Group Annual Report 2025 (Munich Re)

Summary

• Munich Re's 2025 net result of €6.1bn set a new record.p.5
• A dividend increase of 20% to €24.00 will be proposed at the Annual General Meeting.p.6
• Return on equity increased from 11.9% to 18.3% over the Ambition 2025 period.p.6
• The solvency ratio stood at 298% at the end of 2025.p.6
• Total shareholder return during Ambition 2025 was 180%.p.6
• The property-casualty reinsurance combined ratio for 2025 was 74%.p.8
• Global Specialty Insurance posted a combined ratio of 86%.p.8

Key insights

1. A share buy-back totalling €2.25bn has already been approved.p.6
2. The share price rose some 16% in 2025.p.6
3. Insured losses exceeded US$ 100bn from wildfires, flooding and severe thunderstorms, but no severe hurricanes struck the US mainland.p.8
4. The life and health reinsurance total technical result of €1.7bn matched the forecast.p.8
5. ERGO's segment result amounted to around €920m.p.7
6. Munich Re aims to raise its total payout ratio from an average of 75% to over 80% per year.p.9
7. Life and health reinsurance, GSI and ERGO account for approximately 50% of the Group's net result, targeted at about 60% in 2030.p.9
8. Munich Re will phase out capital investments involving thermal coal by the end of 2030 instead of 2040.p.9