Münchener Rückversicherungs-Gesellschaft Investor Presentation — February 2020

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Balance sheet media conference for 2019 financial statements

Good progress towards 2020 ambition –Exploiting

opportunities in an improving market environment

Image: Klaus Ohlenschläger / dpa Picture Alliance Please note: Presentation based on 2019 preliminary figures2 Balance sheet media conference for 2019 financial statementsBalance sheet media conference

for 2019 financial statements

towards 2020 ambition

Joachim WenningGroup finance

28 February 20203 Balance sheet media conference for 2019 financial statementsStrong performance in 2019

Figures as at 31.12.2019 (31.12.2018). 1 Subject to the approval of the Supervisory Board and the Annual General Meeting .€2.7 bn(€2.3bn)

Exceeds initial guidance of €2.5bn

Above cost of capital€9.80 (€9.25)

High pay -out to shareholders237%(245%)

Well above target capitalisationSolvency II ratio

Dividend per shareIFRS net income

Return on EquityGood progress towards 2020 ambition

28 February 20202.32.52.8

4Ongoing business and earnings growth

supports 2020 ambition

transformationReduce

Balance sheet media conference for 2019 financial statements€bn

2020Good progress towards 2020 ambition

28 February 20205Reinsurance –Strategic growth initiatives well on track

▪Consolidate top position in mature

▪Smart growth in select emerging

▪Launch of voluntary programme –

reduction of ~350 FTEs

▪Cost savings of ~€200m by 2020

▪Disposal of MSP Underwriting and EllipseContinue

Streamline processes

towards business and

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