Münchener Rückversicherungs-Gesellschaft Investor Presentation — May 2020

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Quarterly statement as at 31 March 2020

Christoph Jurecka, Group CFO

Image: Klaus Ohlenschläger / dpa Picture Alliance2 Quarterly statement as at 31 March 2020Quarterly statement

Outlook3Covid -19: Dynamic situation with ongoing high uncertainty,

affecting assets and liabilities of the insurance industry

Covid -19 Population Economy Capital markets

7 May 2020 Quarterly statement as at 31 March 2020▪Government lock downs

▪Event cancellations

▪Economic downturn▪Slump in equity markets

▪Spike in credit spreads

▪Drop in interest rates

▪Extreme volatility▪Strong increase in

infections and fatalities

▪Persons affected are

mostly elderly or patients

▪Claims in other lines to

become more relevant in

the remainder of the year▪Volatility affects investment

▪SII ratio drops to 212% –

well within the optimal range▪Impact on life book too

early to assessObservations

Munich ReMunich Re –Covid -194Financial impact on Munich Re manageable

7 May 2020 Quarterly statement as at 31 March 2020▪~€800m in Covid -19-

related claims across

various lines of business …

▪… whereas contingency

losses account for the

largest share by far▪Equity impairments and

net disposal losses:

▪Derivatives result:

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