Münchener Rückversicherungs-Gesellschaft Investor Presentation — February 2018

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Preliminary key figures 2017 and January renewals

Jörg SchneiderImage: Getty Images/ fStopDividend stable at €8.60 per share1, despite natcat losses –

Price and volume increase in January renewals

Preliminary key figures 2017 and January renewalsMunich Re (Group) –Financial highlights 2017

2Munich Re (Group) –2017 (Q4 2017)

Solid investment return, attrition of

running yield decelerating –

Reinvestment yield at 1.9% in Q4

Shareholders' equity

(+1.5% vs. 30.9., –11.3% vs. 31.12.16)

Strong capitalisation is basis for high

pay-outs –SII ratio almost stable2at

~240%3HGB result (German GAAP )

Release ofequalisation reserve in

fireandaviation –Distributable

earnings largely unchangedJanuary Renewals

Premium increase : 19.0%

Price increase : ~0.8%

1 Subject to approval of Supervisory Board and AGM. 2 Based on comparable calculation method vs. 31.12.2016 (242%).

3 Indication, after deduction of potential capital measures of €2.7bn in line with previous years’ capital management practices.Net result

Reinsurance result of €120m affected

by heavy natcat claims, pleasing

ERGO result of €273m –

Tax income offsets FX lossesOperating result

Technical result including fee income

in Reinsurance Life and Health of

€428m close to original guidance –

Good technical profitability at ERGOInvestment result Munich Re (Group)

Preliminary key figures 2017 and January renewals 3Highlights €m Q42017 2017 2016

Regular income 1,557 6,438 6,663

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