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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Munich Re
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 achievements, vision, and outlook
Ambition 2025 targets were exceeded, with net income rising from €2.9bn in 2020 to €6bn in 2025 and ROE increasing from 11.9% to around 18%, doubling previous years’ results.
All business segments—P&C Reinsurance, Life & Health Reinsurance, Global Specialty Insurance, and ERGO—contributed to growth and stability.
Total shareholder return reached 171% from 2021 to 2025, outperforming peers.
Diversification, disciplined capital management, and underwriting excellence enabled resilience through macroeconomic and geopolitical challenges.
Ambition 2030 aims to further boost net income beyond €6bn, maintain ROE above 18%, and balance financial growth with societal impact.
Financial and capital management targets
New 2030 targets: ROE >18%, EPS growth >8% CAGR, payout ratio >80%, and Solvency II ratio >200%.
Cost savings of €600m targeted by 2030, with €200m expected next year, counteracting inflation and supporting automation.
Investment returns to rise, with running yields expected to exceed 3% by 2030, driven by higher reinvestment yields and alternative assets.
Capital repatriation to shareholders will exceed 80% of net income annually, with dividend growth aligned to EPS growth.
Solvency II target floor set at >200%, aligning with AA rating and ensuring flexibility for growth post-large events.
Business segment strategies and growth
ERGO targets >18% ROE by 2030, focusing on market leadership in Germany, international expansion, and digital transformation.
ERGO’s insurance revenue is projected to grow to €26–30bn by 2030, with improved combined ratios in Germany and International.
Reinsurance aims for global leadership in P&C, strong Life & Health expansion, and GSI-driven diversification with less volatile earnings.
Specialty insurance (GSI) will leverage market growth, disciplined underwriting, and volatility management for above-market expansion.
Cost discipline, technology investments, and global IT harmonization are central enablers across all segments.
Solvency II target change impact on flexibility
Rationale for increased alternative investments
ERGO's US SMB market entry rationale
Clarify Solvency II operating buffer for growth
P&C Re portfolio steering metrics
Sustainability of L&H Re transactional growth?
Partial view of Summaries dataset, powered by Quartr API
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Next Munich Re earnings date
Q4 202526 Feb, 2026
Munich Re
Next Munich Re earnings date
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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