Münchener Rückversicherungs-Gesellschaft Investor Presentation — February 2017

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Preliminary financial statements as at 31 December 2016plainpicture /fStop /Ralf Hiemisch

Jörg Schneider2016 net result of €2.6bn meets annual guidance –

Increased dividend of €8.60 per share1

Preliminary financial statements as at 31 December 2016Munich Re (Group) –Financial highlights 2016

21 Subject to approval of Supervisory Board and AGM. NET RESULT

€2.6bn ( €0.5bn)OPERATING RESULT

€4.0bn ( €0.8bn) INVESTMENT RESULT

SHAREHOLDERS' EQUITY

€31.8bn(–1.8% vs. 30.9.)HGB RESULT (GERMAN GAAP)

Significantly above €3bn JANUARY RENEWALSMunich Re (Group) –2016 (Q4 2016)

Solid return given low interest rates –

prudent asset liability management once

again proved beneficialSound underlying performance without

dilution of strong balance sheet –

investments in ERGO Strategy

Programme and FX gainsReinsurance combined ratio of 95.7%

(101.9%), technical result of almost

€500m in life re –ERGO with slightly

negative 2016 (positive Q4) net result

Strict focus on bottom -line

Premium change: –4.9%

Price change: ~ –0.5%Strong capitalisation according to all

metrics continues to provide the basis

for high pay -outsDistributable earnings improved

substantially, despite capital repatriation

of €2.3bnInvestment result Munich Re (Group) –Investments

Preliminary financial statements as at 31 December 2016 3Highlights

Ongoing attrition of running yield –decline ~30bps

3-month reinvestment yield stable at ~1.8% in Q4

Disposal gains at prior -year level –higher gains at ERGO,

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