Muenchener Rueckversicherungs-Gesellschaft AG — Earnings Release 2010

Jan 10, 2011

STRINGENT EXECUTION DELIVERING SUSTAINABLE EARNINGS

January 2011

as strategic debt. ⁴ Earnings before interest expenses, tax and depreciation divided by finance costs.

Financial highlights Q1–3 2010 earnings outlook 2010	Sound financial development allowing for increased
Munich Re (Group)
Pleasing net result of €1,955m in Q1–3 2010 (€761m in Q3 standalone) Ongoing strong investment result and low claims in Q3 Annualised RoRaC of 14.5%	Shareholders' equity further strengthened to €24.1bn Share buy-back programme on track: €475m1 completed since AGM in April 2010	High investment result Annualised RoI of 5.0% in Q1–3 2010 based on high disposal gains and write-ups as portfolio and duration management continues to prove beneficial
Reinsurance	Primary insurance	Munich Health
Good Q3 mitigating significant claims in Q1–2 2010 Benign claims development in p-c in Q3 (combined ratio in Q3 standalone: 93.8%)	Good operating performance €301m consolidated ERGO result in Q1–3 2010 confirming positive trend	Resilient operating result Consolidation process well on track Position in the US medicare market strengthened by the acquisition of Windsor
1 As at 31 October 2010.		Munich Re – January 2011 13

Outlook Munich Re to continue to place high emphasis on sustainable earnings in a low-yield environment
Outlook 2010	First indication 2011
CAPITAL REPATRIATION	RORAC
Continuation of share buy-back programme of	15% a real challenge given sustainably very low
up to €1bn until AGM 20111	interest rates, while economicly balanced
GROSS PREMIUMS WRITTEN	business and investment portfolio stabilises
€44–46bn2	profitability and reduces cost of capital
RETURN ON INVESTMENT	RETURN ON INVESTMENT
~4.5% (prev. slightly >4%)	Assuming insignificant non-recurring
NET INCOME ~€2.4bn3 (prev. >€2.0bn)	gains/losses and a continuation of the low interest-rate environment, RoI expected to drop below 4%
COMBINED RATIO – REINSURANCE P-C	PROFIT
97% over-the-cycle – in 2010 slightly below	Expectation for net result to stand –
100% expected4	Net result 2011 now presumably slightly below
COMBINED RATIO – PRIMARY INSURANCE P-C	the increased outlook for 20105 while higher
~95%	technical result expected
1 Full execution remains subject to developments in the capital markets and the general economic environment. Until 31 October Munich Re repurchased own shares amounting to €475m. 2 Thereof €23–24bn in reinsurance, €17–18bn in primary insurance and approx. €5bn in Munich Health (all on basis of segmental figures). 3 Assuming stable capital markets and FX developments as well as normal claims activity in Q4. 4 Presuming normal claims activity in Q4. 5 Assuming normal claims activity and generally stable prices in reinsurance.	Munich Re – January 2011 14

Summary
Value-adding integrated business model covers full value chain of risks
Diversification and sophisticated risk management are cornerstones of our strategy
Excellent financial strength allows participation in market opportunities
Capital management and cycle management are key to our future success
	Munich Re – January 2011 15

Backup
Group	18
Reinsurance	39
Primary insurance	49
International Health	56
Financial reporting Q1–3 2010	63
	Munich Re – January 2011 16

Munich Re and our shares
Munich Re		2009	2008	20071	20061	2005
Gross premiums written	€bn	41.4	37.8	37.3	37.4	38.2
Operating result	€m	4,721	3,834	5,573	5,877	4,156
Taxes on income	€m	1,264	1,372	801	1,648	1,014
Consolidated result	€m	2,564	1,579	3,923	3,519	2,751
Thereof attributable to minority interests	€m	43	24	83	94	72
Investments	€bn	182.2	174.9	176.2	176.9	177.2
Return on equity	%	11.8	7.0	15.3	14.1	12.5
Equity	€bn	22.3	21.1	25.3	26.3	24.3
Off-balance-sheet reserves2	€bn	3.2	2.5	0.8	1.9	2.6
Net technical provisions	€bn	163.9	157.1	152.4	153.9	154.0
Staff at 31 December		47,249	44,209	38,634	37,210	37,953
Our shares		2009	2008	20071	2006	2005
Earnings per share	€	12.95	7.74	17.83	15.05	11.74
Dividend per share	€	5.75	5.50	5.50	4.50	3.10
Amount distributed	€m	1.088	1,073	1,124	988	707
Share price at 31 December	€	108.67	111.00	132.94	130.42	114.38
Market capitalisation at 31 December3	€bn	21.5	22.9	29.0	29.9	26.3
No. of shares at year-end (ex own shares)	m	191.9	195.7	207.8	225.6	228.0

			2007	2008	2009	2010ytd1	Total
Share buy-back		250	2,303	1,387	406	1,125	5,471
Dividend	707	988	1,124	1,073	1,072		4,964
Total amounts	707	1,238	3,427	2,460	1,478	1,125	10,435
High dividend yields and share buy-backs resulting in a cash yield of around 10%2 – Share buy-back programme up to the 2011 AGM well underway

Backup: Group – Economic risk capital as of 31.12.2009						Breakdown of Group required economic risk capital (ERC)
Risk category1	Group		RI	PI		Div. Explanation
Year end €bn	2008	2009	2009	2009	2009
Property-casualty2	8.0	7.6	7.5	0.5		–0.4 Lower exposure in Storm Europe
Life and health	4.0	3.7	3.2	0.9		–0.4 Higher interest-rates reduce present value of trend risks
Market	5.4	6.8	4.0	5.3		–2.5 See separate slide
Credit3	2.7	3.1	2.4	0.7		0.0 Higher exposures in corporate bond investments and model refinements in order to mitigate potential pro-cyclical effects
Operational risk	1.4	1.5	1.3	0.5		–0.3 Separate quantification of scenarios for RI and PI
Simple sum	21.5	22.7	18.4	7.9	–3.6
Diversification effect4	−5.0	–5.3	–4.9	–1.2	–
Sum ERC	16.5	17.4	13.5	6.7		–2.8 Net of model changes, ERC up €0.4bn

Increase in ERC reflects the slight re-risking in market and credit risk

¹ Risk categories broadly based on refined "Fischer II" risk categories recommended for standardised industry disclosures.

⁴ The measured diversification effect depends on the risk categories considered and the explicit modelling of fungibility constraints.

² Contains credit insurance and reinsurance. ³ Default and migration risk.

Summary of economic capital disclosure
Position as at 31 December 2009 €bn		31.12.2009	31.12.2008
Available financial resources (AFR)	28.4	28.4	24.6
Economic risk capital1	9.9 7.5	17.4	16.5
Economic capital buffer	6.2 4.8	11.0	8.1
Economic capital buffer after share buy-back and dividends2	4.5 4.8	9.3	7.0
	Solvency II capital Hybrid capital
	Enhanced economic capital position driven by remarkable AFR increase 1 Solvency II capital based on VaR 99.5%, Munich Re internal risk model based on 175% of Solvency II capital.

	QIS4	CEIOPS' Final Advice	QIS5
EPIFP1	Tier 1 without being explicitly determined	Tier 3	Tier 1 but have to be calculated and the proposed methodology involves massive shortcomings EPIFP are still in danger of being inappropriately classified as Tier 2 or 3 in Solvency II
Contract boundaries	No specific treatment	The definition of contract boundaries contains too conservative aspects	For many long-term insurance policies, QIS5 will only take into account the first year for the determination of the technical provisions and the risk
Risk margin	No allowance for diversification No unavoidable market risk	No allowance for diversification Covers unavoidable market risk	No allowance for diversification between legal entities on group level Covers unavoidable market risk which should be negligible but proposed formula may lead to extreme results
Hybrid capital	No grandfathering	Grandfathering not addressed Too restrictive requirements for classification better than Tier 3	Generous grandfathering Adequate for QIS5 but dangerous for Solvency II as it opens the door for regulatory arbitrage
Intangible assets	No recognition	Tier 3 and 100% capital charge	Tier 1 for intangibles other than goodwill but 80% capital charge This arbitrarily pulls the solvency ratio towards 125%

	Backup: Group – Solvency II: Update	Assessment of key topics in QIS5 (II)
	Capital requirements
	QIS4	CEIOPS' Final Advice	QIS5
Non-life underwriting risk	Calibration is more conservative than internal model esp. for reinsurers.1 Limited recognition of undertaking specific parameters and geographical diversification.	Broad strengthening over QIS4 calibration (e.g. up to 50% of non-life risk factors) No recognition of undertaking specific parameters and geographical diversification	ƒ Undertaking-specific scenarios no longer allowed in the cat risk sub-module in QIS5 ƒ Broad reduction of CEIOPS' final advice, but still more conservative than QIS4 ƒ Less geographical diversification recognised ƒ Undertaking-specific parameters allowed in QIS5 but presumably only after some sort of certification in Solvency II ƒ Better recognition of non-proportional reinsurance, but too restrictive preconditions applying for them ƒ New lapse risk in non-life is burdensome and presumably not material
Volatility risk	Not included	Interest rate and equity volatility included	Not included. Volatility risk can be material for some undertakings and should be included
Minimum capital require ments	Cf. QIS5	Cf. QIS5	ƒ No recognition of diversification benefits ƒ No recognition of loss-absorbing capacity of deferred taxes ƒ No direct calculation according to internal model Î The MCR will regularly be 45% of the SCR
			QIS5 specifications are more onerous than QIS4. Capital requirements expected to increase. Reinsurance still expected to benefit from latest developments
	1 Cf. CRO Forum QIS4 Benchmark Study, Slide 34, 2008.		Munich Re – January 2011 31

ALM process
Liabilities	Replicating portfolio	Restricted neutral position	Benchmark portfolio	Active asset management
Determining the expected technical cash flows of our operating business	Calculation of risk minimal, investable asset portfolio, reflecting the capital market sensitivity of the liabilities	Risk minimal replication of liabilities and economic surplus Compliance with all legal and statutory requirements	Including strategic holdings determining an optimal, well diversified asset portfolio reflecting our risk preference	Providing MEAG with risk capital to add value through tactical deviations from the given Benchmark Portfolio
Best-estimate projections	Cash-flow and currency-matching	Compliance with all legal and statutory requirements	Long-term invest ment strategy with dynamic asset allocation overlays	Asset management skills

	Transaction Shore Re Ltd.	Closing 07/2010	Maturity 07/2013	Volume US\$ 96m	Perils covered Hurricane US	ƒ Generation of risk-based and fee income
	Johnston Re Ltd.	05/2010	05/2013	US\$ 305m	Hurricane US	ƒ Munich Re is active investor in primary and
For clients	Lakeside Re II Ltd.	12/2009	01/2013	US\$ 225m	Earthquake California	secondary market
	Muteki Ltd.	05/2008	05/2011	US\$ 300m	Earthquake Japan	ƒ Improvement of own risk/return
	MIDORI Ltd.	10/2007	10/2012	US\$ 260m	Earthquake Japan	profile and cost efficiency
For clients & Munich Re´s book	Ianus Capital Ltd.	06/2009	06/2012	€50m	Windstorm Europe & Earthquake Turkey	ƒ Utilization of unexhausted risk budgets
For	EOS Wind Ltd.	05/2010	05/2014	US\$ 80m	Hurricane US & Windstorm Europe	ƒ Establishment of placement entity licensed in EU and Switzerland
Munich Re's book	Queen Street Ltd.	03/2008	03/2011	€170m	Windstorm Europe	ƒ Offering one-stop shopping
	Nathan Ltd.	02/2008	01/2013	US\$ 100m	Extreme mortality	to clients as sponsors

Reinsurance1		2009	2008	20072	20062	2005
Gross premiums written	€bn	24.8	21.9	21.5	22.2	22.3
Investments	€bn	78.5	78.4	81.9	85.0	87.0
Net technical provisions	€bn	55.3	55.8	55.5	59.6	63.4
Reserve ratio property-casualty	%	272.5	271.9	272.0	280.9	295.8
Large and very large losses (net)3	€m	1,157	1,507	1,126	585	3,134
Thereof natural catastrophe losses3	€m	196	832	634	139	2,603
Combined ratio property-casualty	%	95.3	99.4	96.4	92.6	111.7
Thereof natural catastrophe losses3	%-pts.	1,4	6.2	4.7	1.0	19.2

² Adjusted pursuant to IAS 8. ³ Previous years adjusted owing to a change in methodology.

Faster than expected recovery of financial markets led to strengthening of (re)insurers balance sheets Market environment Overall more competitive market environment after recovery of financial markets Backup: Reinsurance – Reinsurance property-casualty

• Slightly decreasing price development on primary as well as reinsurance markets globally
• Negotiations significantly influenced by recent loss experience in individual segments and/or markets

Competitors Supply

• Increasing capacity and thus no constraints in all lines of business
• Ancillary decrease in available business leads to increased level of competition. However, in general reasonable behaviour of reinsurers
• In some segments, reinsurers with lower security aimed to increase shares or get lead positions

Clients Demand

• Cost pressure on primary insurers also affects reinsurance budgets and buying behaviour driving overall market trends
• Security of reinsurers still not adequately reflected, few exceptions with respect to solvency relief business

Munich Re – January 2011 40

	Backup: Reinsurance – Reinsurance property-casualty			Total YTD renewals 2010 – Changes in premium
%	100	–16.0	84.0	0.03	11.4	95.4
€m	10,693	1,715	8,977	3	1,223	10,203
		Change in premium:			–4.6%
			ƒ Thereof price change: ƒ Thereof change in exposure our share:		–0.1% –4.5%
	Total renewable business from 1 July 09	Cancelled	Renewed	Increase on renewable business	New business	Estimated outcome
						Munich Re – January 2011

Backup: Reinsurance – Business potential Requests for capital relief deals
Drivers of demand			Reinsurance solutions provide advantages
Investment losses and decreased capital base	Demand for surplus relief	Capacity with high security
	increased, in addition capital market currently		Immediate risk capital relief
Higher risk exposure and risk capital needs	with limited capacity	Specific requirements can be addressed in tailor-made transactions
	Risk appetite for transactions reflected in underwriting policy
Focus on transactions with transfer of insurance risks	Limit transactions with significant credit risk	Caution with outflow of liquidity	Avoidance of risks highly correlated to recession
	Focused and differentiated capture of opportunities in life and non-life reinsurance
			Munich Re – January 2011 43

Rank	Company	Country	Net reinsurance premiums written
			US\$ m
1	Munich Re	Germany	2009 33,705
2	Swiss Re	Switzerland	22,897
3	Hannover Re	Germany	13,639
4	Berkshire Hathaway Re	U.S.	12,362
5	Lloyd's1, 2	U.K.	9,734
6	SCOR SE	France	8,315
7	Reinsurance Group of America Inc.	U.S.	5,725
8	Transatlantic Holdings Inc.	U.S.	3,986
9	Partner Re3	Bermuda	3,949
10	Everest Re	Bermuda	3,930
11	Korean Re	Korea	2,494
12	Tokio Marine Group2	Japan	2,243
13	Transamerica Re (AEGON)	U.S.	2,014
14	Mapfre Re	Spain	2,007
15	XL Re Ltd.	Bermuda	2,003
16	General Ins. Corp. of India	India	1,950
17	Odyssey Re	U.S.	1,894
18	AXIS Capital Holdings Ltd.	Bermuda	1,791
19	QBE Insurance Group Ltd.	Australia	1,721
20	Caisse Central de Réassurance	France	1,716
Total Top 20			138,075

Backup: Primary insurance – Key figures Overview
Primary insurance1		2009	2008	2007	2006	2005
Gross premiums written	€bn	17.5	17.0	17.3	16.7	17.6
Investments	€bn	119.5	114.0	109.3	107.4	105.9
Net technical provisions	€bn	108.7	101.4	96.9	94.3	90.8
Reserve ratio property-casualty	%	125.6	118.8	121.4	124.9	113.1
Combined ratio property-casualty	%	93.1	90.9	93.4	90.8	93.1
ERGO – Gross premiums written 2009 by region					ERGO – New business 2009 by distribution channels
% Turkey	Rest of World	% Tied agents				Direct
2%	8%	61%				12%
Poland 4%						Banks
Belgium						5%
4%
Spain
3%
Italy 3%	Germany 76%	Other 3%				Broker 19%
1 Adjusted pursuant to IAS 8.					Munich Re – January 2011	48

Backup: International Health – Integrated Group strategy Business model flexibility across the health risk value chain
Munich Health business models	Example	Risk-taking Financial Admini Service stration Sales protection	Risk management Medical Network Health mgmt mgmt supply
Reinsurance – Traditional	ƒ Proportional ƒ Non-proportional
Reinsurance – Non-traditional	ƒ Capital relief reinsurance ƒ Consultative reinsurance
Integrated reinsurance	ƒ MedNet model
Primary insurance	ƒ Daman (UAE) ƒ DKV Belgium ƒ Sterling (USA)		Market-specific
Integrated delivery system	ƒ DKV Seguros (Spain)
Parts of the value chain covered.			Munich Re – January 2011 58

Backup: International Health – Portfolio management Portfolio management – Achieve balance between growth, harvesting and reshaping activities
Levers	Strategy	Details
Growth	Leverage our flexibility in the health risk value chain to address market, specific needs – from reinsurance to health management Profitable top-line growth by leveraging our capital strength	ƒ Go Client initiative – professionalise sales approach globally (sales push, client management) ƒ Access to capital as core value proposition ƒ Replication of successful business models/ products/services via global expert networks ƒ Focus on organic growth, opportunistic M&A strategy ƒ Investment in JV start-up, e.g. Apollo Munich in fast growing Indian market
Harvest	Increase profitability through process optimisation and sophistication in care and medical cost management	ƒ Efficiency improvement initiatives (e.g. fraud, abuse, claims management at DKV Seguros) ƒ Consolidation of Daman operations following strong membership growth in the last years (e.g. disease management)
Reshape	Redefine business strategy, responding to regulatory or market changes; realise cost efficiencies; restructure portfolio	ƒ Turnaround programme at Sterling to align with regulatory changes ƒ Acquisition of Windsor Health Group
		Munich Re – January 2011 60

	Backup: International Health – Geographical split Globally diversified portfolio balancing primary insurance and reinsurance business
	Regional breakdown – GWP 2009
Asia/Pacific (APAC)		North America (NA)
2.8% 24.5%	51.5% Northern Europe/ Central Europe (NECE) GWP €4.0bn
Middle East/		Southern Europe/
Africa (MEA)		Latin America (SELA)
5.1%		16.1%
	Business volume increase in 2009 across regions
NA:	High volume reflects global health expenditure share in North America
SELA:	Strong presence in Spain (DKV Seguros)
MEA:	Regional expansion, strong UAE presence
NECE:	Balanced re- and primary insurance business volume with strong market presence
APAC:	Expansion with current focus on reinsurance
	Note: Minority shares, e.g. Daman, Apollo Munich Health Insurance excluded from GWP figures.	Munich Re – January 2011 61

Backup: Financial reporting Q1–3 2010 – Overview	Strong investment result compensates for higher claims
GROUP	GROUP	GROUP
Gross premiums written	Operating result	Consolidated result
€m	€m	€m
Q1–3	Q1–3	Q1–3
31,048	3,321	1,784
2009	2009	2009
Q1–3	Q1–3	Q1–3
34,060	3,367	1,955
2010	2010	2010
Substantial organic growth in	Investment result more than	Outlook net income 2010
addition to positive FX effects	offsets impact of higher claims	increased to ~€2.4bn
REINSURANCE	PRIMARY INSURANCE	MUNICH HEALTH
Consolidated result	Consolidated result	Consolidated result
€m	€m	€m
Q1–3	Q1–3	Q1–3
1,869	95	–1
2009	2009	2009
Q1–3	Q1–3	Q1–3
1,659	432	57
2010	2010	2010
Significant impact of higher	All segments achieving	Pleasant result – 2009 burdened
claims in property-casualty	increased results	by Sterling goodwill impairment
		Munich Re – January 2011

Total €m	Total	Regular premiums	Single premiums	APE1	Comments			ƒ Trend away from regular premiums and towards single premiums holds true for German and
Q1–3 2009	1,804	344	1,460	490	ƒ Germany	international business
Q1–3 2010	2,247	327	1,920	519	ƒ Strong growth in traditional annuity business ƒ Total new business (regular premiums plus single premiums) up by 28.5%
∆	24.6%	–4.9%	31.5%	5.9%	and Belgium			ƒ Strong growth in Poland (especially bancassurance)
Germany					International
€m	Total	Regular premiums	Single premiums	APE1	€m	Total	Regular premiums	Single premiums	APE1
Q1–3 2009	1,171	228	943	322	Q1–3 2009	633	116 517		168
Q1–3 2010	1,505	216	1,289	345	Q1–3 2010	742	111	631	174
∆	28.5%	–5.3%	36.7%	7.1%	∆	17.2%	–4.3%	22.1%	3.6%

Backup: Financial reporting Q1–3 2010 – Investment result Substantially increased investment result driven by beneficial strategic investment decisions
	€m	Q1–3 2010	Return1	€m	Q1–3 2009	Return1
Regular income	5,844		4.0%	5,704		4.2%
Write-ups/write-downs of investments	290		0.2%	–838		–0.6%
Gains/losses on the disposal of investments	1,409		1.0%	1,069		0.8%
Other income/expenses	–262		–0.2%	–143		–0.1%
Investment result	7,281		5.0%2	5,792		4.3%2
ƒ Regular income: Slight increase in absolute terms due to higher asset base and cautious investments in higher yielding fixed-interest securities (e.g. longer durations and investment in loans) compensating for lower reinvestment rates
ƒ Write-ups/write-downs: Strong improvement driven by write-ups on swaptions (increase of ~€800m) as a result of declined interest levels; lower write-downs on equities due to recovered capital markets
ƒ Gains on disposal: High contribution from sale of corporate, government and covered bonds at relatively low interest-rate levels and narrowed credit spreads and gains of interest-rate futures
1 Return on quarterly weighted investments (market values) in % p.a. 2 Total return on investment Q1–3 2010 (incl. change in on- and off-balance-sheet reserves): 9.2% (7.3%).					Munich Re – January 2011

Backup: Financial reporting Q1–3 2010 – Investments – Fixed-income portfolio Continued emphasis on highly rated credit risks
Rating classification of fixed-income portfolio1 %						B and
	AAA	AA	A	BBB	BB	worse	NR	Total
Government/ Semi-government	59	31	7	1	2	–	–	100
Pfandbriefe/Covered bonds	85	14	0	0	–	–	1	100
Banks	8	17	35	4	0	1	352	100
Corporates	2	11	39	44	3	0	1	100
Structured products	81	10	6	2	0	0	1	100
Loans to policyholders/ Mortgage loans	–	–	–	–	–	–	100	100
Total	55	21	10	5	1	0	8	100
1 Economic view – not fully comparable with IFRS figures. 2 Including cash positions and shares in funds which are not rated. As at 30 September 2010.							Munich Re – January 2011	74

Backup: Financial reporting Q1–3 2010 – Investments – Fixed-income portfolio Approx. 65% invested in eurozone, absorbable exposure to "PIIGS" countries
Geographic classification of fixed-income portfolio1
%	Germany	France	UK	"PIIGS"	CEE	Rest of Europe	USA	Canada	Rest of world	Total
Government/ Semi-government	31	6	6	15	3	11	15	7	6	100
Pfandbriefe/ Covered bonds	44	16	6	12	0	22	0	0	0	100
Banks	40	8	7	3	1	13	15	2	11	100
Corporates	3	7	7	6	0	16	50	5	6	100
Structured products	3	1	9	14	–	9	62	1	1	100
Loans to policyholders/ Mortgage loans	99	–	–	–	–	–	–	–	1	100
Total	35	9	6	11	2	14	14	4	5	100
1 Economic view – not fully comparable with IFRS figures. As at 30 September 2010.									Munich Re – January 2011	75

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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	755	80	91	3	–	13	597	345	942	101%
	Corporate-related ABS2	173	116	40	10	4	3	3	343	346	95%
	Subprime HEL	21	–	23	–	4	–	48	–	48	95%
CDO/ CLN	Subprime-related	–	–	–	–	0	0	0	0	0	0%
	Non-subprime-related	71	9	30	2	0	58	0	170	170	81%
MBS	Agency	2,130	84	–	–	–	–	2,214	–	2,214	99%
	Non-agency prime	600	61	51	46	0	-	60	698	758	97%
	Non-agency other (not subprime)	196	77	28	–	4	–	149	156	305	94%
	Commercial MBS	622	132	51	20	3	–	530	298	828	99%
	Total 30.9.2010	4,568	559	314	81	15	74	3,601	2,010	5,611	97%
	In %	81%	10%	6%	2%	0%	1%	64%	36%	100%
	Total 31.12.2009	4,592	315	235	20	15	85	3,993	1,269	5,262	95%

Sensitivities to interest rates, spreads and equity markets
Sensitivity to risk-free interest rates – Basis points	–200	–100	+100	+200
Change in gross market value (€bn)	+27.1	+12.7	–10.9	–20.2
Change in on-balance-sheet reseres, net (€bn)1	+5.7	+2.7	–2.5	–4.6
Change in off-balance-sheet reserves, net (€bn)1	+1.3	+0.6	–0.5	–0.9
P&L impact (€bn)1	+1.0	+0.5	–0.4	–0.7
Sensitivity to spreads2 (change of bps)			+100	+200
Change in gross market value (€bn)			–7.9	–14.5
Change in on-balance-sheet reseres, net (€bn)1			–1.3	–2.5
Change in off-balance-sheet reserves, net (€bn)1			–0.4	–0.7
P&L impact (€bn)1			–0.4	–0.7
Sensitivity to equity markets3	–30%	–10%	+10%	+30%
EURO STOXX 50 (2,748 as at 30.9.2010)	1,924	2,473	3,023	3,572
Change in gross market value (€bn)	–1.8	–0.6	+0.6	+1.9
Change in on-balance-sheet reseres, net (€bn)1	–0.6	–0.2	+0.6	+1.7
Change in off-balance-sheet reserves, net (€bn)1	–0.2	–0.1	+0.1	+0.2
P&L impact (€bn)1	–0.7	–0.2	–0.1	–0.3
1 Rough calculation with limited reliability assuming unchanged portfolio as at 30.9.2010. 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 governments with ratings AAA. 3 Worst-case scenario assumed: impairment as soon as market value is below acquisition cost.			Munich Re – January 2011	77

Appendix	Financial calendar
FINANCIAL CALENDAR
11 January 2011	Commerzbank "German Investment Seminar", New York
3 February 2011	Reporting on the renewal of reinsurance treaties; key figures 2010
10 March 2011	Balance sheet press conference for 2010 financial statements
11 March 2011	Analysts' conference, London
20 April 2011	Annual General Meeting, Munich
21 April 2011	Dividend payment
9 May 2011	Interim report as at 31 March 2011
4 August 2011	Interim report as at 30 June 2011 Half-year press conference
8 November 2011	Interim report as at 30 September 2011
		Munich Re – January 2011 85

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	Mareike Berkling	Andreas Hoffmann
Head of External Communication ERGO Tel.: +49 (211) 4937-1510 E-mail: alexander.becker@ergo.de	Tel.: +49 (211) 4937-5077 E-mail: mareike.berkling@ergo.de	Tel.: +49 (211) 4937-1573 E-mail: andreas.hoffmann@ergo.de