10th August 2022

"Munich Re posts solid quarterly result"-Joachim Wenning,Chair of the Board of Management

Munich Re generated profit of E768m in Q2 and confirmed its annual target-highlights:
-Low combined ratio in property-casualty reinsurance
-very good technical result in life and health reinsurance
-ERGO contributes E160m(155m) to Group Q2 result
-Strong increase in reinvestment yield
-falling share prices and higher interest rates adversely impact investment result
-July renewals show premium growth +6%) with stable prices (+0.1%)
Joachim Wenning, chair of the Board of Management, comments
"Munich Re has posted a solid quarterly result despite fierce headwinds from inflation, the cooling economy and the war in Ukraine. The profitability of our business is very good, and we again saw clear and profitable growth. Our clients are all the more appreciative of our strong balance sheet in these uncertain times. Now is the time to seize opportunities in markets that are continuing to harden. At the same time, we are systematically increasing the share of earnings generated by less-cyclical business. The rise in interest rates will give us tailwind in the long term by allowing us to benefit from higher running yields. Our annual target and our objectives for our “Ambition 2025” medium-term strategy are firmly in sight."

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