Muenchener Rueckversicherungs-Gesellschaft AG — Earnings Release 2011

Aug 4, 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 JUNE 2011

Telephone conference with analysts and investors

4 August 2011

Overview
Financial reporting Q1–2 2011
Munich Re (Group)
Primary insurance	12
Munich Health	20
Reinsurance	23
Outlook	34
Backup	36

After outlier first quarter, Munich Re back to "normal" in Q2 Financial highlights Q1–2 2011 Reinsurance Primary insurance Munich Health Munich Re (Group) Net gain of €738m in Q2 Q2 mitigating weak first quarter result – Net loss of €210m in Q1–2 Still aiming for positive annual result Increasing earnings contribution Consolidated ERGO result of €178m – Gain on real estate sale in Q2 offsetting impairment of Greek bonds Solid investment result Annualised RoI of 3.6%¹ burdened by impairment of Greek government bonds Improving result Consolidation process making good progress Significant nat cat claims Major losses in propertycasualty (combined ratio in Q2: 99.6%) July renewals showing positive price trend Shareholders' equity in Q2 stable at €20.3bn Almost unchanged capital position vs. Q1 despite dividend payment of €1.1bn in Q2

¹ Adjusted for impact on insurance risk transfer to the capital markets: RoI 3.3%.

Strong premium growth, high nat cat claims Overview – Financial highlights

GROUP	GROUP	GROUP
Gross premiums written	Operating result	Net result
€m	€m	€m
Q1–2	Q1–2	Q1–2
22,613	2,218	1,194
2010	2010	2010
Q1–2	Q1–2	Q1–2
24,949	–437	–210
2011	2011	2011
Substantial organic growth also	Decline of technical and	Good Q2 result largely compen
a result of large-volume deals	investment result	sates for severe losses in Q1
REINSURANCE	PRIMARY INSURANCE	MUNICH HEALTH
Net result	Net result	Net result
€m	€m	€m
Q1–2	Q1–2	Q1–2
1,057	293	16
2010	2010	2010
Q1–2	Q1–2	Q1–2
–132	358	36
2011	2011	2011
Life reinsurance mitigates high	Germany performing well – inter	Strong premium growth and
claims burden in p-c	national business still a challenge	resilient operating result

Agenda
Overview
Financial reporting Q1–2 2011
Munich Re (Group)
Primary insurance
Munich Health
Reinsurance
Outlook
Backup
	Quarterly financial statements as at 30 June 2011 6

Munich Re (Group) – Capitalisation Reduction in shareholders' equity – Capital position remains solid
€m Equity 31.12.2010	Q1–2 23,028	Change Q2	UNREALISED GAINS/LOSSES –€35m from afs fixed
Consolidated result	–210	738	interest securities (rising short-term
Changes			interest rates) –€294m from afs
Dividend	–1,110	–1,110	non-fixed-interest securities
Unrealised gains/losses	–338	399
Exchange rates	–792	–235	EXCHANGE RATES
Share buy-backs	–323	–37	Adverse FX development (mainly US\$)
Other	53	47
Equity 30.6.2011	20,308	–198
			Quarterly financial statements as at 30 June 2011 7

Fixed-income portfolio1			Government bonds per country2
Loans to policyholders/Mortgage loans 3% (3%)		%	Without P/H4 participation	With P/H4 participation	Total
Structured products		Germany	8	24	32
4% (4%)	Government/ Semi-government2	USA	14	–	14
Corporates 9% (9%)	46% (47%)	Canada	7	–	7
Banks		Italy	5	2	7
10% (9%)		UK	5	–	5
Thereof 45% TOTAL3 cash positions €167bn		France	4	2	6
		Spain	1	2	3
		Austria	1	2	3
		Ireland	1	1	2
		Greece	–	1	1
Pfandbriefe/		Portugal	–	1	1
Covered bonds		Other	12	7	19
28% (28%)		Total5	58%	42%	100%

Quarterly financial statements as at 30 June 2011 9 exposure in credit default swaps 2% of fixed-income portfolio. ⁴ P/H = policyholder. Economic view – not fully comparable with IFRS figures. ⁵ Differences between totals possible due to rounding.

Munich Re (Group) – Investment result Investment result burdened by write-down on Greek government bonds
Investment result
	€m	Q1–2 2011	Return1	€m	Q1–2 2010	Return1
Regular income	4,057		4.2%	3,918		4.1%
Write-ups/write-downs of investments	–806		–0.8%	304		0.3%
Gains/losses on the disposal of investments	640		0.6%	1,047		1.1%
Other income/expenses	–423		–0.4%2	–191		–0.2%
Investment result	3,468		3.6%	5,078		5.3%
Regular income		Write-ups/write-downs			Gains on disposal
Higher dividend income		Write-down on Greek bonds			Disposal gain from sale of real
Increase of deposits retained		and on swaptions			estate in Singapore and
on assumed reinsurance as a		Write-up from insurance risk			reduction of equities
consequence of large-volume deals		transfer to the capital markets			Disposal losses on equity and interest rate derivatives
Reinvestment yield slightly					Higher disposal gains on fixed
increased					interest instruments in the previous year
1 Return on quarterly weighted investments (market values) in % p.a. 2 Negative impact from unit-linked business included.					Quarterly financial statements as at 30 June 2011

Munich Re (Group) – Premium development Strong organic growth
€m Gross premiums written Q1–2 2010	22,613	 Overall negative FX development (mainly from US\$)
Foreign-exchange effects	–176	 Windsor acquisition: First-time consolidation
Divestment/ Investment	155	as from Q1 2011
Organic change	2,357	 Large-volume deals in reinsurance segment
Gross premiums written Q1–2 2011	24,949	and Munich Health
Breakdown by segment (consolidated)	Reinsurance Property-casualty 8,281 (33%) (▲ 10.7%) Reinsurance Life: 4,788 (19%) (▲ 25.2%) Munich Health 2,959 (12%) (▲ 19.9%)	Primary insurance Property-casualty 3,055 (12%) (▲ 3.2%) Primary insurance Life: 2,984 (12%) (▲ –4.5%) Primary insurance Health Germany: 2,882 (12%) (▲ 4.6%)

Agenda
Overview
Financial reporting Q1–2 2011
Munich Re (Group)
Primary insurance
Munich Health
Reinsurance
Outlook
Backup
	Quarterly financial statements as at 30 June 2011 12

Overall stable	Primary insurance – Premium development premium	income
€m Gross premiums written Q1–2 2010	8,866	 Life: Lower single premiums in German and international business
Foreign-exchange effects Divestment/ Investment	–4 –	 Health: Growth in comprehensive, supple mentary and travel business
Organic change Gross premiums	86 8,948	 Property-casualty: Organic growth in German and international
written Q1–2 2011		business
Breakdown by segment (segmental, not consolidated)	Property-casualty 3,078 (35%) (▲ 3.2%)	Life Total premiums life: 2,985 (33%)  IFRS premiums (▲ –4.4%) €2,985m (▲ –4.4%)
		 Savings component of unit-linked and capitalisation products Health €905m (▲ –12.1%) Germany  Total premiums 2,885 (32%)
	1 Total premiums German life Q1–2 2011: €2,917m,  –5.8%.	€3,890m (▲ –6.3%)1 (▲ 4.5%) Quarterly financial statements as at 30 June 2011 13

Primary insurance – Key figures Primary life
Gross premiums written		Technical result
€m 3,123 2,985 Q1–2 2010 Q1–2 2011	Germany: Lower single premiums Slowing decrease in regular premiums	€m –11 –40 Q1–2 2010 Q1–2 2011	Lower costs, especially DAC write-downs in the previous year
Investment result		Consolidated result
€m 2,033 828 Q1–2 2010 Q1–2 2011	Write-downs on Greek bonds and interest rate hedging High result in Q1–2 2010: disposal gains, unit-linked business and write-ups on swaptions	€m 131 –11 Q1–2 2010 Q1–2 2011	Improved technical result only partially offsetting shareholders' participation in reduced investment result

Agenda
Overview
Financial reporting Q1–2 2011
Munich Re (Group)
Primary insurance
Munich Health
Reinsurance
Outlook
Backup
	Quarterly financial statements as at 30 June 2011 20

Munich Health – Premium development significant premium increase		Large-volume deals and Windsor acquisition driving
€m Gross premiums written Q1–2 2010	2,555			 Negative currency effects, especially
Foreign-exchange effects	–11			Can\$ and US\$  Windsor acquisition:
Divestment/ Investment	155			First-time consolidation as from Q1 2011
Organic change	337			 Organic growth owing to large-volume deals
Gross premiums written Q1–2 2011	3,036			in North America
Breakdown by segment (segmental, not consolidated)	Reinsurance 2,093 (69%) (▲ 31.6%)	Primary insurance 943 (31%) (▲ –2.2%)	Middle East/Africa 4% (4%) Asia/ Pacific 2% (7%) Southern Europe/ Latin America 12% (15%)	North America 65% (51%) Northern Europe/ Central Europe 17% (23%)

Agenda
Overview
Financial reporting Q1–2 2011
Munich Re (Group)
Primary insurance
Munich Health
Reinsurance
Outlook
Backup
	Quarterly financial statements as at 30 June 2011 23

Reinsurance – Premium development	Strong increase driven by organic growth
€m Gross premiums written Q1–2 2010 Foreign-exchange effects Divestment/ Investment Organic change Gross premiums written Q1–2 2011	11,567 –161 – 1,920 13,326	 Negative FX effect (mainly US\$)  Property-casualty: Organic growth mainly in motor, fire and solvency-related deals  Life: Organic growth owing to large-volume deals
Breakdown by segment (segmental, not consolidated)	Property-casualty 8,473 (64%) (▲ 10.4%)	Life 4,853 (36%) (▲ 24.7%)

Reinsurance – Major nat cat losses Changes in recent major nat			cat claims estimates
Changes for recent nat cat losses in Q2 2011			Current status
Incident	Change in Q2	New loss estimate1	Earthquake Japan (Q1 2011) Large portion of residential losses already
Earthquake	–	€1,500m	settled – still uncertain situation in the industrial portfolio
Japan			Earthquake New Zealand (Q1 2011) Increased loss estimate based on updated
Earthquake Christchurch	+€260m	€1,000m	client estimates – still high uncertainty with many losses in the so-called red zone, which is not accessible for loss adjusters
New Zealand			Weather-related events Australia
Weather-related events Australia	–€110m	€520m	(Q4 2010 and Q1 2011) Reduced loss estimates following progress in claims handling our clients' – remaining uncertainty very low
			Loss estimates becoming more reliable as our clients' claims handling progresses
1 Rounded numbers. Adjusted for impact from the transfer of insurance risks to the capital markets.			Quarterly financial statements as at 30 June 2011 29

Reinsurance – July renewal

Strict portfolio and cycle management – Shift towards nat cat property and XL

Market environment

• Original rates rather stable
• Sufficient reinsurance capacity available, but not at any price, especially for nat cat
• Significant increase in nat cat prices Extent differs by region and severity of nat cat losses experienced
• Overall, competitive market environment in property non-nat-cat, casualty and marine

Munich Re portfolio

• €1.6bn was up for renewal
• Main markets: Australia/New Zealand, Latin America, USA and global clients business
• Total volume split: ~25% property nat cat, ~30% property non-nat-cat, 30% casualty
• Only minor renewal for marine, credit and aviation

VOLUME

• Significant premium increase of 10% mainly driven by property nat cat
• Nat cat portion increases to ~30%
• Volume of casualty, marine and aviation almost stable

PRICE

• Substantial increase in portfolio quality
• Price increase driven by XL business, in particular nat cat, whereas proportional business remains flat
• Provision of nat cat capacity subject to adequate prices

Reinsurance – July renewal

Strict bottom-line approach: Expected significant nat cat price increase achieved, unprofitable business reduced

Property nat cat		Property non-nat-cat
USA	 ~10% price increase, mainly driven by new RMS version and partly by tornado activity  Higher price increases rather for East Coast than for nationwide exposure  Capacity still plentiful, but not at any price	Overall, prices bottom out in all regions USA Flat to marginally increasing Latin America Slight reduction of commissions
Latin America/ Caribbean	 Price increases ~10%  New innovative cover with Mexican government	(up to –2%) achieved Australia/New Zealand Commission decrease/increase depended on loss experience/event limits
Australia/	 Significant price increases from 40% to 50%	Casualty
New Zealand	 Significant share increases for Munich Re boost premium volume, especially in Australia	 Still competitive market environment  Active portfolio management necessary to preserve profitability
Japan	 Price increase for earthquake covers of more than 50%, in combination with wind and flood ~40%	(e.g. reduction of US exposure)  Munich Re remains market leader for complex liability solutions  First signs of improvement apparent

Agenda
Overview
Financial reporting Q1–2 2011 Munich Re (Group) Primary insurance Munich Health Reinsurance
Outlook Backup
	Quarterly financial statements as at 30 June 2011 34

	Outlook

Munich Re's integrated business model – Diversification enhancing earnings resilience

Munich Re (Group)
GROSS PREMIUMS WRITTEN €48–50bn (prev. €47–49bn)	RETURN ON INVESTMENT Slightly below 4%	PROFIT Still aiming for positive annual result RoRaC target of 15% after tax over the cycle to stand
Reinsurance	Primary insurance	Munich Health
COMBINED RATIO P-C 97% over the cycle – Not achievable in 2011	COMBINED RATIO P-C < 95%	Positive earnings contribution while concluding consolidation phase

Agenda – Backup
Additional highlights Q1–2 2011	36
Investments	39
Shareholder information	54
	Quarterly financial statements as at 30 June 2011

Capital repatriation since 2005
€m	2005	2006	2007	2008	2009	2010	2011	Total
Share buy-backs		250	2,303	1,387	406	1,300	350	5,996
Dividend	707	988	1,124	1,073	1,072	1,110		6,074
Total amounts	707	1,238	3,427	2,460	1,478	2,410	350	12,070

Backup: Additional information

Segmental results Backup: Additional highlights Q1–2 2011

€m Q1–2 2010 Q1–2 2011	Operating result	Consolidated result
Reinsurance	509	309
Life	508	323
Reinsurance	1,188	748
Property-casualty	–1,187	–455
Reinsurance	1,697	1,057
Subtotal	–679	–132
Primary insurance	196	131
Life	36	–11
Primary insurance	80	49
Health	91	46
Primary insurance	351	113
Property-casualty	512	323
Primary insurance	627	293
Subtotal	639	358
Munich Health	60 65	16 36
Munich Re1	2,218 –437	1,194 –210

(–€499m, Q1–2 2010 –€215m). Consolidated result Q1–2 2011 including asset management (€14m, Q1–2 2010 €31m) and consolidation (–€486m, Q1–2 2010 –€203m).

Agenda – Backup Additional highlights Q1–2 2011 Investments Shareholder information

Quarterly financial statements as at 30 June 2011 39

Investment result – Regular income (€m)	Q1–2 2011	Q1–2 2010	Change
Afs fixed-interest	2,167	2,187	–20
Afs non-fixed-interest	214	176	38
Derivatives	139	115	24
Loans	1,072	1,048	24
Real estate	183	165	18
Deposits retained on assumed reinsurance and other investments	219	182	37
Other	63	45	18
Total regular income	4,057	3,918	139
Main effects in Q1–2 2011

Quarterly financial statements as at 30 June 2011 40

Breakdown of write-ups/write-downs Backup: Investments and investment result – Investment result – Write-ups/write-downs

Investment result – Write-ups/write-downs (€m)	Q1–2 2011	Q1–2 2010	Change
Afs fixed-interest	–640	10	–650
Afs non-fixed-interest	–99	–76	–23
Derivatives	26	397	–371
Loans	–25	15	–40
Real estate	–60	–59	–1
Other	–8	17	–25
Total net write-ups/write-downs	–806	304	–1,110

Main effects in Q1–2 2011

Afs fixed-interest: Write-down on Greek government bonds

Afs non-fixed-interest: Some write-downs on equities due to lower level of stock markets

• Derivatives: Negative impact of rising interest rates on swaptions
• Write-ups on derivatives as a result of insurance risk transfer to the capital markets

Backup: Investments and investment result – Investment result – Net result from disposal of investments
Breakdown of net result from disposals
Investment result –	Q1–2	Q1–2
Net result from disposal of investments (€m)	2011	2010	Change
Afs fixed-interest	316	744	–428
Afs non-fixed-interest	479	310	169
Derivatives	–504	–136	–368
Loans	47	32	15
Real estate	51	51	–
Other	251	46	205
Total net realised gains	640	1,047	–407
Main effects in Q1–2 2011
 Afs fixed-interest: Investment gains on corporate and government bonds at relatively low
interest rate level only partially compensate for high previous-year gains on corporate bonds
 Afs non-fixed-interest: Higher disposal gains from equities
 Losses realised on interest rate and equity derivatives

Positive result from disposal of real estate participation contributes to "other" investments gains

Quarterly financial statements as at 30 June 2011 42

Return on investment by asset class and segment Backup: Investments and investment result – Investment result

/lunich RE $\equiv$

%1	Regular income	Write-ups/ write-downs	Gains/ losses on disposal	Other income/ expenses	Total RoI	Average market value in €m
Afs fixed-interest	4.0	–1.2	0.6	0.0	3.4	109,469
Afs non-fixed-interest	4.3	–2.0	9.6	0.0	11.9	9,994
Derivatives	28.2	5.3	–102.3	–0.2	–69.0	986
Loans	4.3	–0.1	0.2	0.0	4.4	50,097
Real estate	6.7	–2.2	1.8	0.0	6.3	5,550
Other2	3.0	–0.1	2.7	–4.5	1.1	18,585
Total3	4.2	–0.8	0.6	–0.4	3.6	194,681
Reinsurance	4.0	0.1	0.7	–0.4	4.4	73,547
Primary insurance	4.4	–1.4	0.6	–0.5	3.1	116,459
Munich Health	3.5	–0.4	0.3	–0.3	3.1	3,704

Main effects in Q1–2 2011

RoI at Group level 3.3% if adjusted for impact of insurance risk transfer to the capital markets

Primary insurance: Compared with reinsurance, higher running yield (longer investment duration); write-down on Greek bonds and swaptions; disposal gain from sale of real estate participation

Total return decreases to 2.0% (Q1–2 2010: 8.7%); negative impact due to decreased valuation reserves ( Δ –€1,512m) mainly from fixed-interest securities and loans as a result of increasing short-term yields and losses on market values in peripheral European government bonds

¹ Annualised. ²Including management expenses. ³ Reinsurance, primary insurance and Munich Health do not add up to total amount; difference relates to the segment "asset management".

Reinsurance: Disposal gains on equities and losses on derivatives, partly mitigated by gains from insurance risk transfer to the capital markets

	Backup: Investments and investment result – Total investment portfolio
	Land and Loans buildings	Fixed-interest Shares, equity funds and securities1 participating interests	Miscellaneous2
177	3.1 19.4	54.0	13.7 9.8
177	3.0 23.2	61.7	3.5 8.6
185	3.0 25.9	60.0	2.8 8.3
196	2.9 25.7	57.7	4.0 9.7
191	3.0 25.8	56.5	4.5 10.2
196	2.7 25.7	55.9	3 4.0 11.7
196	5.3 50.4	109.7	7.9 23.0
	€bn	Investment structure %	Investment structure by asset class (market values)

² Deposits retained on assumed reinsurance, investments for unit-linked life, deposits with banks, investment funds (bond, property) and derivatives held for trading with non-fixed interest underlying.

³ After taking equity derivatives into account: 3.5%.

Backup: Investments and investment result – Fixed-income portfolio
Credit portfolio

Rating classification of fixed-income portfolio1
%	AAA	AA	A	BBB	BB	B and worse	NR	Total
Government/ Semi-government	52	35	7	4	1	1	0	100
Pfandbriefe/ Covered bonds	82	17	0	1	–	–	0	100
Banks	3	14	40	4	2	2	352	100
Corporates	1	11	39	43	5	0	1	100
Structured products	68	14	15	2	0	0	1	100
Loans to policyholders/ Mortgage loans	–	–	–	–	–	–	100	100
Total	51	23	11	6	1	1	7	100

¹ Economic view – not fully comparable with IFRS figures. Including cash positions and shares in funds which are not rated. As at 30 June 2011.

Quarterly financial statements as at 30 June 2011 45

Approx. 63% invested in eurozone, digestible exposure to "EUR umbrella" sovereigns
Geographic classification of fixed-income portfolio1
%	Germany France		Spain	Italy	UK	"EUR Umbrella2"	Other Europe		USA Canada	Rest of World
Government/ Semi-government	32	6	3	7	5	4	15	14	7	7
Pfandbriefe/ Covered bonds	42	15	9	1	7	3	23	0	0	0
Banks	44	2	1	1	6	2	12	22	1	9
Corporates	3	8	2	2	7	2	18	46	5	7
Structured products	3	1	3	8	9	10	10	54	1	1
Loans to policyholders/ Mortgage loans	99	–	0	–	–	0	0	0	0	1
Total	35	8	4	4	6	3	16	15	4	5

¹ Economic view – not fully comparable with IFRS figures. ² Portugal, Ireland and Greece. As at 30 June 2011.

Quarterly financial statements as at 30 June 2011 46

Backup: Investments and investment result – Fixed-income portfolio Maturity structure

Backup: Investments and investment result – Fixed-income portfolio

Maturity structure of fixed-income portfolio1
%				Remaining time to maturity
	0–1 year	1–3 years	3–5 years	5–7 years	7–10 years	>10 years	n.a.	Total
Government/ Semi-government	10	15	17	12	16	30	0	100
Pfandbriefe/ Covered bonds	2	11	12	14	20	41	–	100
Banks	15	7	7	16	12	5	38	100
Corporates	6	23	21	20	17	13	0	100
Structured products	23	42	20	9	5	1	0	100
Loans to policyholders/ Mortgage loans	6	18	21	14	24	15	2	100
Total	8	15	15	14	16	28	4	100

¹ Economic view – not fully comparable with IFRS figures. As at 30 June 2011.

Bank exposure
BANKS Split by investment category		BANKS Subordinated and loss-bearing exposure by country
Fixed-income	Fixed-income	Country		Market values €m (as at 30.6.2010)
investment funds 4%	derivatives 2% Cash		Total	Sub ordinated bonds	Loss bearing bonds
	45%	Germany	585	349	236
	Subordinated bonds1 5%	USA	273	242	31
TOTAL €16.0bn	Loss-bearing bonds2 2%	Italy	83	71	12
		UK	75	46	29
Senior		Austria	54	33	21
bank bonds 40%		Other	127	71	56
Refinancing loans 2%		Total market values	1,197	812	385

Backup: Investments and investment result – Fixed-income portfolio Corporate bonds
Corporate bonds: Sectoral split1
Other 33% (31.12.10: 35%)	Automotive 3% (31.12.10: 4%)
	Financial services (excl. banks) 3% (31.12.10: 1%)
	Industrial goods and services 14% (31.12.10: 14%) TOTAL €14.9bn
Healthcare 6% (31.12.10: 6%)
Utilities
18% (31.12.10: 17%)
Telecoms	Oil and gas
10% (31.12.10: 10%)	13% (31.12.10: 13%)
1 Economic view – not fully comparable with IFRS figures. As at 30 June 2011.	Quarterly financial statements as at 30 June 2011

Structured products Backup: Investments and investment result – Fixed-income portfolio

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	Structured products portfolio (at market values): Split by rating and region
€m		AAA	AA	A	BBB	<bbb< th="">	NR	USA + RoW	Europe	Total	Market to-par value	NR	USA + RoW	Europe	Total	Market to-par value
ABS	Consumer-related ABS1	492	114	208	14	2	0	390	440	830	99%
	Corporate-related ABS2	234	194	85	38	4	–	1	554	555	96%
	Subprime HEL	7	3	20	7	2	–	39	–	39	98%
CDO/ CLN	Subprime-related	–	–	–	–	1	0	–	1	1	1%
	Non-subprime-related	69	23	49	2	0	38	10	171	181	82%
MBS	Agency	2,190	87	–	–	–	–	2,277	–	2,277	100%
	Non-agency prime	515	91	164	58	0	–	52	776	828	98%
	Non-agency other (not subprime)	169	94	30	0	3	–	86	210	296	94%
	Commercial MBS	644	291	366	13	6	–	647	673	1,320	99%
	Total 30.6.2011	4,320	897	922	132	18	38	3,502	2,825	6,327	97%
	In %	68%	14%	15%	2%	0%	1%	55%	45%	100%
	Total 31.12.2010	4,759	684	445	94	13	78	3,690	2,383	6,073	96%

¹ Consumer loans, auto, credit cards, student loans.

² Asset-backed CPs, business and corporate loans, commercial equipment. As at 30 June 2011.

Sensitivities to interest rates, spreads and equity markets Backup: Investments and investment result

Sensitivity to risk-free interest rates – Basis points	–100	–50	+100	+200
Change in gross market value (€bn)	+10.8	+5.2	–9.3	–17.0
1 Change in on-balance-sheet reserves, net (€bn)	+2.8	+1.4	–2.5	–4.7
1 Change in off-balance-sheet reserves, net (€bn)	+0.6	+0.3	–0.5	–0.9
1 P&L impact (€bn)	–0.1	–0.0	+0.1	+0.2
Sensitivity to spreads2 (change in basis points)			+100	+200
Change in gross market value (€bn)			–6.9	–12.7
1 Change in on-balance-sheet reserves, net (€bn)			–1.4	–2.6
Change in off-balance-sheet reserves, net (€bn) 1			–0.4	–0.7
P&L impact (€bn) 1			–0.0	–0.1
Sensitivity to equity markets3	–30%	–10%	+10%	+30%
EURO STOXX 50 (2,849 as at 30.6.2011)	1,994	2,564	3,134	3,704
Change in gross market value (€bn)	–2.4	–0.8	+0.8	+2.4
1 Change in on-balance-sheet reserves, net (€bn)	–0.6	–0.3	+0.6	+1.7
Change in off-balance-sheet reserves, net (€bn) 1	–0.3	–0.1	+0.1	+0.3
P&L impact (€bn) 1	–1.1	–0.3	+0.0	+0.0

¹ Rough calculation with limited reliability assuming unchanged portfolio as at 30 June 2011. After rough

estimation of policyholder participation and deferred tax; linearity of relations cannot be assumed. Economic view – not fully comparable with IFRS figures.

² Sensitivities to changes of spreads are calculated for every category of fixed-interest securities,

except government securities with AAA ratings. ³ Worst-case scenario assumed: impairment as soon as market value is below acquisition cost.

Quarterly financial statements as at 30 June 2011 50

Backup: Investments and investment result – Investment result – On- and off-balance-sheet reserves Unrealised gains/losses on securities (afs) and
off-balance-sheet reserves
On-balance-sheet reserves on afs securities
€m
Gross unrealised gains and losses	3,024
Provision for deferred premium refunds	–195
Deferred taxes	–570
Minority interests	–7
Effects from consolidation and currency	59
Shareholders' stake 30.6.2011	2,311
Off-balance-sheet reserves1
€m
Off-balance-sheet reserves 30.6.2011	2,594
Provision for deferred premium refunds	–1,360
Deferred taxes	–340
Minority interests	–
Shareholders' stake 30.6.2011	894

Including unrealised gains/losses from valuation at equity, unconsolidated affiliated enterprises and cash flow hedging of €244m and off-balance-sheet valuation reserves of €352m for affiliated companies.

Agenda – Backup
Additional highlights Q1–2 2011
Investments
Shareholder information
Quarterly financial statements as at 30 June 2011	54

Development of shares in circulation Backup: Shareholder information

Shares million	31.12.2010	Acquisition of own shares in Q1–2 2011	Retirement of own shares in Q1–2 2011	30.6.2011
Shares in circulation	180.4	2.8	–	177.6
Own shares held	8.1	2.8	9.2	1.7
Total	188.5	–	9.2	179.3

Weighted average number of shares in circulation

Appendix Financial calendar
FINANCIAL CALENDAR
11–13 September 2011	Les Rendez-Vous de Septembre, Monte Carlo
5 October 2011	Bank of America Merrill Lynch "Annual Banking & Insurance CEO Conference", London
8 November 2011	Interim report as at 30 September 2011
13 March 2012	Balance sheet press conference for 2011 financial statements
14 March 2012	Analysts' conference, London
26 April 2012	Annual General Meeting, Munich

Appendix

For information, please contact

Munich RE 크

Quarterly financial statements as at 30 June 2011 56

INVESTOR RELATIONS TEAM
Christian Becker-Hussong	Ralf Kleinschroth	Thorsten Dzuba
Head of Investor & Rating Agency Relations Tel.: +49 (89) 3891-3910 E-mail: cbecker-hussong@munichre.com	Tel.: +49 (89) 3891-4559 E-mail: rkleinschroth@munichre.com	Tel.: +49 (89) 3891-8030 E-mail: tdzuba@munichre.com
Christine Franziszi	Britta Hamberger	Andreas Silberhorn
Tel.: +49 (89) 3891-3875 E-mail: cfranziszi@munichre.com	Tel.: +49 (89) 3891-3504 E-mail: bhamberger@munichre.com	Tel.: +49 (89) 3891-3366 E-mail: asilberhorn@munichre.com
Dr. Alexander Becker	Andreas Hoffmann	Ingrid Grunwald
Head of External Communication ERGO Tel.: +49 (211) 4937-1510 E-mail: alexander.becker@ergo.de	Tel.: +49 (211) 4937-1573 E-mail: andreas.hoffmann@ergo.de	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

Munich Re

Disclaimer Appendix

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 conform them to future events or developments.