Masterflex SE — Investor Presentation 2020

Mar 1, 2020

Munich Re Equity Story

Good progress towards 2020 ambition – Exploiting opportunities in an improving market environment

March 2020

Please note: Presentation based on 2019 preliminary figures Image: Klaus Ohlenschläger / dpa Picture Alliance

Equity story

Why invest in Munich Re

Good sustainability ratings

Strong capital position and financial stability

Solvency II ratio

Well above target capitalisation, high quality of eligible own funds

Strong reserves, debt leverage one of the lowest in the industry

Top positions in major ratings

Financial strength assessed by leading rating agencies

S&P	AA–
Fitch	AA
Moody's	Aa3
A.M. Best	A+

Tier 2:11% Tier 1² :88% Tier 3: 1% EOF¹ €41.5bn

1 As at 31.12.2018. 2 99.97% unrestricted, 0.03% hybrid capital.

3 As at 31.12.2019. Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity).

Strong performance in 2019

IFRS net income

€2.7bn (€2.3bn) Exceeds initial guidance of €2.5bn

9.2%(8.4%) Above cost of capital Return on Equity

237%(245%) Well above target capitalisation Solvency II ratio

€9.80 (€9.25) High pay-out to shareholders Dividend per share 1

March 2020

Ongoing business and earnings growth supports 2020 ambition

Property-casualty – Earnings growth fully supports the 2020 ambition

€1,562^m(€1,135m) Net result 101.0% (99.4%)

• Strong volume increase by almost €2bn earnings trajectory supported by growth from renewals and strategic initiatives
• Overall sound underlying profitability of portfolio – comfortably exceeding cost of capital
• High nat cat (esp. typhoons in Japan) and man-made claims, particularly in Q4
• Strong investment result, incl. disposal gains
• Normalised for single large events (e.g. aerospace) positive development of profitability in Risk Solutions business
• Support from low tax expenses

Combined ratio

• Major losses (15.2%) above average
• Underlying combined ratio ~98–99%, slightly elevated due to non-outlier losses, higher admin expenses and cautious loss picks

5.6% (4.6%) Reserve releases¹

• Sustained favourable reserve development – releases exceed last year's level in absolute and relative terms
• Confidence level preserved showing resilience as positive claims experience exceeds adverse development in selected hot-spot areas

Equity story

Life and Health – Result below guidance on strain from Australia, favourable experience in other markets

Technical

€456^m(€584m)

• On aggregate positive claims experience
• Strong contribution from new business and positive impact from restructuring of certain large treaties
• Negative impact from reserve review in Australia; overall global reserve position considered strong
• Strain on technical result from restructuring of asset portfolio in Canada
• Positive 2020 outlook: vital new business proposition and earnings stabilisation from 2019 inforce management and reserve review

result¹ €706^m(€729m) Net result

• Decline of technical result
• High investment result driven by restructuring of assets in Canada, overcompensating strain on technical result

New business contribution

• Again high level
• Strong traditional business development in North America and Asia
• FinMoRe with ongoing strong demand

ERGO – Ahead of Strategy-Programme targets

	Group		L&H Germany		P-C Germany		International
GWP	€17.5bn (€17.4bn)1		€9.2bn (€9.3bn) Growth in Life new book partially compensates for back-book attrition; positive development in Health		€3.5bn (€3.4bn) Strong growth – increase in commercial and retail business		€4.7bn (€4.6bn)1 Premiums increased in core markets
Net result	€440m (€412m)		€187m (€264m) Adjusted for one-off in 2019, net profit in Life increased; ongoing high Health contribution		€148m (€45m) Significant improvement of technical result		€105m (€103m) Good operating performance offsets divestment effects
	+7% 412 2018	440 2019	Return on investment % +20bp 2.9 2018	3.1 2019	Combined ratio % –3.7%-p 96.0 2018	92.3 2019	Combined ratio % –0.3%-p 94.6 2018	94.3 2019

Sound economic capitalisation continues to support our capitalmanagement strategy – First-time application of VA for four ERGO entities

1 Parallel shift until last liquid point, extrapolation to unchanged UFR. 2 Based on 200-year event. 3 SII ratio includes volatility adjustment for ERGO Leben, Victoria Leben, ERGO Belgium and DKV Belgium. VA impact in 2019 ~6%-pts.

March 2020

Equity story

3.10

Shareholders participate in our earnings growth

Sustainable dividend-per-share growth …

~80% of current market cap

Ongoing share buy-backs

… supports attractive shareholder returns²

Peer 7 Peer 6 Peer 5 Peer 4 32.9% 30.3% 27.5% –0.5%

1 Subject to the approval of the Supervisory Board and the Annual General Meeting.

2 Total shareholder return 1.1. – 31.12.2019. Peers: Allianz, Axa, Generali, Hannover Re, Scor, Swiss Re, Zurich. Source: Datastream.

Systematically integrating sustainability criteria when creating value – Key achievements in 2019

Enabling new technologies for a low-carbon economy

• Strong growth in innovative insurance solutions for new technologies, e.g. battery storage
• Invested capital in renewable energies: €1.6bn (targeting €2.8bn)
• Increase in green bonds to €1.3bn

Climate-neutral investment portfolio by 2050

▪ Munich Re joins the UN-convened Net-zero Asset Owner Alliance

Consequently improving risk assessment also for the industry, e.g.

• Munich Re's Wildfire Risk Score supports clients in evaluating wildfire risks in North America
• Driving industry standards for climate risk management via UNEP FI PSI¹ Working Group on TCFD²recommendations

Sustainability risk assessment across all asset classes at Munich Re

▪ Sustainability ratio well above 80%

Top positions in major SRI ratings

DVFA Scorecard for Corporate Governance Second among DAX companies "Outstanding"

• Sustainable new business proposition and active portfolio management 1 Effectively serving
  • our clients and strengthening the business model 2 Reinforcing
• underlying profitability and growth
• 3 Building a diversified profit base shaping and seizing opportunities in the digital transformation of the (re)insurance industry 4

1 L/H Re: Strong new business generation continues – Portfolio composition fosters steady earnings growth

Core

Strong footprint in traditional reinsurance

In-depth expertise in risk assessment and management Fundament of earnings generation Ambition² Technical result, incl. fee income

Portfolio management

Australian disability portfolio US pre-2009 mortality block

Growth

Leading digital services New (re-) insurance products Established growth areas¹ Risk-related services

Safeguards earnings progress

2017 2018 2019 2020e

Equity story

2 P-C Re: Growth initiatives gaining traction – Profitable business expansion

Gross premiums written¹ €bn

Mature markets²

France: Successful re-entry and already ahead of plan, further strengthened as at 1.1.2020, now >€300m premiums

Global Clients: Growth in longstanding relationships, focus on balanced portfolios and adequate reflection of client strength

US: Selective expansion in local or regional business, when pricing and risk relation deemed good, cautious on casualty

Japan: Expansion of nat cat business reacting to increasing rates in wake of recent typhoons

Emerging markets²

India: Executing growth strategy and broadening offer successful, leading to diversified portfolio now >€300m premiums

Latin America: Growing in line with our ambition and market position with existing partners and new business

Risk Solutions business² +4% +21% +14%

F&C: Direct Property and Energy business seizing market opportunities to write more business at hardening terms and better rates

AMIG: Transformation efforts bearing fruit and permitting growth of 17%, well above market average

Expansion of nat cat business

Equity story

3 Risk Solutions – 2019 with another step back to target profitability

Gross premiums written Combined ratio

€5.0bn (€4.3bn)

Capturing profitable growth opportunities

Normalised for large losses (aerospace) C/R in line with mid-nineties ambition (elevated prior to 2019 due to attritional losses)

American Modern

• Transformation investments bearing fruit with growth of 17%¹ , showing attractiveness of new product suite
• One-off IT costs and business run-off partly impact the result
• Combined ratio of 88% confirms earnings potential of the unit

Facultative & Corporate

• Good and profitable market position confirmed by a 93% C/R in 2019 – following a period affected by severe outlier events
• Premiums with strong growth above expectation, particularly in property, leading to an increase of 35%¹

Aerospace

100.7% (103.4%)

• Unusual accumulation of large-loss events for Space and Aviation business leading to a C/R of 166%. Market materially reshaped after these events allowing for positive outlook
• Growing premium due to better market conditions and an improving competitive landscape by 20% in 2019 already. Further improvement expected for 2020

4 We focus on tangible business impact – Innovative and more disruptive offerings are gaining traction

Munich Re strategic advantages … Domain expertise in underwriting, claims, risk management

Efficient access to new solutions Global presence Financial strength

Strong brand and reputation

No IT legacy

… foster creation of new strategic options

Reshuffling the value chain

• Digital cooperation models (e.g. Digital Partners)
• IoT¹ applications and services (e.g. MHP/ Porsche cooperation)
• Munich Re New Ventures Parachute platform

Expanding the boundaries of insurability

• Cyber (re)insurance: GWP 2019 US\$ 604m, good profitability, accumulation control
• Cyber embedded service solutions and growing cooperation network (e.g. DXC Technology)
• Insurance of AI technology

Data-driven solutions

• Newly developed risk scores (e.g. climate risk)
• Digitally augmented underwriting/claims solutions for our cedants (e.g. Munich Engine, Realytix, Improvex)

Investments in technology and people

Strategic investments in partnerships

Equity story

ERGO Strategy Programme (ESP) – On track to deliver targets 2020

	Actual 2018	Guidance 2019	Actual 2019	ESP guidance 20202
Total premiums	€18.7bn	~€18.5bn1	€18.9bn	~€18.5bn
Net profit	€412m	~€400m1	€440m	~€530m
Investments (net, accumulated)	€597m	€908m2	€770m	€1,008m
Total cost savings (net, accumulated)	€174m	€227m2	€234m	€279m
Combined ratio P-C Germany	96.0%	~93%1	92.3%	92%

1 From Annual Report 2018. 2 ESP guidance (total premiums adjusted for Munich Health integration and portfolio streamlining). March 2020

2016 2017 2018 2019

Outlook 2020

Gross premiums written ~€52bn Group

Net result ~€2.8bn Return on investment ~3%

ERGO

Gross premiums written ~>€17.5bn

Net result ~€530m P-C Germany ~92% Combined ratio

International ~94%

Reinsurance

Gross premiums written

~€34bn

Net result ~€2.3bn Combined ratio Property-casualty ~97%

Based on new calculation method of cost allocation

Technical result, incl. fee income Life and Health

~€550m

Group

Munich Re at a glance – Key financials

		2019	2018	2017	2016	2015
Gross written premiums	€bn	51.5	49.1	49.1	48.9	50.4
Operating result	€m	4,004	3,725	1,241	4,025	4,819
Taxes on income	€m	–483	–576	298	–760	–476
Consolidated result	€m	2,707	2,275	392	2,581	3,122
Investments	€bn	228.8	216.9	217.6	219.4	215.1
Return on equity	%	9.2	8.4	1.3	8.1	10.0
Equity	€bn	30.6	26.5	28.2	31.8	31.0
Off-balance-sheet reserves1	€bn	19.9	16.1	15.0	17.3	16.0
Net technical provisions	€bn	217.9	208.3	205.8	202.2	198.5
Staff at 31 December		Published 18 March	41,410	42,410	43,428	43,554
Book value per share	€	211.1	180.9	185.2	200.9	188.4
Earnings per share	€	19.0	15.5	2.4	16.0	18.7
Dividend per share	€	9.80	9.25	8.60	8.60	8.25
Amount distributed	€m	1,386	1,342	1,290	1,338	1,329
Share price at 31 December	€	263.0	190.6	180.8	179.7	184.6
Market capitalisation at 31 December	€bn	38.0	28.5	28.0	28.9	30.8
No. of shares at year-end	m	144.3	149.5	155.0	161.1	166.8

1 Including amounts attributable to minority interests and policyholders.

IFRS result FY 2019 – Operating performance supported by strong balance sheet

Prudent reserving protecting balance sheet against negative surprises while continuously contributing to earnings strength

Managing industry hot spots Munich Re impact

Asbestos Complex litigation, changes in legal and regulatory environment

US workers' comp.

High losses for reinsurers in business underwritten during late 90s; significant late-loss emergence

De-risking with large claims settlements in the past and very strong survival ratio

Prudent reserving situation allowed for reserve releases again in 2019

US liability

High litigation risk and increasing social-inflation trends

Worsening loss trends in selected portfolios, continuous and pro-active strengthening of reserves to ensure prudence level

Ongoing reserve releases¹

Positive claims experience by far exceeding adverse development in selected hot-spot areas

Backup: Group

US casualty – Closely monitoring adverse trends, reserving risks manageable

US casualty provisions for outstanding claims

UY 2002 and prior
19 (62% IBNR)
	TOTAL
	€13.7bn
UY 2003-2014
33 (79% IBNR)

%

UY 2015+ 48 (88% IBNR)

%

Immediate response to early signs of adverse development

Continuous and strong reaction to adverse US casualty loss trends over the last years to maintain prudence level for our reserve position

2017		2018	2019
	Decisive action on our US primary book by changing strategy, but also by strength ening reserves in motor and general	Action on individual portfolios in our reinsurance liability book where we saw elevated loss reporting from	Further reserve strengthening in reinsurance motor liability, general liability and financial lines to respond to
	liability lines	our cedants	ongoing loss trends

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

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

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)
€m	≤2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	Total
31.12.2009	53,838												▪	Ultimate reductions in particular for basic losses
31.12.2010	53,118	13,517											▪	Negative run-off in AY 2018
31.12.2011	52,226	13,707	17,594											largely driven by adverse
31.12.2012	51,079	13,585	17,745	14,520										outlier development (e.g.
31.12.2013	50,588	13,669	17,459	14,301	14,409									Typhoon Jebi), and to a much smaller extent also
31.12.2014	49,641	13,698	17,043	14,096	14,630	14,324								impacted by prudent
31.12.2015	48,728	13,496	16,918	13,883	14,586	14,351	13,587							reserving for US casualty
31.12.2016	48,380	13,270	16,446	13,848	14,291	14,328	13,640	14,486						loss trend
31.12.2017	48,210	13,140	16,418	13,748	14,190	14,117	13,429	14,324	17,667				▪	Reserve position remains strong
31.12.2018	47,495	12,971	16,124	13,488	13,917	13,851	13,219	14,366	17,693	17,907
31.12.2019	46,377	12,915	15,855	13,254	13,765	13,668	13,068	14,196	17,563	18,773	18,928
CY 2018 run off change	1,118	56	269	234	151	183	151	170	130	-866	–	1,597		Reinsurance2 ERGO	€1,531m €66m
CY 2018 run off change (%)	2.4	0.4	1.7	1.7	1.1	1.3	1.1	1.2	0.7	-4.8	–	0.9

1 Basic and major losses; accident-year split partly based on approximations. Adjusted to exchange rates as at 31.12.2019. 2 Basic losses: €1,494m, major losses: €37m.

IFRS capital position

Equity €m Equity 31.12.2018 26,500 Change in Q4 Consolidated result 2,707 217 Changes Dividend –1,335 0 Unrealised gains/losses 3,661 –1,078 Exchange rates 422 –313 Share buy-backs –957 –236 Other –423 407 Equity 31.12.2019 30,576 –1,003

Unrealised gains/losses Exchange rates

Fixed-interest securities 2019: +€2,672m Q4: –€1,195m

Non-fixed-interest securities

2019: +€992m Q4: +€119m

FX effect mainly driven by US\$

Outstanding bonds

EUR

Senior and subordinated bonds¹

Nominal volume	Coupon rate p. a.	Emission/Issue	Maturity	First possible redemption date
€1,250m	Until 2029 3.25%, thereafter variable	2018	2049	26 May 2029
€900m	Until 2022 6.25%, thereafter variable	2012	2042	26 May 2022
£450m	Until 2022 6.625%, thereafter variable	2012	2042	26 May 2022
€1,000m	Until 2021 6.00%, thereafter variable	2011	2041	26 May 2021
US\$342m	7.45%	1996	2026

Maturity pattern €bn Currency pattern

USD 9%

GBP 13%

Backup: Group

German GAAP (HGB) – Capital repatriation well funded despite decline of distributable earnings

HGB result below capital repatriation

Breakdown of SCR – Increase driven by substantial business growth and lower interest rates

1 Capital requirements for associated insurance undertakings and other financial sectors, e.g. institutions for occupational retirement provisions.

Property-casualty risk – Increase mainly driven by business growth in P-C Reinsurance

Top scenario exposures (net of retrocession) – AggVaR¹

• Exploiting opportunities in an improving market environment – exposure growth in all major scenarios in accordance with higher risk-bearing capacity (strongly increased EOF)
• Additional exposure expansion due to depreciation of euro
• Well-diversified cat portfolio across perils and regions

Life and Health risk

Overall increase driven by

Reinsurance

Lower interest rates and increase in exposure, esp. US mortality business

ERGO Lower Euro interest rates

Backup: Group

We have implemented an ESG framework for insurance and investment activities

ESG aspects

Environment

• Pollution
• Natural resources and biodiversity
• GHG emissions

Social

• Political context and public awareness
• Labour and working conditions
• Human rights
• Health, safety and security for the community
• Displacement of people
• Cultural heritage

Governance

• Responsible and correct planning and evaluation
• Compliance
• Consultation and transparency

Sensitive issues Munich Re position and measures

ESG tool for underwriting

Assessment of different industries, best practice in credit/surety

Sustainable investment process

ESG research and ratings included in investment process

ESG country rating

ESG information included in Munich Re Country Risk Assessment

Continuous evaluation and refinement of framework and processes, taking regulatory developments and industry-wide standards into consideration

Munich Re – Equity Story March 2020 34

Governance – Remuneration system for the Board of Management meets shareholder requirements

1 For 100% achievement of objectives/performance evaluation. Evaluation of overall performance: Adjustment of achievement figures by the Supervisory Board of up to 20 percentage points (loading/reduction). 2 Peer group: Allianz, Axa, Generali, Hannover Re, SCOR, Swiss Re, Zurich. March 2020

Reinsurance

Image: John Lund Getty Images

Moderate reinsurance premium growth expected

P-C insurance: real growth rates P ¹ -C reinsurance: Ceded premiums 2018

Munich Re – Leading global reinsurer

Rank	Company	Country	Net reinsurance premiums written 2018 (US\$ bn)
1	Swiss Re	Switzerland	34.0
2	Munich Re	Germany	33.7
3	Hannover Re	Germany	20.0
4	Berkshire Hathaway Re	USA	16.5
5	SCOR	France	15.8
6	China Re	China	10.7
7	Reinsurance Group of America	USA	10.5
8	Lloyd's	UK	10.0
9	Everest Re	Bermuda	7.4
10	Partner Re	Bermuda	5.8
	Total top 40		225.1

Reinsurance – Overview

		2019	2018	2017	2016	2015
Gross written premiums	€bn	33.8	31.3	31.6	31.5	28.2
Investments	€bn	92.4	85.6	85.8	91.9	89.2
Net technical provisions	€bn	77.2	72.4	68.1	67.1	65.4
Major losses (net)	€m	3,124	2,152	4,314	1,542	1,046
Thereof natural catastrophes	€m	2,053	1,256	3,678	929	149

Increased top line – Well-balanced diversified portfolio

• Stable portfolio composition
• Well-balanced traditional portfolio
• Slight move towards specialty

▪ Strong proportion of US business, spread across all lines of business

Portfolio management and high share of proportional business support earnings resilience

%

• Share increases
• Nat cat XL
• Accordingly, ongoing slight shift towards non-proportional business
  • Agro business
• Share decreases
• Proportional property
• Casualty

US casualty – Sustaining a robust portfolio

Global traditional casualty book¹

US traditional casualty book¹ approx. 40% of global traditional casualty book % %

• Additional casualty premium via Risk Solutions business of ~€900m (thereof ~€750m US) …
• … providing balance for the overall US casualty book with very high share of smaller commercial and personal lines business
• Munich Re with early response in portfolio management and pricing
• Loss drivers (social inflation) identified and being addressed, risk appetite clearly defined and coverage-specific restrictions for critical exposures stated in underwriting best practices
• Personal lines business minimally exposed to social inflation
• Proportional business >90%

US casualty market highly differentiated – Still allows us to seize opportunities while active risk management remains key

Market observations

• Social inflation reflects the changing values of society and particularly materialises as a frequency of severity
• Mainly exposed are bodily-injury related classes of business, e.g. commercial auto, general and product liability and healthcare/medical malpractice
• Limit reductions on original policies
• Accelerating rate increases on original policies, primarily in the non-admitted market, e.g. E&S and D&O
• Further firming in primary admitted market to be expected after adjusted rate filings
• Accelerated rate increases expected throughout 2020 renewals, especially for high excess Bermuda and financial lines renewals

Munich Re approach

• Long-term track record in managing and early responding to risk of change, e.g. social inflation
• Active portfolio management
  • Selective opportunities in some proportional business lines benefitting from increasing original rates, credible alignment of interest and high transparency
  • Expansion of personal lines business from 7% to 18%¹
  • Reduction of portfolio parts with imbalanced premium/risk reward, e.g. US commercial liability XL business from 10% to 6%¹
• Proactive adjustment of pricing parameters to reflect dynamic market/ claims environment and avoid anti-selection
• Reduction of ceding commissions
• Risk management strict limit management, accumulation control and feedback loops between underwriting, claims and reserving

Ongoing qualitative improvement of our proportional US commercial liability portfolio

Strong long-term growth in cyber (re)insurance expected – Munich Re with leading-edge expertise and market presence

GWP global cyber insurance market¹ US\$ bn

GWP Munich Re cyber portfolio US\$ m 191 263 354 473 604 2015 2016 2017 2018 2019 Reinsurance Primary insurance

Cyber insurance market with strong expected growth

• North America will remain the biggest region. Europe and Asia to expand their share in the world market significantly
• Regulatory changes in more than 100 countries and further increased awareness drives demand for cyber solutions
• Growth of digital business models. IoT developments will further increase the demand for cyber policies

Serving all client segments via RI and PI carriers

• Dedicated cyber teams ensure client proximity through a global set up supported by a central cyber unit
• Steady growth in the US, accelerated growth in Europe and Asia
• HSB as a well established player in the US conforming strong growth and detecting new distribution channels
• Sustainable growth of corporate single risks through centralised and strengthened expertise (MR F&C)

Renewal results – Price changes since 2011

January renewals – Select growth in firming market environment

January renewals 2020

%	100	–10.3	89.7	+5.3		+9.3	104.4
€m	10,205	–1,046	9,159	+545		+950	10,655
			Change in premium		+4.4%
			Thereof price movement1		~ 1.2%
			Thereof change in exposure	for our share	+3.2%
	Total renewable from 1 January	Cancelled	Renewed	Increase on renewable		New business	Estimated outcome

Cautiously optimistic outlook for upcoming renewals

Total P-C book¹ Treaty business April July Rest of Asia/ Pacific/Africa Europe Worldwide NA² LA³ Australia/ New Zealand January² 46 Worldwide LA³ Europe TOTAL €3.5bn NA² Claims experience in the individual market segments will play a major role Focus: USA, LA, Australia Nat cat share: 20% Focus: USA, Europe Nat cat share: 10% Positive price change of ~1.2% TOTAL €10.2bn Rest of Asia/ Pacific/Africa Europe NA² LA³ Worldwide Japan Focus: Japan Nat cat share: 26% TOTAL €1.8bn TOTAL €22bn Remaining 30 April 8 July 16 Nat cat share: 14% ~50% of total P-C book renewed in January Asia/Pacific/ Africa January

Backup: Reinsurance Property-casualty – Risk trading

Retrocession – Stable programme structure despite a tightened market

Retrocession – Maximum in-force protection per nat cat scenario¹

• Protection against peak risks via multiple instruments mainly traditional retrocession (CXL) and sidecars
• Well-balanced buying strategy reflecting
  • strong Munich Re capital base and risk-bearing capacity,
  • expected IFRS result stabilisation,
  • market terms

€m Munich Re key channels

Traditional retrocession

• Munich Re has one of the largest retrocession programmes globally
• Capacity constraints in the broader market, some locked-in capital
• Reliable Munich Re approach placements well received

Sidecar program²

• One of the largest sidecar programmes in the market (US\$ 685m); QS cessions of certain lines of business
• Placed with a broad range of investors and targeting long-term partnerships with large institutional accounts
• Two products: (1) placed with broad investor group, (2) bilateral (single counterparty)

Munich Re's maximum in-force nat cat protection

Nat cat protection before reinstatement premiums, as at January 2020

€m

Outstanding insurance-linked securities (ILS) – Munich Re's Capital Partners unit is a recognised player in the ILS market

Transaction	Closing	Maturity	Volume	Perils covered
World Bank cat bond for the Republic of the Philippines	11/2019	12/2022	US\$ 75m	Class A – Earthquake	▪ Generation of fee income
	11/2019	12/2022	US\$ 150m	Class B – Tropical Cyclone	▪ Active investor in
Pandemic Emergency	7/2017	7/2020	US\$ 225m	Class A – Pandemic influenza, Coronavirus	the primary and
Financing Facility	7/2017	7/2020	US\$ 95m	Class B – Filovirus, Coronavirus, Lassa Fever, Rift	secondary market
				Valley Fever, and Crimean Congo Hemorrhagic Fever	▪ Improvement of
Atmos Re DAC	2/2019	2/2022	€45m	Atmospheric perils, flood, snow pressure	own risk/return
Lion Re II DAC	6/2017	7/2021	€200m	Europe Windstorm, Italy Earthquake, Europe Flood	profile and cost efficiency
Vitality Re X Ltd.	1/2019	1/2023	US\$ 200m	US health risks
Vitality Re IX Ltd.	1/2018	1/2022	US\$ 200m	US health risks	▪ Utilisation of unexhausted risk
Vitality Re VIII Ltd.	1/2017	1/2021	US\$ 200m	US health risks	budgets
					▪ Offering one-stop
Eden Re II Ltd. (Series 2019-1)	12/2018	3/2023	US\$ 300m	Various perils	shopping to clients
Eden Re II Ltd. (Series 2018-1)	12/2017	3/2022	US\$ 300m	Various perils	as sponsors
Queen Street XII Re DAC	5/2016	4/2020	US\$ 190m	Hurricane US & Windstorm Europe

For clients

For Munich Re's book¹

Strong footprint in all major markets

Canada (€1.7bn / 14%)

• Attractive margins despite competitive environment
• Maintain leadership position in traditional business
• Develop footprint in Group business

USA (€2.9bn / 25%)

• Solid position among market leaders
• Further develop FinMoRe business and predictive analytics to foster growth
• Attractive risk-return profile of new business
• Successful inforce management execution

Continental Europe (€1.0bn / 9%)

• Sound but stagnating traditional business overall
• Demand for tailor-made FinMoRe solutions

UK / Ireland (€1.8bn / 15%)

• Successful FinMoRe and longevity proposition
• Margins in protection business remain unattractive
• Organisational set-up ready for Brexit

Asia / MENA (€3.0bn / 26%)

• Pleasing development of new business, including vital pipeline of FinMoRe solutions
• Substantial share of health reinsurance
• Product trends to be monitored closely, particularly in critical illness

Australia (€0.8bn / 7%)

• State of disability market remains an area of concern
• Strengthening of assumptions reflecting recent experience – in Q4 technical result impact of ~–€200m
• Rehabilitation of in-force top priority
• Highly selective new business proposition

Overweight in North America and traditional mortality risk

Financially Motivated Reinsurance – Strong demand prevails

Portfolio development

• New business dominated by US and Asia

• 2018's drop in top line due to scheduled termination and restructuring of two particularly premium-intensive transactions

• Demand expected to remain high

• Transaction types tailored to client needs
• Number and size of transactions will vary on an annual basis

Asia – Success through tailor-made market and client strategies

Portfolio development

• Strong organisational set-up throughout the region
• Sustained growth path
• Growing fee income

• New business contribution volatile on amount of FinMoRe written in a particular year

• Growth path in the region prevails

• High demand for solvency relief and financing solutions
• Competition expected to increase
• Closely watch product trends, particularly in critical illness

Longevity – Hold on to prudent underwriting approach

Gross premiums written Liability p.a. Strategic proposition €m €m 381 484 417 614 685 4 4 3 6 6 2015 2016 2017 2018 2019 % of total

• Portfolio comprises longevity transactions in the UK
• Market entry in 2011 after in-depth research
• Prudent approach in pricing and valuation

Portfolio development

• Book carefully developed in line with risk appetite
• Claims emerge better than expected in pricing
• Positive contribution to IFRS and SII earnings

• 2019: one large transaction executed late in the year

• No change to prudent underwriting approach

• Carefully consider expansion beyond UK and extension of product offering

Financial Markets¹ – Comprehensive market risk solutions for the financial services industry

IFRS earnings contribution² €m Strategic proposition

Portfolio development

• Initial focus on Europe and Asia (mainly Japan)
• Expansion across Europe, Asia, and North America
• Market exploration in Latin America and Australia

• Portfolio has gained stand-alone significance

• Offer comprehensive solutions to manage market risks and returns globally

• Innovate new business, optimise inforce business, and boost asset returns of insurers, pension providers and other institutional and private investors
• Capitalise on growth and consolidation opportunities in the global savings, retirement and investment industry
• Leverage capital market, structuring, accounting, legal, and regulatory expertise on the basis of technical and quantitative capabilities

• Transfer and transform financial risks to markets via state-of-the-art platform

• Intensify coverage of existing markets and expand into further markets

• Support growth by further scaling up the organisation
• Broaden product, service and regulatory scope
• Grow contribution to IFRS earnings and new business contribution

ERGO – Overview

		2019	2018	2017	2016	2015
Gross written premiums	€bn	17.7	17.8	17.5	17.4	16.5
Investments	€bn	145.5	139.7	141.1	139.4	131.0
Net technical provisions	€bn	140.8	135.9	137.6	135.2	130.3
Combined ratio p-c Germany	%	92.3	96.0	97.5	97.0	97.9
Combined ratio p-c International	%	94.3	94.6	95.3	98.0	104.7

9

Premium split by region – 2019 % Distribution channels Germany – New business 2019 %

Tied agents 59

Figures from 2016 including international primary insurance business of Munich Health.

Life and Health Germany – Addressing low-interest-rate environment in Life

New book

• ERGO Vorsorge as unified risk carrier for new product offering through merger¹
• Profitable new business concentrating on biometric offers and products with significantly reduced market risk
• Double-digit APE growth, mainly driven by capital-market related² products
• Already substantial share of Life Germany premiums (~20%)

29 104

44%

71% 56% 59%

EDL 2018

83% 17%

2018 2019

+29%

134

41%

Back book

• Progress in portfolio migration onto new IT platform
• Foundation for TPA business model set through additional sales joint venture with IBM
• Resilient investment yields exceeding guarantee obligations (incl. ZZR), total yield even higher
• Measures to mitigate interest-rate risks continued, e.g. hedging and interest-rate reinsurance

New business (APE)

Capital-market related

Biometric

€m

New book 2018

75

29%

Life and Health Germany – Maintaining leading positions in Health

Business development on track

• Strong and sustainable earnings contribution
• Focus on profitable and low-risk supplementary insurance without ageing reserves
• Launch of integrated mobile application "Meine DKV"

Extension of market leading position in supplementary insurance

• Market leader with >20% market share² ; strong new business development
• Expansion in long-term care and dental insurance
• Further integration of on- and offline sales channels with positive impact on new business

Health Germany €5.6bn¹ (60%)

Property-casualty Germany – Ongoing profitable premium growth

Motor Business development on track

• Strong premium growth in 2019 increases in commercial and retail
• Simplified product approach and process optimisation with first successes:
  • Successful renewal of new motor insurance – simplified product approach continued with legal protection and business content insurance
  • Digitalisation of claims processes with focus on speed and improved efficiency in motor completed; customer satisfaction increased

Gross premiums written €bn

2020 level already almost achieved in 2019

• Sustainable improvement in 2019 driven by
  • Reduction of claims ratio: favourable claims development in basic losses driven by improved underwriting (esp. commercial lines) and claims management (esp. motor) as well as lower nat-cat and man-made losses
  • Improvement of cost ratio: stable cost development despite strong growth and supported by reduced fixed cost level
• Lowest combined ratio since 2011

International – Sustainable increase of profitability

• Premium increase¹ in both core and growth markets
• Strong earnings level continued despite of disposal effects
• Continuous improvement of combined ratio supported by already achieved sustainable cost savings of €35m (net, accumulated)

Successful expansion in selected growth markets

• India (P-C, Health): HDFC ERGO with substantial premium growth (+8%³ ); announced merger with Apollo Munich Health will create second-largest private accident/health insurer
• China (Life): Significant premium increase (+48%³ ); regional presence expanded to Hebei in 2019, third province after Shandong and Jiangsu

Gross premiums written in growth markets⁴

Financial highlights

Reinsurance Property-casualty

Gross premiums written	€m	Major result drivers							€m
2018	20,437		Q4 2019		Q4 2018		2019	2018	
Foreign exchange	638	Technical result		–344	56	–401	1,000	1,250	–249
		Non-technical result		315	–122	436	763	284	479
Divestments/investments	–183	thereof investment result		623	249	374	2,152	1,555	597
Organic change	1,200	Other		57	124	–67	–202	–399	197
2019	22,091	Net result		27	59	–32	1,562	1,135	427
Reinsurance Property-casualty	(€m)		Q4 2019		Return1	2019	Return1	2018	Return1
Regular income			442		2.7%	1,862	2.9%	1,736	2.9%
Write-ups/write-downs			28		0.2%	–87	–0.1%	–463	–0.8%
Disposal gains/losses			363		2.2%	807	1.3%	540	0.9%
Derivatives2			–104		–0.6%	–94	–0.1%	–12	0.0%
Other income/expenses			–106		–0.6%	–336	–0.5%	–246	–0.4%
Investment result			623		3.8%	2,152	3.4%	1,555	2.6%
Average market value					65,725		63,786		60,684

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

2018

2018

2018

2018

Reinsurance Property-casualty – Combined ratio

2019

2019

	Major losses	Nat cat	Man-made	Reserve releases1
2019	15.2	10.0	5.2	–5.6
Q4 2019	27.4	21.1	6.3	–7.1
Ø Annual expectation	~12.0	~8.0	~4.0	~–4.0

2019

2019

Reinsurance Life and Health

Gross premiums written	€m	Major result drivers						€m
2018	10,849		Q4 2019	Q4 2018		2019	2018	
Foreign exchange	309	Technical result		30	141 –111	329	503	–175
		Non-technical result		128	40 87	520	427	94
Divestments/investments	0	thereof investment result		225	261 –36	1,080	988	92
Organic change	558	Other		–69	–56 –13	–144	–201	58
2019	11,716	Net result		89	126 –37	706	729	–23
Reinsurance Life and Health (€m)			Q4 2019	Return1	2019	Return1	2018	Return1
Regular income			191	2.6%	791	2.8%	806	3.1%
Write-ups/write-downs			14	0.2%	14	0.0%	–108	–0.4%
Disposal gains/losses			48	0.7%	322	1.1%	358	1.4%
Derivatives2			–13	–0.2%	–9	0.0%	–2	0.0%
Other income/expenses			–15	–0.2%	–38	–0.1%	–65	–0.3%
Investment result			225	3.1%	1,080	3.8%	988	3.8%
Average market value				29,170		28,205		25,812

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. March 2020

ERGO Life and Health Germany

Gross premiums written	€m	Major result drivers							€m
2018	9,345		Q4 2019		Q4 2018		2019	2018	
Foreign exchange	1	Technical result		36	94	–58	271	552	–281
		Non-technical result		239	118	120	410	238	172
Divestments/investments	–5	thereof investment result		932	1,008	–76	3,916	3,502	415
Organic change	–102	Other		–231	–147	–84	–494	–527	33
2019	9,238	Net result		44	66	–22	187	264	–77
Life and Health Germany (€m)			Q4 2019		Return1	2019	Return1	2018	Return1
Regular income			849		2.6%	3,571	2.8%	3,489	2.9%
Write-ups/write-downs			–69		–0.2%	–249	–0.2%	–387	–0.3%
Disposal gains/losses			611		1.9%	1,439	1.1%	650	0.5%
Derivatives2			–362		–1.1%	–499	–0.4%	83	0.1%
Other income/expenses			–97		–0.3%	–345	–0.3%	–333	–0.3%
Investment result			932		2.9%	3,916	3.1%	3,502	2.9%
Average market value					129,142		125,982		120,251

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. March 2020

ERGO Life and Health Germany – Key figures

Key figures1 %	2017	2018	2019
Reinvestment yield	1.5	1.6	1.8
Average yield	3.0	2.9	2.8
guarantee2 Average	2.1	2.0	1.9

Key financials1 €bn	2017	2018	2019
Free RfB	1.4	1.3	1.6
Terminal bonus fund	0.9	0.9	0.8
Unrealised gains	10.4	9.4	13.3
Accumulated ZZR	5.0	5.4	6.2

€bn Life Germany Health Germany GWP – Market view³

Comprehensive insurance – ERGO number 2 in German market

Supplementary insurance – ERGO clear market leader

1 German GAAP figures. 2 Actuarial interest rate incl. effect from ZZR. 3 Market data as at 2018. March 2020

ERGO Property-casualty Germany

Gross premiums written	€m	Major result drivers						€m
2018	3,377		Q4 2019	Q4 2018		2019	2018	
Foreign exchange	1	Technical result		72	37 36	303	166	138
		Non-technical result		48	18 30	105	62	42
Divestments/investments	0	thereof investment result		52	35 17	157	133	24
Organic change	122	Other		–77	–49 –27	–260	–183	–77
2019	3,500	Net result		43	5 38	148	45	103
Property-casualty Germany	(€m)		Q4 2019	Return1	2019	Return1	2018	Return1
Regular income			40	2.1%	159	2.1%	148	2.1%
Write-ups/write-downs			–5	–0.2%	–27	–0.4%	–40	–0.6%
Disposal gains/losses			27	1.4%	100	1.3%	30	0.4%
Derivatives2			–6	–0.3%	–51	–0.7%	13	0.2%
Other income/expenses			–4	–0.2%	–23	–0.3%	–19	–0.3%
Investment result			52	2.8%	157	2.1%	133	1.9%
Average market value				7,617		7,504		7,085

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. March 2020

ERGO Property-casualty Germany

ERGO International

Gross premiums written	€m	Major result drivers							€m
2018	5,057		Q4 2019		Q4 2018		2019	2018	
Foreign exchange	–28	Technical result		–20	7	–26	171	228	–57
		Non-technical result		77	15	62	131	14	116
Divestments/investments	–142	thereof investment result		132	107	25	430	348	82
Organic change	25	Other		–44	–40	–4	–197	–139	–58
2019	4,912	Net result		13	–18	31	105	103	2
International (€m)			Q4 2019		Return1	2019	Return1	2018	Return1
Regular income			96		2.0%	368	2.0%	406	2.3%
Write-ups/write-downs			8		0.2%	40	0.2%	–55	–0.3%
Disposal gains/losses			59		1.3%	112	0.6%	3	0.0%
Derivatives2			–24		–0.5%	–65	–0.4%	22	0.1%
Other income/expenses			–6		–0.1%	–25	–0.1%	–27	–0.2%
Investment result			132		2.8%	430	2.4%	348	2.0%
Average market value					18,763		18,186		17,361

1 Return on quarterly weighted investments (market values) in % p.a. 2 Result from derivatives without regular income and other income/expenses. March 2020

ERGO International

Investments

Investment result

Total return		–4.9%		7.7%		1.4%
Investment result	1,965	3.1%	7,737	3.2%	6,526	2.8%
Other income/expenses	–228	–0.4%	–767	–0.3%	–691	–0.3%
Derivatives2	–509	–0.8%	–717	–0.3%	103	0.0%
Disposal gains/losses	1,108	1.8%	2,779	1.1%	1,582	0.7%
Write-ups/write-downs	–24	0.0%	–309	–0.1%	–1,054	–0.5%
Regular income	1,618	2.6%	6,751	2.8%	6,586	2.8%
€m	Q4 2019	Return1	2019	Return1	2018	Return1

3-month reinvestment yield		Q4 2019	Write-ups/ write downs	Disposal gains/ losses	De rivatives	2019	Write-ups/ write downs	Disposal gains/ losses	De rivatives
Q4 2019	1.9%	Fixed income	–3	597	–269	Fixed income	–51	1,530	184
Q3 2019	2.1%	Equities	–83	500	–268	Equities	–311	1,037	–927
		Commodities/Inflation	7	0	46	Commodities/Inflation	70	0	13
Q2 2019	2.2%	Other	55	11	–18	Other	–18	211	12

1 Annualised return on quarterly weighted investments (market values) in %. Impact from dividends in regular income: 0.2%-points in Q4 and 0.3%-points in Q1-4. 2 Result from derivatives without regular income and other income/expenses.

Return on investment by asset class and segment 2019

%1	Regular income	Write-ups/ -downs	Disposal result	Extraord. derivative result	Other inc./exp.	RoI	ᴓ Market value (€m)
Afs fixed-income	2.3	–0.0	1.0	0.0	0.0	3.2	130,076
Afs non-fixed-income	4.1	–1.7	5.7	0.0	0.0	8.1	18,112
Derivatives	6.7	0.0	0.0	–32.9	–1.1	–27.3	2,181
Loans	2.8	–0.0	0.3	0.0	0.0	3.1	65,979
Real estate	4.7	–1.1	1.4	0.0	0.0	5.0	10,899
Other2	3.3	1.0	0.3	0.0	–4.5	0.1	16,416
Total	2.8	–0.1	1.1	–0.3	–0.3	3.2	243,663
Reinsurance	2.9	–0.1	1.2	–0.1	–0.4	3.5	91,991
ERGO	2.7	–0.2	1.1	–0.4	–0.3	3.0	151,672

Return on investment Average

3.1%

Investment portfolio 2019

Munich Re – Equity Story

34 (30)

76

–1

Liabilities Net

173 (150)

139 (120)

12

–13

Investment portfolio

1 Approximation – not fully comparable with IFRS figures. Fair values as at 31.12.2019 (31.12.2018). 2 Net of hedges: 6.4 (5.2%). 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. 5 Non-fixed property funds and non-fixed bond funds

Fixed-income portfolio Allocation and regional structure – 2019

Fixed-income portfolio

% Regional breakdown %

	Without	With		Total
		policyholder participation		31.12.2018
Germany	4.8	22.0	26.8	28.2
US	14.0	1.7	15.6	14.3
France	2.2	5.1	7.3	8.1
UK	3.1	2.0	5.1	4.9
Canada	4.1	0.7	4.7	4.5
Netherlands	1.4	2.9	4.3	4.5
Supranationals	0.7	2.9	3.6	3.7
Spain	1.0	2.1	3.1	2.8
Australia	2.6	0.4	3.1	2.8
Austria	0.5	2.1	2.6	2.5
Belgium	0.8	1.6	2.4	2.3
Ireland	0.7	1.4	2.2	2.1
Poland	1.3	0.5	1.8	1.7
Sweden	0.2	1.2	1.4	1.6
Italy	0.5	0.8	1.3	1.7
Other	6.7	7.8	14.6	14.2
Total	44.7	55.3	100.0	100.0

Rating structure	Market value (€bn)	AAA (%)	AA	A	BBB	BB	<BB	NR
Total	207.9	43	24	13	12	3	0	51
Governments/semi-government	111.2	43	32	16	7	2	–	–
Pfandbriefe/covered bonds	43.4	77	20	2	0	–	–	1
Corporate bonds (excluding bank bonds)	26.5	2	5	19	61	11	2	0
Bank bonds	3.0	1	17	38	38	4	0	1
Structured products	4.7	60	32	6	1	0	0	0
Maturity structure	Average maturity (years)	0-1 years (%)	1-3 years	3-5 years	5-7 years	7-10 years	>10 years	n.a.

	(years)	(%)	years	years	years	years	years
Total	9.5	9	13	13	13	15	34	3
Governments/semi-government	11.2	9	11	11	11	15	44	–
Pfandbriefe/covered bonds	6.8	5	15	17	20	21	21	–
Corporate bonds (excluding bank bonds)	7.5	10	19	20	15	12	24	–
Bank bonds	3.4	13	40	30	8	7	2	–

Approximation – not fully comparable with IFRS figures. Fair values as at 31.12.2019 (31.12.2018).

Fixed-income portfolio Corporate bonds and bank bonds – 2019

Corporate bonds – Sector breakdown %

31.12.2019	31.12.2018
14.2	13.7
13.6	16.2
10.9	11.9
9.6	9.0
8.0	7.9
7.5	7.3
6.0	4.8
4.0	3.7
3.9	3.0
3.6	4.1
3.5	2.7
3.1	3.7
2.8	3.1
9.2	8.9

% Bank bonds – Regional breakdown
Total
	Senior bonds	Subordinated	Loss-bearing	31.12.2019	31.12.2018
US	26.1	8.8	0.5	35.4	43.4
Canada	11.4	0.0	0.0	11.4	5.4
Germany	4.9	0.3	5.1	10.2	11.8
Ireland	8.8	0.0	0.0	8.8	8.6
UK	5.9	1.0	0.2	7.2	7.8
France	4.2	0.8	0.0	5.0	4.8
Australia	2.8	0.0	0.0	2.8	1.1
Netherlands	2.5	0.0	0.0	2.6	1.4
Guernsey island	2.3	0.0	0.0	2.3	2.6
Other	12.8	1.5	0.0	14.3	13.1
	Cover pools %

Subordinated² 12 (13)

Loss-bearing¹

6 (7)

Senior 82 (80)

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. Approximation – not fully comparable with IFRS figures. Fair values as at 31.12.2019 (31.12.2018).

On- and off-balance-sheet reserves

€m	31.12. 2017	31.12. 2018	30.9. 2019	31.12. 2019	 in Q4
Market value of investments	231,885	231,876	253,521	247,310	–6,210
Total reserves	25,395	22,002	38,148	33,120	–5,029
On-balance-sheet reserves
Fixed-interest securities	7,622	4,953	14,026	10,738	–3,288
Non-fixed-interest securities	3,261	1,817	3,311	3,632	320
Other on-balance-sheet reserves1	189	207	223	203	–19
Subtotal	11,072	6,977	17,560	14,574	–2,987
Off-balance-sheet reserves
Real estate2	2,744	4,769	4,941	5,600	659
Loans3	10,788	9,453	14,897	12,147	–2,750
Associates	792	803	750	799	49
Subtotal	14,323	15,024	20,588	18,546	–2,042
Reserve ratio	11.0%	9.5%	15.0%	13.4%

1 Unrealised gains/losses from unconsolidated affiliated companies, valuation at equity and cash-flow hedging. 2 Excluding reserves from owner-occupied property. 3 Excluding insurance-related loans.

Sensitivities to interest rates, spreads and equity markets

Sensitivity to risk-free interest rates – Basis points	–50	–25	+50	+100
Change in gross market value (€bn)	+9.1	+4.4	–8.3	–15.7
1 Change in on-balance-sheet reserves, net (€bn)	+2.3	+1.1	–2.1	–4.1
1 Change in off-balance-sheet reserves, net (€bn)	+0.4	+0.2	–0.4	–0.7
P&L impact (€bn) 1	+0.2	+0.1	–0.2	–0.4
Sensitivity to spreads2 (change in basis points)			+50	+100
Change in gross market value (€bn)			–6.0	–11.3
1 Change in on-balance-sheet reserves, net (€bn)			–1.4	–2.8
1 Change in off-balance-sheet reserves, net (€bn)			–0.3	–0.5
1 P&L impact (€bn)			–0.1	–0.2
Sensitivity to equity and commodity markets3	–30%	–10%	+10%	+30%
Change in gross market value (€bn)	–6.0	–2.0	+2.0	+6.2
1 Change in on-balance-sheet reserves, net (€bn)	–1.4	–0.6	+0.9	+2.7

Change in off-balance-sheet reserves, net (€bn) ¹ –1.1 –0.4 +0.4 +1.3

P&L impact (€bn) ¹ –1.5 –0.3 –0.0 +0.1

1 Rough calculation with limited reliability assuming unchanged portfolio as at 31.12.2019. 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 fixedinterest securities, except government securities with AAA ratings. 3 Worst-case scenario assumed, including commodities: impairment as soon as market value is below acquisition cost. Approximation – not fully comparable with IFRS figures.

Munich Re – Equity Story 82 March 2020

Shareholder information

Share information

Shares (millions)	31.12. 2018	Acquisition of own shares in 2019	Retirement of own shares in 2019	31.12. 2019
Shares in circulation	145.8	–4.3	–	141.5
Treasury shares	3.7	4.3	–5.2	2.9
Total	149.5	–	–5.2	144.3

Weighted average number of shares in circulation (millions)

Key company data

Sector	Insurance
Country	Germany
Currency	Euro
Accounting principles	IFRS

Securities codes

Reuters	MUVGn
Bloomberg	MUV2
WKN	843002
ISIN	DE0008430026

Type of share	No-par-value registered shares
Votes	Each share entitles the holder to one vote
Dividend	Paid out once per year in cash
Trading venues	All German stock exchanges plus Xetra

Mission of Investor & Rating Agency Relations

We aim to enhancing Munich Re's visibility and attractiveness in the international financial community

Responsibility

Munich Re's communication with the capital market / financial community

Main objective

Active communication to support a fair capital-market valuation of Munich Re shares and outstanding bonds

External communication

Increase transparency

on financial performance, strategy and expectations about future perspectives within the principles of a credible, accurate, complete and timely provision of relevant information

Target

Achieving a fair valuation and optimising the cost of capital by increasing information efficiency between Munich Re and the financial community while developing a relationship of trust with our investor base

Internal communication

Transmission

of investors' and creditors' demands, and the capital markets' perception of Munich Re, to management and staff

Target

Support management in the setting of ambitious targets as well as in the execution of a valuebased and shareholder-oriented strategy

Financial calendar

18 March	Annual report (Group), Annual report (Company)
29 April	Annual General Meeting 2020
7 May	Quarterly statement as at 31 March 2020
6 August	Half-year financial report as at 30 June 2020
5 November	Quarterly statement as at 30 September 2020
8 December	Investor Day, Munich

For information, please contact

Investor Relations Team

Christian Becker-Hussong

Head of Investor & Rating Agency Relations Tel.: +49 (89) 3891-3910 E-mail: cbecker-hussong@munichre.com

Ralf Kleinschroth

Tel.: +49 (89) 3891-4559 E-mail: rkleinschroth@munichre.com

Maximiliane Hörl (ERGO)

Tel.: +49 (211) 477-7483 E-mail: maximiliane.hoerl@ergo.de

Thorsten Dzuba

Tel.: +49 (89) 3891-8030 E-mail: tdzuba@munichre.com

Christine Franziszi

Tel.: +49 (89) 3891-3875 E-mail: cfranziszi@munichre.com

Andreas Silberhorn (Rating agencies)

Tel.: +49 (89) 3891-3366 E-mail: asilberhorn@munichre.com

Ingrid Grunwald (ESG)

Tel.: +49 (89) 3891-3517 E-mail: igrunwald@munichre.com

Münchener Rückversicherungs-Gesellschaft | Investor & Rating Agency Relations | Königinstraße 107 | 80802 München, Germany Fax: +49 (89) 3891-9888 | E-mail: IR@munichre.com | Internet: www.munichre.com

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. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.