1 The annualised RoE is calculated on the basis of the consolidated result, including the result attributable to non-controlling interests. We use the figures as at 31 December 2019 and 30 June 2020, adjusted for unrealised gains and losses and for currency translation, to calculate the average equity for the first six months of 2020.
1 Including those apportionable to minority interests and policyholders.
Reinsurance
Q1-2 2020
Q1-2 2019
Change
Q2 2020
Q2 2019
Change
%
%
Gross premiums written
€m
18,091
15,963
13.3
8,856
7,583
16.8
Combined ratio property-casualty
%
103.0
92.1
99.9
86.9
Investment result
€m
1,588
1,445
9.9
659
804
-18.0
Consolidated result
€m
555
1,406
-60.5
407
858
-52.6
Thereof: Reinsurance - Life and health
€m
67
335
-80.1
59
154
-61.9
Thereof: Reinsurance - Property-casualty
€m
488
1,071
-54.4
348
704
-50.6
ERGO
Q1-2 2020
Q1-2 2019
Change
Q2 2020
Q2 2019
Change
%
%
Gross premiums written
€m
9,021
9,212
-2.1
3,971
4,217
-5.8
Combined ratio Property-casualty Germany
%
92.9
91.9
92.5
86.2
Combined ratio International
%
92.7
95.2
90.1
95.0
Investment result
€m
2,029
2,231
-9.1
1,038
1,116
-6.9
Consolidated result
€m
245
220
11.2
173
135
27.4
Thereof: Life and Health Germany
€m
69
135
-49.1
63
72
-11.9
Thereof: Property-casualty Germany
€m
71
69
3.2
50
55
-8.8
Thereof: International
€m
105
16
544.3
59
8
597.2
Outlook
Outlook Munich Re (Group) 2020
As at 30.06.2020
From Q1 2020
From Annual Report 2019
Gross premiums written
€bn
54
52
52
Technical result - Life and health reinsurance1
€m
withdrawn
550
550
Combined ratio - Property-casualty reinsurance
%
withdrawn
withdrawn
97
Combined ratio - ERGO Property-casualty Germany
%
92
92
92
Combined ratio - ERGO Property-casualty International
%
94
94
94
Return on investment2
%
3
3
3
Consolidated result
€bn
withdrawn
withdrawn
2.8
Economic Earnings
€bn
withdrawn
withdrawn
over 2.8
1 Including the result from business with non-significant risk transfer.
2 Excluding insurance-related investments.
Investment portfolio
Investment portfolio
Unrealised
€m
Carrying amounts
gains/losses1
Fair values
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
Land and buildings, including buildings on third-party land
6,730
5,989
5,631
5,600
12,361
11,589
Investments in affiliated companies, associates and joint ventures
3,094
2,847
962
968
3,949
3,646
Loans
51,857
52,507
13,292
12,147
65,149
64,654
Other securities available for sale
151,773
151,558
15,414
14,370
151,773
151,558
Thereof: Fixed-interest
136,205
132,120
13,058
10,738
136,205
132,120
Thereof: Non-fixed-interest
15,568
19,438
2,355
3,632
15,568
19,438
Other securities at fair value through profit or loss
3,503
2,781
3,503
2,781
Thereof: Derivatives
2,934
2,099
2,934
2,099
Deposits retained on assumed reinsurance
8,089
7,938
8,089
7,938
Other investments
5,035
5,144
5,035
5,144
Total
230,080
228,764
35,298
33,085
249,858
247,310
1 Including on- and off-balance-sheet unrealised gains and losses.
Investment performance
Investment result
Q1-2 2020
RoI1
Q1-2 2019
RoI1
Q2 2020
Q2 2019
€m
%
€m
%
€m
€m
Regular income
3,265
2.6
3,459
2.9
1,721
1,848
Write-ups/write-downs of non-derivative investments
-1,567
-1.3
-181
-0.2
-108
-98
Gains/losses on the disposal of non-derivative investments
1,566
1.3
1,038
0.9
1,189
436
Net balance of derivatives
694
0.6
-329
-0.3
-906
-97
Other income/expenses
-342
-0.3
-311
-0.3
-200
-169
Total
3,617
2.9
3,676
3.1
1,697
1,919
1 Annual % return on the mean value of the investment portfolio measured at market value as at the quarterly reporting dates.
BS
Consolidated balance sheet
Assets
30.6.2020
31.12.2019
Change
€m
€m
€m
€m
€m
%
A.
Intangible assets
I.
Goodwill
2,936
2,941
-4
-0.1
II.
Other intangible assets
1,228
1,240
-11
-0.9
4,165
4,180
-16
-0.4
B.
Investments
I.
Land and buildings, including buildings
on third-party land
6,730
5,989
741
12.4
II.
Investments in affiliated companies,
associates and
joint ventures
3,094
2,847
247
8.7
Thereof:
Associates and joint
ventures accounted for
using the equity method
2,848
2,625
223
8.5
III.
Loans
51,857
52,507
-650
-1.2
IV.
Other securities
1. Available for sale
151,773
151,558
215
0.1
2. At fair value through profit or loss
3,503
2,781
722
26.0
155,276
154,338
937
0.6
V.
Deposits retained on assumed reinsurance
8,089
7,938
151
1.9
VI.
Other investments
5,035
5,144
-109
-2.1
230,080
228,764
1,316
0.6
C.
Insurance-related investments
10,104
9,163
941
10.3
D.
Ceded share of technical provisions
5,338
4,937
401
8.1
E.
Receivables
I.
Current tax receivables
766
699
67
9.6
II.
Other receivables
25,212
21,539
3,673
17.1
25,978
22,238
3,740
16.8
F.
Cash at banks, cheques and cash in hand
5,831
4,994
837
16.8
G.
Deferred acquisition costs
Gross
9,535
9,664
-129
-1.3
Ceded share
-436
-393
-43
-11.0
Net
9,099
9,272
-173
-1.9
H.
Deferred tax assets
304
316
-12
-3.8
I.
Other assets
3,196
3,289
-93
-2.8
J.
Assets held for sale
264
400
-136
-34.1
Total assets
294,358
287,553
6,805
2.4
Equity and liabilities
30.6.2020
31.12.2019
Change
€m
€m
€m
€m
%
A.
Equity
I.
Issued capital and capital reserve
7,432
7,421
12
0.2
II.
Revenue reserves
13,494
12,804
690
5.4
III.
Other reserves
7,937
7,510
427
5.7
IV.
Consolidated result attributable
to Munich Reinsurance Company equity holders
802
2,724
-1,923
-70.6
V.
Non-controlling interests
101
117
-16
-13.7
29,766
30,576
-810
-2.6
B.
Subordinated liabilities
3,709
3,839
-130
-3.4
C.
Gross underwriting provisions
I.
Unearned premiums
10,925
10,518
407
3.9
II.
Provision for future policy benefits
113,111
112,302
809
0.7
III.
Provision for outstanding claims
72,116
70,875
1,241
1.8
IV.
Other underwriting provisions
20,818
21,011
-193
-0.9
216,970
214,706
2,263
1.1
D.
Gross technical provisions
for unit-linked life insurance
7,472
8,172
-700
-8.6
E.
Other provisions
5,482
5,291
191
3.6
F.
Liabilities
I.
Notes and debentures
297
297
-0
-0.0
II.
Deposits retained on ceded business
1,196
1,028
168
16.3
III.
Current tax liabilities
1,866
1,913
-47
-2.5
IV.
Other liabilities
25,158
19,643
5,515
28.1
28,517
22,882
5,635
24.6
G.
Deferred tax liabilities
2,325
1,908
417
21.9
H.
Liabilities related to
assets held for sale
117
179
-63
-34.8
Total equity and liabilities
294,358
287,553
6,805
2.4
P&L (ytd)
Consolidated income statement
Q1-2 2020
Q1-2 2019
Change
€m
€m
€m
€m
€m
%
Gross premiums written
27,112
25,175
1,937
7.7
1.
Earned premiums
Gross
26,427
24,721
1,706
6.9
Ceded
-1,266
-1,243
-23
-1.9
Net
25,161
23,478
1,683
7.2
2.
Income from technical interest
1,985
3,499
-1,514
-43.3
3.
Expenses for claims and benefits
Gross
-21,201
-19,436
-1,764
-9.1
Ceded
820
535
286
53.5
Net
-20,381
-18,902
-1,479
-7.8
4.
Operating expenses
Gross
-6,528
-6,459
-69
-1.1
Ceded
281
277
4
1.4
Net
-6,247
-6,182
-65
-1.0
5.
Technical result (1-4)
519
1,893
-1,374
-72.6
6.
Investment result
3,617
3,676
-59
-1.6
Thereof:
Income from associates and joint ventures accounted
for using the equity method
29
79
-50
-64
7.
Insurance-related investment result
-549
680
-1,229
-
8.
Other operating income
476
416
61
14.6
9.
Other operating expenses
-925
-976
51
5.2
10.
Deduction of income from technical interest
-1,985
-3,499
1,514
43.3
11.
Non-technical result (6-10)
634
297
337
113.5
12.
Operating result (5+11)
1,153
2,190
-1,037
-47.4
13.
Other non-operating result
-17
-73
55
76.4
14.
Currency result
167
85
81
95.4
15.
Net finance costs
-110
-110
1
0.7
16.
Taxes on income
-393
-466
74
15.8
17.
Consolidated result (12-16)
800
1,626
-826
-50.8
Thereof:
Attributable to Munich Reinsurance Company
equity holders
802
1,625
-823
-50.7
Attributable to non-controlling interests
-1
1
-3
-
€
€
€
%
Earnings per share
5.71
11.22
-5.52
-49.2
P&L (Q)
Consolidated income statement
Q2 2020
Q2 2019
Change
€m
€m
€m
€m
€m
%
Gross premiums written
12,827
11,799
1,028
8.7
1.
Earned premiums
Gross
13,198
12,332
866
7.0
Ceded
-683
-486
-197
-40.6
Net
12,515
11,846
669
5.6
2.
Income from technical interest
1,727
1,549
179
11.5
3.
Expenses for claims and benefits
Gross
-11,182
-9,118
-2,063
-22.6
Ceded
433
130
302
232.2
Net
-10,749
-8,988
-1,761
-19.6
4.
Operating expenses
Gross
-3,242
-3,303
60
1.8
Ceded
149
141
7
5.2
Net
-3,094
-3,161
68
2.1
5.
Technical result (1-4)
400
1,245
-846
-67.9
6.
Investment result
1,697
1,919
-222
-11.6
Thereof:
Income from associates and
joint ventures accounted
for using the equity method
17
32
-16
-48.5
7.
Insurance-related investment result
596
127
470
371.0
8.
Other operating income
249
213
36
16.9
9.
Other operating expenses
-459
-537
77
14.4
10.
Deduction of income from technical interest
-1,727
-1,549
-179
-11.5
11.
Non-technical result (6-10)
356
174
182
104.9
12.
Operating result (5+11)
755
1,419
-663
-46.8
13.
Other non-operating result
-6
-54
48
88.4
14.
Currency result
23
27
-4
-14.6
15.
Net finance costs
-55
-55
-0
-0.9
16.
Taxes on income
-138
-344
206
59.9
17.
Consolidated result (12-16)
579
993
-414
-41.7
Thereof:
Attributable to Munich Reinsurance Company
equity holders
580
993
-413
-41.6
Attributable to non-controlling interests
-1
1
-2
-
€
€
€
%
Earnings per share
4.14
6.88
-2.74
-39.8
BS segment
Segment balance sheet
Segment assets
Reinsurance
ERGO
Total
Life and Health
Property-casualty
Life and health
Property-casualty
Germany
Germany
International
€m
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
A.
Intangible assets
299
319
2,288
2,316
195
199
1,208
1,170
176
175
4,165
4,180
B.
Investments
I.
Land and buildings, including buildings on third-party land
185
190
3,118
2,369
3,075
3,101
227
225
124
105
6,730
5,989
II.
Investments in affiliated companies, associates and joint ventures
55
48
1,812
1,827
352
378
102
113
772
481
3,094
2,847
Thereof:
Associates and joint ventures accounted
for using the equity method
26
27
1,722
1,761
298
322
44
43
758
471
2,848
2,625
III.
Loans
484
471
606
536
49,040
49,713
1,360
1,433
367
354
51,857
52,507
IV.
Other securities
1. Available for sale
23,425
22,661
48,719
50,533
57,509
56,676
5,258
5,334
16,862
16,353
151,773
151,558
2. fair value through profit or loss
110
83
1,402
897
1,548
1,336
46
23
396
441
3,503
2,781
23,536
22,744
50,122
51,431
59,057
58,013
5,303
5,357
17,258
16,794
155,276
154,338
V.
Deposits retained on assumed reinsurance
4,975
4,791
3,055
3,082
41
43
18
22
0
0
8,089
7,938
VI.
Other investments
416
722
2,835
2,858
1,421
1,329
217
74
146
161
5,035
5,144
29,650
28,967
61,549
62,103
112,986
112,577
7,228
7,222
18,668
17,895
230,080
228,764
C.
Insurance-related investments
2,525
1,070
518
290
4,799
5,216
0
0
2,262
2,587
10,104
9,163
D.
Ceded share of technical provisions
1,868
1,529
2,742
2,732
12
14
124
52
592
610
5,338
4,937
E.
Assets held for sale
1
10
17
157
0
0
0
0
246
234
264
400
F.
Other segment assets
17,359
14,826
14,672
13,852
7,449
7,034
2,002
1,637
2,926
2,760
44,408
40,109
Total segment assets
51,700
46,721
81,785
81,449
125,441
125,039
10,562
10,082
24,869
24,262
294,358
287,553
Segment equity and liabilities
Reinsurance
ERGO
Total
Life and Health
Property-casualty
Life and health
Property-casualty
Germany
Germany
International
€m
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
30.6.2020
31.12.2019
A.
Subordinated liabilities
879
956
2,818
2,871
0
0
0
0
13
13
3,709
3,839
B.
Gross technical provisions
I.
Unearned premiums
397
337
7,553
7,583
254
282
880
507
1,840
1,809
10,925
10,518
II.
Provision for future policy benefits
12,573
12,607
26
26
90,527
89,698
401
409
9,584
9,562
113,111
112,302
III.
Provision for outstanding claims
9,885
9,563
51,420
50,696
2,912
2,970
4,926
4,779
2,974
2,868
72,116
70,875
IV.
Other underwriting provisions
214
340
216
274
19,521
19,574
100
99
766
724
20,818
21,011
23,069
22,848
59,215
58,579
113,214
112,525
6,307
5,793
15,164
14,962
216,970
214,706
C.
Gross technical provisions
for unit-linked life insurance contracts
0
0
0
0
5,124
5,572
0
0
2,347
2,600
7,472
8,172
D.
Other provisions
187
233
684
805
2,124
1,992
1,207
1,061
1,280
1,200
5,482
5,291
E.
Liabilities related to
assets held for sale
0
0
0
0
0
0
0
0
117
179
117
179
F.
Other segment liabilities
14,575
10,522
9,675
8,049
4,639
4,282
612
631
1,341
1,306
30,843
24,790
Total segment liabilities
38,710
34,559
72,392
70,303
125,102
124,370
8,126
7,486
20,263
20,260
264,593
256,978
Equity
29,766
30,576
Total equity and liabilities
294,358
287,553
P&L segment (ytd)
Segment income statement
Reinsurance
ERGO
Total
Life and Health
Property-casualty
Life and health
Property-casualty
Germany
Germany
International
€m
Q1-2 2020
Q1-2 2019
Q1-2 2020
Q1-2 2019
Q1-2 2020
Q1-2 2019
Q1-2 2020
Q1-2 2019
Q1-2 2020
Q1-2 2019
Q1-2 2020
Q1-2 2019
Gross premiums written
6,411
5,636
11,680
10,327
4,464
4,658
2,135
2,035
2,422
2,519
27,112
25,175
1.
Net earned premiums
5,732
5,068
10,988
9,877
4,489
4,595
1,718
1,642
2,234
2,295
25,161
23,478
2.
Income from technical interest
331
320
552
592
1,106
2,200
34
38
-38
348
1,985
3,499
3.
Net expenses for claims and benefits
-4,987
-4,199
-7,967
-5,865
-4,897
-5,951
-1,067
-998
-1,462
-1,890
-20,381
-18,902
4.
Net operating expenses
-1,055
-1,061
-3,355
-3,238
-674
-691
-541
-533
-622
-659
-6,247
-6,182
5.
Technical result (1-4)
21
129
217
1,366
25
153
145
150
111
95
519
1,893
6.
Investment result
400
587
1,188
858
1,757
2,000
93
71
179
160
3,617
3,676
7.
Insurance-related investment result
10
11
-32
-3
-392
457
0
0
-134
216
-549
680
8.
Other operating result
18
-11
-176
-228
-148
-157
-79
-94
-64
-69
-449
-560
9.
Deduction of income from technical interest
-331
-320
-552
-592
-1,106
-2,200
-34
-38
38
-348
-1,985
-3,499
10.
Non-technical result (6-9)
96
266
428
35
110
99
-20
-61
19
-42
634
297
11.
Operating result (5+10)
118
395
645
1,401
135
253
125
89
130
53
1,153
2,190
12.
Other non-operating result
-0
-11
-8
-43
-3
-7
-5
-6
-0
-6
-17
-73
13.
Currency result
14
42
191
114
-26
-39
-11
-12
-1
-19
167
85
14.
Net finance costs
-20
-19
-63
-64
-11
-11
-3
-2
-13
-14
-110
-110
15
Taxes on income
-44
-71
-277
-337
-25
-60
-35
0
-11
2
-393
-466
16.
Consolidated result (11-15)
67
335
488
1,071
69
135
71
69
105
16
800
1,626
P&L segment (Q)
Segment income statement
Reinsurance
ERGO
Total
Life and Health
Property-casualty
Life and health
Property-casualty
Germany
Germany
International
€m
Q2 2020
Q2 2019
Q2 2020
Q2 2019
Q2 2020
Q2 2019
Q2 2020
Q2 2019
Q2 2020
Q2 2019
Q2 2020
Q2 2019
Gross premiums written
3,332
2,740
5,524
4,842
2,149
2,311
696
686
1,126
1,219
12,827
11,799
1.
Net earned premiums
2,955
2,571
5,401
4,947
2,214
2,320
852
853
1,093
1,155
12,515
11,846
2.
Income from technical interest
160
167
289
301
1,016
944
17
19
245
118
1,727
1,549
3.
Net expenses for claims and benefits
-2,590
-2,115
-3,725
-2,679
-2,953
-2,832
-524
-476
-957
-886
-10,749
-8,988
4.
Net operating expenses
-518
-579
-1,673
-1,620
-335
-357
-260
-270
-307
-336
-3,094
-3,161
5.
Technical result (1-4)
7
44
291
948
-59
75
85
127
75
51
400
1,245
6.
Investment result
174
344
485
460
917
1,008
42
27
79
81
1,697
1,919
7.
Insurance-related investment result
23
-2
9
-16
358
92
0
0
206
52
596
127
8.
Other operating result
7
-14
-82
-135
-55
-88
-40
-54
-39
-33
-210
-324
9.
Deduction of income from technical interest
-160
-167
-289
-301
-1,016
-944
-17
-19
-245
-118
-1,727
-1,549
10.
Non-technical result (6-9)
44
161
122
9
205
68
-16
-47
0
-18
356
174
11.
Operating result (5+10)
51
205
414
957
146
144
70
80
75
33
755
1,419
12.
Other non-operating result
-0
-10
-7
-35
-0
-3
-2
-3
3
-3
-6
-54
13.
Currency result
20
22
57
75
-47
-45
-2
-7
-5
-18
23
27
14.
Net finance costs
-10
-10
-31
-31
-5
-5
-2
-1
-7
-7
-55
-55
15
Taxes on income
-3
-54
-84
-262
-30
-18
-14
-14
-8
3
-138
-344
16.
Consolidated result (11-15)
59
154
348
704
63
72
50
55
59
8
579
993
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Disclaimer
Munich Re Group - Münchener Rück AG published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 07:23:11 UTC
Münchener Rückversicherungs-Gesellschaft (Munich Re) is one of the world leaders in reinsurance. Gross written premiums break down by activity as follows:
- reinsurance (70.4%): non-life reinsurance (77.2% of gross written premiums) and life and health reinsurance (22.8%);
- insurance (29.6%): life and health insurance (50% of gross premiums issued) and non-life insurance (21.2%). The remaining gross written premiums (28,8%) are from international insurance activities.
Revenues are distributed geographically as follows: Germany (30.3%), Europe (26.2%), North America (28.8%), Asia and Australasia (9.8%), Africa and the Middle East (2.7%) and Latin America (2.2%).