Munich RE (MUV2) Guidance summary

Opening remarks and agenda

• Call opened with greetings and a brief agenda, focusing on the 2025 financial outlook and key messages before Q&A.

• Acknowledgement of the strong nine-month result for 2024, setting the context for the 2025 outlook.

• Announced a profit target of €6bn for 2025, reflecting strong operational performance across all segments.

• Scheduled release of full-year 2024 financial figures for 26 February 2025.

Guidance on key objectives

• Net income target for 2025 set at EUR 6 billion, a 20% increase over the initial 2024 target.

• Targeting group insurance revenue of €64bn and return on investment above 3.0% for 2025.

• All business segments expected to contribute to higher 2025 targets.

• Insurance revenue for ERGO projected to rise from EUR 21 billion to EUR 22 billion, with net result increasing from EUR 0.8 to EUR 0.9 billion.

• Reinsurance top line expected to grow from EUR 40 billion to EUR 42 billion, with net result rising to EUR 5.1 billion.

Market trends and strategic opportunities

• Attractive market environment expected for Life and Health reinsurance and P&C reinsurance, with further growth in Global Specialty Insurance (GSI).

• Rates in P&C reinsurance are plateauing at high levels, supporting stable profitability.

• Favourable market environment expected to continue, supporting leverage of strong market position.