m 9,021 9,212 -2.1 3,971 4,217 -5.8
Combined ratio Property-casualty Germany % 92.9 91.9 92.5 86.2
Combined ratio International % 92.7 95.2 90.1 95.0
Investment result €m 2,029 2,231 -9.1 1,038 1,116 -6.9
Consolidated result €m 245 220 11.2 173 135 27.4
Thereof: Life and Health Germany €m 69 135 -49.1 63 72 -11.9
Thereof: Property-casualty Germany €m 71 69 3.2 50 55 -8.8
Thereof: International €m 105 16 544.3 59 8 597.2
Outlook
Outlook Munich Re (Group) 2020
As at 30.06.2020 From Q1 2020 From Annual Report 2019
Gross premiums written €bn 54 52 52
Technical result - Life and health reinsurance1 €m withdrawn 550 550
Combined ratio - Property-casualty reinsurance % withdrawn withdrawn 97
Combined ratio - ERGO Property-casualty Germany % 92 92 92
Combined ratio - ERGO Property-casualty International % 94 94 94
Return on investment2 % 3 3 3
Consolidated result €bn withdrawn withdrawn 2.8
Economic Earnings €bn withdrawn withdrawn over 2.8
1 Including the result from business with non-significant risk transfer.
2 Excluding insurance-related investments.
Investment portfolio
Investment portfolio
Unrealised
€m Carrying amounts gains/losses1 Fair values
30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019
Land and buildings, including buildings on third-party land 6,730 5,989 5,631 5,600 12,361 11,589
Investments in affiliated companies, associates and joint ventures 3,094 2,847 962 968 3,949 3,646
Loans 51,857 52,507 13,292 12,147 65,149 64,654
Other securities available for sale 151,773 151,558 15,414 14,370 151,773 151,558
Thereof: Fixed-interest 136,205 132,120 13,058 10,738 136,205 132,120
Thereof: Non-fixed-interest 15,568 19,438 2,355 3,632 15,568 19,438
Other securities at fair value through profit or loss 3,503 2,781 3,503 2,781
Thereof: Derivatives 2,934 2,099 2,934 2,099
Deposits retained on assumed reinsurance 8,089 7,938 8,089 7,938
Other investments 5,035 5,144 5,035 5,144
Total 230,080 228,764 35,298 33,085 249,858 247,310
1 Including on- and off-balance-sheet unrealised gains and losses.
Investment performance
Investment result
Q1-2 2020 RoI1 Q1-2 2019 RoI1 Q2 2020 Q2 2019
€m % €m % €m €m
Regular income 3,265 2.6 3,459 2.9 1,721 1,848
Write-ups/write-downs of non-derivative investments -1,567 -1.3 -181 -0.2 -108 -98
Gains/losses on the disposal of non-derivative investments 1,566 1.3 1,038 0.9 1,189 436
Net balance of derivatives 694 0.6 -329 -0.3 -906 -97
Other income/expenses -342 -0.3 -311 -0.3 -200 -169
Total 3,617 2.9 3,676 3.1 1,697 1,919
1 Annual % return on the mean value of the investment portfolio measured at market value as at the quarterly reporting dates.
BS
Consolidated balance sheet
Assets
30.6.2020 31.12.2019 Change
€m €m €m €m €m %
A. Intangible assets
I. Goodwill 2,936 2,941 -4 -0.1
II. Other intangible assets 1,228 1,240 -11 -0.9
4,165 4,180 -16 -0.4
B. Investments
I. Land and buildings, including buildings
on third-party land 6,730 5,989 741 12.4
II. Investments in affiliated companies,
associates and
joint ventures 3,094 2,847 247 8.7
Thereof:
Associates and joint
ventures accounted for
using the equity method 2,848 2,625 223 8.5
III. Loans 51,857 52,507 -650 -1.2
IV. Other securities
1. Available for sale 151,773 151,558 215 0.1
2. At fair value through profit or loss 3,503 2,781 722 26.0
155,276 154,338 937 0.6
V. Deposits retained on assumed reinsurance 8,089 7,938 151 1.9
VI. Other investments 5,035 5,144 -109 -2.1
230,080 228,764 1,316 0.6
C. Insurance-related investments 10,104 9,163 941 10.3
D. Ceded share of technical provisions 5,338 4,937 401 8.1
E. Receivables
I. Current tax receivables 766 699 67 9.6
II. Other receivables 25,212 21,539 3,673 17.1
25,978 22,238 3,740 16.8
F. Cash at banks, cheques and cash in hand 5,831 4,994 837 16.8
G. Deferred acquisition costs
Gross 9,535 9,664 -129 -1.3
Ceded share -436 -393 -43 -11.0
Net 9,099 9,272 -173 -1.9
H. Deferred tax assets 304 316 -12 -3.8
I. Other assets 3,196 3,289 -93 -2.8
J. Assets held for sale 264 400 -136 -34.1
Total assets 294,358 287,553 6,805 2.4
Equity and liabilities
30.6.2020 31.12.2019 Change
€m €m €m €m %
A. Equity
I. Issued capital and capital reserve 7,432 7,421 12 0.2
II. Revenue reserves 13,494 12,804 690 5.4
III. Other reserves 7,937 7,510 427 5.7
IV. Consolidated result attributable
to Munich Reinsurance Company equity holders 802 2,724 -1,923 -70.6
V. Non-controlling interests 101 117 -16 -13.7
29,766 30,576 -810 -2.6
B. Subordinated liabilities 3,709 3,839 -130 -3.4
C. Gross underwriting provisions
I. Unearned premiums 10,925 10,518 407 3.9
II. Provision for future policy benefits 113,111 112,302 809 0.7
III. Provision for outstanding claims 72,116 70,875 1,241 1.8
IV. Other underwriting provisions 20,818 21,011 -193 -0.9
216,970 214,706 2,263 1.1
D. Gross technical provisions
for unit-linked life insurance 7,472 8,172 -700 -8.6
E. Other provisions 5,482 5,291 191 3.6
F. Liabilities
I. Notes and debentures 297 297 -0 -0.0
II. Deposits retained on ceded business 1,196 1,028 168 16.3
III. Current tax liabilities 1,866 1,913 -47 -2.5
IV. Other liabilities 25,158 19,643 5,515 28.1
28,517 22,882 5,635 24.6
G. Deferred tax liabilities 2,325 1,908 417 21.9
H. Liabilities related to
assets held for sale 117 179 -63 -34.8
Total equity and liabilities 294,358 287,553 6,805 2.4
P&L (ytd)
Consolidated income statement
Q1-2 2020 Q1-2 2019 Change
€m €m €m €m €m %
Gross premiums written 27,112 25,175 1,937 7.7
1. Earned premiums
Gross 26,427 24,721 1,706 6.9
Ceded -1,266 -1,243 -23 -1.9
Net 25,161 23,478 1,683 7.2
2. Income from technical interest 1,985 3,499 -1,514 -43.3
3. Expenses for claims and benefits
Gross -21,201 -19,436 -1,764 -9.1
Ceded 820 535 286 53.5
Net -20,381 -18,902 -1,479 -7.8
4. Operating expenses
Gross -6,528 -6,459 -69 -1.1
Ceded 281 277 4 1.4
Net -6,247 -6,182 -65 -1.0
5. Technical result (1-4) 519 1,893 -1,374 -72.6
6. Investment result 3,617 3,676 -59 -1.6
Thereof:
Income from associates and joint ventures accounted
for using the equity method 29 79 -50 -64
7. Insurance-related investment result -549 680 -1,229 -
8. Other operating income 476 416 61 14.6
9. Other operating expenses -925 -976 51 5.2
10. Deduction of income from technical interest -1,985 -3,499 1,514 43.3
11. Non-technical result (6-10) 634 297 337 113.5
12. Operating result (5+11) 1,153 2,190 -1,037 -47.4
13. Other non-operating result -17 -73 55 76.4
14. Currency result 167 85 81 95.4
15. Net finance costs -110 -110 1 0.7
16. Taxes on income -393 -466 74 15.8
17. Consolidated result (12-16) 800 1,626 -826 -50.8
Thereof:
Attributable to Munich Reinsurance Company
equity holders 802 1,625 -823 -50.7
Attributable to non-controlling interests -1 1 -3 -
€ € € %
Earnings per share 5.71 11.22 -5.52 -49.2
P&L (Q)
Consolidated income statement
Q2 2020 Q2 2019 Change
€m €m €m €m €m %
Gross premiums written 12,827 11,799 1,028 8.7
1. Earned premiums
Gross 13,198 12,332 866 7.0
Ceded -683 -486 -197 -40.6
Net 12,515 11,846 669 5.6
2. Income from technical interest 1,727 1,549 179 11.5
3. Expenses for claims and benefits
Gross -11,182 -9,118 -2,063 -22.6
Ceded 433 130 302 232.2
Net -10,749 -8,988 -1,761 -19.6
4. Operating expenses
Gross -3,242 -3,303 60 1.8
Ceded 149 141 7 5.2
Net -3,094 -3,161 68 2.1
5. Technical result (1-4) 400 1,245 -846 -67.9
6. Investment result 1,697 1,919 -222 -11.6
Thereof:
Income from associates and
joint ventures accounted
for using the equity method 17 32 -16 -48.5
7. Insurance-related investment result 596 127 470 371.0
8. Other operating income 249 213 36 16.9
9. Other operating expenses -459 -537 77 14.4
10. Deduction of income from technical interest -1,727 -1,549 -179 -11.5
11. Non-technical result (6-10) 356 174 182 104.9
12. Operating result (5+11) 755 1,419 -663 -46.8
13. Other non-operating result -6 -54 48 88.4
14. Currency result 23 27 -4 -14.6
15. Net finance costs -55 -55 -0 -0.9
16. Taxes on income -138 -344 206 59.9
17. Consolidated result (12-16) 579 993 -414 -41.7
Thereof:
Attributable to Munich Reinsurance Company
equity holders 580 993 -413 -41.6
Attributable to non-controlling interests -1 1 -2 -
€ € € %
Earnings per share 4.14 6.88 -2.74 -39.8
BS segment
Segment balance sheet
Segment assets
Reinsurance ERGO Total
Life and Health Property-casualty
Life and health Property-casualty Germany Germany International
€m 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019
A. Intangible assets 299 319 2,288 2,316 195 199 1,208 1,170 176 175 4,165 4,180
B. Investments
I. Land and buildings, including buildings on third-party land 185 190 3,118 2,369 3,075 3,101 227 225 124 105 6,730 5,989
II. Investments in affiliated companies, associates and joint ventures 55 48 1,812 1,827 352 378 102 113 772 481 3,094 2,847
Thereof:
Associates and joint ventures accounted
for using the equity method 26 27 1,722 1,761 298 322 44 43 758 471 2,848 2,625
III. Loans 484 471 606 536 49,040 49,713 1,360 1,433 367 354 51,857 52,507
IV. Other securities
1. Available for sale 23,425 22,661 48,719 50,533 57,509 56,676 5,258 5,334 16,862 16,353 151,773 151,558
2. fair value through profit or loss 110 83 1,402 897 1,548 1,336 46 23 396 441 3,503 2,781
23,536 22,744 50,122 51,431 59,057 58,013 5,303 5,357 17,258 16,794 155,276 154,338
V. Deposits retained on assumed reinsurance 4,975 4,791 3,055 3,082 41 43 18 22 0 0 8,089 7,938
VI. Other investments 416 722 2,835 2,858 1,421 1,329 217 74 146 161 5,035 5,144
29,650 28,967 61,549 62,103 112,986 112,577 7,228 7,222 18,668 17,895 230,080 228,764
C. Insurance-related investments 2,525 1,070 518 290 4,799 5,216 0 0 2,262 2,587 10,104 9,163
D. Ceded share of technical provisions 1,868 1,529 2,742 2,732 12 14 124 52 592 610 5,338 4,937
E. Assets held for sale 1 10 17 157 0 0 0 0 246 234 264 400
F. Other segment assets 17,359 14,826 14,672 13,852 7,449 7,034 2,002 1,637 2,926 2,760 44,408 40,109
Total segment assets 51,700 46,721 81,785 81,449 125,441 125,039 10,562 10,082 24,869 24,262 294,358 287,553
Segment equity and liabilities
Reinsurance ERGO Total
Life and Health Property-casualty
Life and health Property-casualty Germany Germany International
€m 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019 30.6.2020 31.12.2019
A. Subordinated liabilities 879 956 2,818 2,871 0 0 0 0 13 13 3,709 3,839
B. Gross technical provisions
I. Unearned premiums 397 337 7,553 7,583 254 282 880 507 1,840 1,809 10,925 10,518
II. Provision for future policy benefits 12,573 12,607 26 26 90,527 89,698 401 409 9,584 9,562 113,111 112,302
III. Provision for outstanding claims 9,885 9,563 51,420 50,696 2,912 2,970 4,926 4,779 2,974 2,868 72,116 70,875
IV. Other underwriting provisions 214 340 216 274 19,521 19,574 100 99 766 724 20,818 21,011
23,069 22,848 59,215 58,579 113,214 112,525 6,307 5,793 15,164 14,962 216,970 214,706
C. Gross technical provisions
for unit-linked life insurance contracts 0 0 0 0 5,124 5,572 0 0 2,347 2,600 7,472 8,172
D. Other provisions 187 233 684 805 2,124 1,992 1,207 1,061 1,280 1,200 5,482 5,291
E. Liabilities related to
assets held for sale 0 0 0 0 0 0 0 0 117 179 117 179
F. Other segment liabilities 14,575 10,522 9,675 8,049 4,639 4,282 612 631 1,341 1,306 30,843 24,790
Total segment liabilities 38,710 34,559 72,392 70,303 125,102 124,370 8,126 7,486 20,263 20,260 264,593 256,978
Equity 29,766 30,576
Total equity and liabilities 294,358 287,553
P&L segment (ytd)
Segment income statement
Reinsurance ERGO Total
Life and Health Property-casualty
Life and health Property-casualty Germany Germany International
€m Q1-2 2020 Q1-2 2019 Q1-2 2020 Q1-2 2019 Q1-2 2020 Q1-2 2019 Q1-2 2020 Q1-2 2019 Q1-2 2020 Q1-2 2019 Q1-2 2020 Q1-2 2019
Gross premiums written 6,411 5,636 11,680 10,327 4,464 4,658 2,135 2,035 2,422 2,519 27,112 25,175
1. Net earned premiums 5,732 5,068 10,988 9,877 4,489 4,595 1,718 1,642 2,234 2,295 25,161 23,478
2. Income from technical interest 331 320 552 592 1,106 2,200 34 38 -38 348 1,985 3,499
3. Net expenses for claims and benefits -4,987 -4,199 -7,967 -5,865 -4,897 -5,951 -1,067 -998 -1,462 -1,890 -20,381 -18,902
4. Net operating expenses -1,055 -1,061 -3,355 -3,238 -674 -691 -541 -533 -622 -659 -6,247 -6,182
5. Technical result (1-4) 21 129 217 1,366 25 153 145 150 111 95 519 1,893
6. Investment result 400 587 1,188 858 1,757 2,000 93 71 179 160 3,617 3,676
7. Insurance-related investment result 10 11 -32 -3 -392 457 0 0 -134 216 -549 680
8. Other operating result 18 -11 -176 -228 -148 -157 -79 -94 -64 -69 -449 -560
9. Deduction of income from technical interest -331 -320 -552 -592 -1,106 -2,200 -34 -38 38 -348 -1,985 -3,499
10. Non-technical result (6-9) 96 266 428 35 110 99 -20 -61 19 -42 634 297
11. Operating result (5+10) 118 395 645 1,401 135 253 125 89 130 53 1,153 2,190
12. Other non-operating result -0 -11 -8 -43 -3 -7 -5 -6 -0 -6 -17 -73
13. Currency result 14 42 191 114 -26 -39 -11 -12 -1 -19 167 85
14. Net finance costs -20 -19 -63 -64 -11 -11 -3 -2 -13 -14 -110 -110
15 Taxes on income -44 -71 -277 -337 -25 -60 -35 0 -11 2 -393 -466
16. Consolidated result (11-15) 67 335 488 1,071 69 135 71 69 105 16 800 1,626
P&L segment (Q)
Segment income statement
Reinsurance ERGO Total
Life and Health Property-casualty
Life and health Property-casualty Germany Germany International
€m Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019
Gross premiums written 3,332 2,740 5,524 4,842 2,149 2,311 696 686 1,126 1,219 12,827 11,799
1. Net earned premiums 2,955 2,571 5,401 4,947 2,214 2,320 852 853 1,093 1,155 12,515 11,846
2. Income from technical interest 160 167 289 301 1,016 944 17 19 245 118 1,727 1,549
3. Net expenses for claims and benefits -2,590 -2,115 -3,725 -2,679 -2,953 -2,832 -524 -476 -957 -886 -10,749 -8,988
4. Net operating expenses -518 -579 -1,673 -1,620 -335 -357 -260 -270 -307 -336 -3,094 -3,161
5. Technical result (1-4) 7 44 291 948 -59 75 85 127 75 51 400 1,245
6. Investment result 174 344 485 460 917 1,008 42 27 79 81 1,697 1,919
7. Insurance-related investment result 23 -2 9 -16 358 92 0 0 206 52 596 127
8. Other operating result 7 -14 -82 -135 -55 -88 -40 -54 -39 -33 -210 -324
9. Deduction of income from technical interest -160 -167 -289 -301 -1,016 -944 -17 -19 -245 -118 -1,727 -1,549
10. Non-technical result (6-9) 44 161 122 9 205 68 -16 -47 0 -18 356 174
11. Operating result (5+10) 51 205 414 957 146 144 70 80 75 33 755 1,419
12. Other non-operating result -0 -10 -7 -35 -0 -3 -2 -3 3 -3 -6 -54
13. Currency result 20 22 57 75 -47 -45 -2 -7 -5 -18 23 27
14. Net finance costs -10 -10 -31 -31 -5 -5 -2 -1 -7 -7 -55 -55
15 Taxes on income -3 -54 -84 -262 -30 -18 -14 -14 -8 3 -138 -344
16. Consolidated result (11-15) 59 154 348 704 63 72 50 55 59 8 579 993

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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 07:23:11 UTC