Muenchener Rueckversicherungs-Gesellschaft AG — Investor Presentation 2007

Jan 9, 2007

Munich Re Group Turning risk into value

Dresdner Kleinwort 9th German Investment Seminar New York

Nikolaus von Bomhard Chairman of the Board of Management

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Turning risk into value

A world leading reinsurer with a significant primary insurance business

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----- Start of picture text ----- Munich Re Group – Premiums 2005 breakdown by segment (consolidated)in €mReinsurance Primary insuranceProperty-casualty Property-casualty13,699 (36%) 5,219 (14%)GWP:Reinsurance €38.2bn Primary insuranceLife 5,889 (15%) Life 7,437 (19%)Health 1,063 (3%) Health 4,892 (13%)Reinsurance Primary insurance� Diversification as key success factor � Germany-based with growing importance in� Leading expertise in non life and life selected European marketsreinsurance worldwide for 126 years � Focused on personal lines business� Full range of products: from traditional � Multi-brand – single back office approachreinsurance to alternative risk financing � European market leader in health and legal� Best reinsurer overall by cedant vote [1] expenses1 Flaspöhler-Survey Europe 2006 1Munich Re Group – Dresdner Kleinwort 9th German Investment Seminar, 9 January 2007----- End of picture text -----

• 1 Flaspöhler-Survey Europe 2006

• Turning risk into value From recovery to sustainable performance Reinsurance Primary insurance

• � Strict focus on risk� New organisation structure at adequate pricing ERGO

• � No top-line growth targets � Continuous cost management � Value-creation focus on � Unified IT platform established liabilities side of balance � Foreign markets strategy sheet implemented Risk-based performance measurement

• New committee structure for Munich Re Group 2

Turning risk into value

Building a track record

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----- Start of picture text ----- Combined ratios in %135.1 122.4110.5 [1] Reinsurance96.7 98.9 97.0%below non-life101.4 99.9 96.4 93.0 93.1 91.092.1 95below.0% Primary insuranceproperty-casualty2001 2002 2003 2004 2005 Q1–3 06 2006e [2]1 Thereof 17.7%-points NatCat; 2 Assumption within RoRaC targetNet earnings in €m395 214 –468 1,887 2,751 2,861 3,200to 3,400Munich Re GroupPrimaryinsuranceReinsurance2001 [1] 2002 [1] 2003 [1] 2004 [1] 2005 [2] Q1–3 06 New targetfor 20061 Adjusted due to first-time application of IAS 1 (rev. 2003). 2 Adjusted due to first-time application of IAS 19 (rev. 2004).3Munich Re Group – Dresdner Kleinwort 9th German Investment Seminar, 9 January 2007----- End of picture text -----

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----- Start of picture text ----- Turning risk into valueDerisking strategy applied----- End of picture text -----

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----- Start of picture text ----- Asset risk exposure----- End of picture text -----

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----- Start of picture text ----- Market risk reduced alongside rising indicesEquity exposure in % of investments (market values)----- End of picture text -----

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----- Start of picture text ----- 4030201002000 2001 2002 2003 2004 2005 30.9.06----- End of picture text -----

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----- Start of picture text ----- Required risk capitalConsequent reduction of market risk capital [1]----- End of picture text -----

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----- Start of picture text ----- in €m----- End of picture text -----

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----- Start of picture text ----- 13.310.6 10.8 PrimaryinsuranceReinsurance1.1.04 1.1.05 1.1.06----- End of picture text -----

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----- Start of picture text ----- Low credit risk exposure: >95% A or betterRating structure of fixed-income portfolioas at 31.12.05----- End of picture text -----

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----- Start of picture text ----- < BBB 0% 1% No ratingBBB 3%A 11%62% AAAAA 23%----- End of picture text -----

Relatively minor credit risk capital[1] in €m

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----- Start of picture text ----- 1.0 0.9 1.0PrimaryinsuranceReinsurance1.1.04 1.1.05 1.1.06----- End of picture text -----

1 Diversification benefits between reinsurance and primary insurance are not considered.

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Turning risk into value

Capital structure Significant reduction of debt leverage

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----- Start of picture text ----- Equity Strategic and subordinated debt Debt leverage€bn €bn 6.6 6.5 in % 2524.4 [2] 25.7 245.319.3 [1] [20.5] [2] 19 184.11413.9 + 3.22002 2003 2004 2005 30.9.06 2002 2003 2004 2005 30.9.06 2002 2003 2004 2005 30.9.06Subordinated debt Incl. subordinated debtSenior debt Excl. subordinated debtBank debt and overdraftContinual strengthening ...while simultaneously ...led to significantof equity base... redeeming strategic debt... reduction of debt leverage1 2 Adjusted owing to first-time application of IAS 1 (rev. 2003).Adjusted owing to first-time application of IAS 19 (rev. 2004). 5Munich Re Group – Dresdner Kleinwort 9th German Investment Seminar, 9 January 2007----- End of picture text -----

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----- Start of picture text ----- Turning risk into valueCapital ManagementShare buy-back as next logical step----- End of picture text -----

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----- Start of picture text ----- Focus on efficient capitalisation:Share buy-back programme� Volume: €1bnIntroduction � Period: Nov 2006 – April 2007 (AGM)of RoRaC- � Cancellation of repurchased sharesDisclosure targetof riskChange to capitalflexibleDerisking dividendinitiative policystarted Ensuring discipline within Munich Reand reinsurance market�� � � �Buy-backs as part of our ongoing capital management6Munich Re Group – Dresdner Kleinwort 9th German Investment Seminar, 9 January 2007----- End of picture text -----

Turning risk into value

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Reinsurance Property & Casualty Still attractive environment for renewals January 2007

Key P&C reinsurance market trends

• Overall reinsurance prices, terms and conditions at or above risk-adequate level

• No single cycle of reinsurance

• US NatCat increase to high July renewal level

• Property excluding US NatCat affected lines and casualty stable

• Structural market growth in Emerging Markets at mainly stable prices

• Increased importance of diversification as capital requirements for monoliners rise

Munich Re: Profitable growth in renewed and new business over 2006, further enhancing overall portfolio profitability

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Growth approach of Munich Re Group

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----- Start of picture text ----- Reinsurance Integrated health care Primary insurance� Analyse life re � Investment in selected � International expansionportfolios markets; bridging in selected countriesfinancial protection, with high growth/highservices and provision margin potentialof care�Growth of underlyingrisk values, peak risksand accumulationsOrganic � Emerging markets � Flexible and parallel use of primary and M&Agrowth � Higher penetration of reinsurance brands activitiesestablished markets and business models� Product development� Solvency II � Exploit significantgrowth potentialthrough unique selling � Organic growth inproposition Germany with specialfocus on retail P-C,corporate pension,supplementary health 8Munich Re Group – Dresdner Kleinwort 9th German Investment Seminar, 9 January 2007----- End of picture text -----

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Active use of capital markets Key considerations

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----- Start of picture text ----- Attractive market conditions Attractive market conditionsin bn Outstanding Cat Bond Issued Cat Bond Average expected loss* Pricing “multiples“15 3 (left axis in %) (right axis) 87610 2 545 1 3210 0 01997 1998 1999 2000 2001 2002 2003 2004 2005 2006** 2001 2002 2003 2004 2005 2006* and prior; ** to date *For outstanding cat bonds onlySource: Goldman Sachs Source: Lane Financial L.L.C. 2006Optimal moment to increase our activity in this market segmentbenefiting from a well developed infrastructure and maturing marketsOpportunities for portfolio optimization, increase of capital efficiency and additional earningswith a minimum of launching costs for MR----- End of picture text -----

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Turning risk into value

Active use of capital markets More than just securitisation

Munich Re’s Risk Trading approach

Managing our own risks

• Optimise portfolio

• Use of additional capacity

Improve our risk/return profile and save costs

Risk warehousing

• Retain risks

• Be active player in primary and secondary market

Risk-based, investment and arbitrage income

Managing our clients’ risks

• Consulting, structuring, project management and placement support

• Risk fronting / transformation and (interim) capacity provider

Fee and risk-based income

Restructuring and reselling

• Extension of “buy and hold” strategy

• Combine and restructure risks

• Sell at favourable terms and conditions

Fee and arbitrage income

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Turning risk into value

Active use of capital markets Munich Re track record

Transaction Name	Closing	Volume	Covered Perils
Pacific Re	06/1998	USD 80m	�Typhoon Japan
Gold Eagle Capital Limited*	12/1999	USD 182m	�Hurricanes in East and Golf coast area�Earthquakes in New Madrid area�Earthquakes in California
PRIME Capital Hurricane Ltd.	12/2000	USD 165m	�Hurricanes in New York & Miami area
Prime CapitalCalQuake & EuroWind Ltd.	12/2000	USD 135m	�Earthquakes in N and S California�Windstorms in select European Countries
Gold Eagle Capital 2001*Limited	04/2001	USD 120m	�Hurricanes in East and Golf coast area�Earthquakes in New Madrid area
Aiolos Ltd.	11/2005	EUR 110m	�Windstorms in select European Countries
Carillon Ltd.	06/2006	USD 84.5m	�US Hurricanes Nationwide. PCS
Lakeside Re	12/2006	USD 190m	�Earthquake in California

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• American Re

Turning risk into value

Key investment considerations

• Leading global franchise in reinsurance

• Primary business back to profitability

• Clear underwriting discipline

• Diversified premium mix and risk management focus distinguishes our risk capital situation

• Continued derisking leading to lower CoC

• Balance sheet strength offers opportunities for active capital management

  • Dividend payout ratio of at least 25%

  • Buy backs to support efficient balance sheet

• Smart growth in profitable niches

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Turning risk into value

Appendix

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Financial calendar Contacts

Disclaimer

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Financial calendar

30 January 2007

Press release on the renewal of reinsurance treaties

28 February 2007

Balance sheet press conference

26 April 2007

Annual General Meeting

27 April 2007

Dividend payment

7 May 2007

Interim report as at 31 March 2007

7 May 2007

Analysts’ Conference

6 August 2007

Interim report as at 30 June 2007

6 November 2007

Interim report as at 30 September 2007

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For information please contact

Sascha Bibert

Head of Investor Relations Tel.: +49 (89) 38 91-39 10 E-mail: sbibert@munichre.com

Ralf Kleinschroth

Tel.: +49 (89) 38 91-45 59 E-mail: rkleinschroth@munichre.com

Dr. Thomas Dittmar

Tel.: +49 (89) 38 91-64 27 E-mail: tdittmar@munichre.com

Ingrid Grunwald

Tel.: +49 (89) 38 91-35 17 E-mail: igrunwald@munichre.com

Robert Kinsella

Tel.: +49 (89) 38 91-30 19 E-mail: rkinsella@munichre.com

Frank Kopfinger

Tel.: +49 (89) 38 91-28 94 E-mail: fkopfinger@munichre.com

Fax: +49 (89) 38 91-98 88 E-mail: InvestorRelations@munichre.com Internet: www.munichre.com

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Disclaimer

This report 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.

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