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Munich Re (MUV2) investor relations material
Munich Re CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary11 Dec, 2025
Strategic vision and performance
Ambition 2025 targets were exceeded, with net result rising from €2.9bn in 2020 to €6.0bn in 2025, and RoE increasing from 11.9% in 2020 to ~18% in 2025.
Total shareholder return outperformed peers, reaching 171% from 2021 to 2025.
Key drivers included underwriting excellence, cost competitiveness, active investment management, and disciplined capital deployment.
Capital repatriation averaged ~75% of earnings from 2020–2024, with €7.7bn in dividends and €5.5bn in share buy-backs.
Ambition 2030 financial and capital management targets
New targets for 2030: RoE >18%, EPS growth >8% CAGR (2025–2030), total payout ratio >80%, and Solvency II ratio >200%.
Profitability to be driven by seizing growth opportunities, improving cost efficiency, enhancing investment returns, and increasing capital return.
Cost-saving initiatives aim for €200–600m annual savings by 2030, counteracting inflation and supporting automation.
Gradual increase in debt leverage to ~15% is planned to further improve capital efficiency.
Capital repatriation to shareholders will exceed 80% of net income annually, with dividend growth aligned to EPS growth.
Business segment strategies and growth
ERGO will focus on market leadership in Germany, targeted international expansion, and digital transformation, aiming for RoE >18% by 2030.
ERGO’s insurance revenue is projected to grow to €26–30bn by 2030, with combined ratios in Germany and International improving to 87–89% and 86–88%, respectively.
Reinsurance segment targets include maintaining global leadership in P&C, expanding L&H and specialty insurance, and delivering combined ratios of 79–83% (P&C) and 87–90% (GSI) by 2030.
Specialty insurance (GSI) will leverage market growth, disciplined underwriting, and volatility management to drive above-market expansion.
Solvency II target change impact on flexibility
Rationale for increased alternative investments
ERGO's US SMB market entry rationale
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Q4 202526 Feb, 2026
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Frequently asked questions
Munich Re is a leading global reinsurer with a tradition of setting new standards. It is the world's largest reinsurer, with a superior track record, based on reliable and consistent results for over 150 years. Munich Re has its headquarters in Munich, Germany. The company operates through its subsidiaries in more than 50 countries around the world, but mainly in the Americas, Asia Pacific and Europe.
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