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10 60 50 Munich Re Group 12 700 600 500 400 Half - year financial report as at 30 June 2026 7 August 2026 Christoph Jurecka ( CEO ) Andrew Buchanan ( CFO ) Yuichiro Chino / Getty Images Munich RE
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27 August 2026Half-year financial report as at 30 June 2026 Half-year financial report as at 30 June 2026 Agenda 02 0501 03 04 Munich Re Group finance ERGO Reinsurance
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01 Munich Re Source: Munich Re
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47 August 2026Half-year financial report as at 30 June 2026 H1 2026 confirms strong earnings delivery – firmly on track to achieve FY 2026 and mid-term targets Figures as at H1 2026. Reinsurance ERGO Net result €3,369m Return on equity 24.9% Net result €556m Return on equity 15.8% Net result €3.9bn Return on equity 23.0% H1 Outlook 2026 ~€6.3bn Ambition 2030 >18% Strong financial performance of Munich Re Group Munich Re
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57 August 2026Half-year financial report as at 30 June 2026 Diversified business model is driving sustainable earnings Munich Re 1 FX-adjusted change in gross insurance revenue, H1 2026 vs. H1 2025. Munich Re is using its competitive advantage to manage the reinsurance cycle more rigorously Top line1 +6.3% –11.3% Global Specialty Insurance Growing in attractive specialty insurance markets L&H reinsurance Strong earnings trajectory, healthy transaction pipeline ERGO Achieving targets with impressive consistency P&C reinsurance Disciplined underwriting structurally safeguards profitability 01 02 03 04 Group +0.9%
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7 August 2026 6Half-year financial report as at 30 June 2026 July renewals Renewals 2022–2025 % 0.1% 5.1% 0.6% –2.5% July only July renewals 2026 Price change1 Volume change2 –5.5% Focus on portfolio quality and client relationships –9.1% Portfolio optimisation 6.4% –2.5% –5.4% –3.2% July only 01 P&C reinsurance 11.9 1.8 2.3 –1.5 2022 2023 2024 2025 0.5 3.1 0.2 –1.2 2022 2023 2024 2025 Rigorous cycle management preserves margins and good portfolio quality ▪ Price decline from a very high level – strong market position and broad portfolio diversification paying off ▪ Nominal price change (IFRS 4): –4.4%, including a business mix effect of –1.1%-pp ▪ YTD price change for the three major renewals in 2026 amounts to –3.1% ▪ Portfolio quality maintained – largely unchanged terms and conditions as well as structures ▪ Volume decline largely driven by price decrease and disciplined cycle management – withdrawal from business with inadequate returns partially compensated for by new business opportunities, including one-off transactions, which are not part of this reporting, but support top and bottom line 1 Price change is risk-adjusted, i.e. includes claims inflation and loss trends. Calculation up to 2023 based on gross written p remium (IFRS 4). From 2024 onwards calculation of price change based on insurance revenue (IFRS 17), i.e. premiums are adjusted for ceding com missions, which leads to shifts in portfolio weights (stronger weighting of non-proportional business) and a smaller denominator.