Strong balance sheet Strong returns Munich Re equity story. May 2014

Strong balance sheet Strong returns Munich Re equity story May 204

Agenda Equity story 3 Backup Group 2 Reinsurance 47 Primary insurance 67 Munich Health 83 Investments 87 2

Combination of primary and reinsurance under one roof realising synergies and economies of scope Segmental breakdown Gross written premiums Reinsurance property-casualty 7,03 (33) m Primary insurance property-casualty 5,507 () Total 5.bn Primary insurance life 5,489 () Primary insurance health 5,67 () Reinsurance life 0,829 (2) Munich Health 6,55 (3) Reinsurance Solid profitability P-C: Expansion of know-howintensive business, active portfolio and cycle management and strong reserving position Life: Producing steady results above market average Primary insurance Delivering on plan P-C: Attractive business mix generating solid earnings Life: Proactive management of back book and launch of new products Health: A market leader in Germany with stable earnings contribution Munich Health Consolidation Focus on excellence, execution and expansion to strengthen profitability and participate in growth of selected health markets 3

Delivering on our promise, reliable for shareholders Delivering on promised net result bn Outlook 204 Actual Guidance 2.4 2.0 3.2 3.3 3.0 2.4 2.5 0.7 200 20 202 203 Expected net result: 3bn Technical profitability becoming even more relevant in an environment of low interest rates and competitive reinsurance markets facilitating attractive shareholder participation 2 Cash yield 3.2 7.8 5.4 6.0 Share buy-back 2.4.5..6 Dividend 200 20 202 203 bn Strong capital position according to all metrics Dividend increase: from 7.00 to 7.25 per share Continuation of share buy-back: bn between AGM 204 and AGM 205 High level of diversification and disciplined bottom-line focus facilitating reliable earnings generation Assuming normal nat cat claims based on 8.5 budget, net result would have exceeded guidance. 2 Cash-flow view. 3 Total payout (dividend and buy-back) divided by average market capitalisation. 4

Good financial results contributing to attractive long-term shareholder return Return on equity Attractive risk/return profile Average RoE:. Total shareholder return (p.a.) 2.5 4. 5.3 7.0.8 0.4 2.6 2.6 5 0 5 Peer 2 Peer 3 Peer 4 Peer 6 Peer 5 3.3 0 Peer 2005 203 Value creation RoE clearly exceeding cost of capital 5 20 30 40 50 Volatility of total shareholder return (p.a.) for the benefit of shareholders attractive return with comparatively low volatility Balanced business portfolio paving the way for sustainably high earnings levels with comparatively low correlation to capital markets Annualised total shareholder return defined as price performance plus dividend yield over the period from..2005 until 30.4.204; based on Datastream total return indices in local currency; volatility calculation with 250 trading days per year. Peers: Allianz, Axa, Generali, Hannover Re, Swiss Re, ZIG. 5

Stability reflected in solid financial position Excellent economic solvency ratio further improved Substantial capital buffer supporting AA rating Strengthened German GAAP capital position Internal model Rating agencies HGB flexibility Economic solvency ratio Solvency II ratio 94 225 29 53 267 Agency A.M. Best Fitch Moody s Rating A+ (Superior) AA (Very strong) Aa3 (Excellent) Distributable earnings 2.3 3.4 3.7 bn 20 202 203 S&P AA (Very strong) 20 202 203 Strong capitalisation according to all metrics facilitating financial flexibility German statutory accounting standards. 6

Active capital management based on profitable growth Strong capitalisation facilitating enabling enabling profitable business expansion capital repatriation Gross written premiums bn Sustainable dividend growth CAGR: 3.7 5. CAGR:.2 7.25 38.2 3.0 2005 203 Financial solidity allowing us to seize opportunities for focused business expansion 2005 202 and facilitating reliable shareholder participation 7

Investment portfolio Investment portfolio Portfolio management Land and buildings 2.5 (2.5) Shares, equity funds and participating interests 2 4.5 (4.6) Miscellaneous 3.5 (.8) Loans 28.3 (28.2) Portfolio duration 4 Reinsurance 4.5 (4.4) TOTAL 223bn Fixed-interest securities 53.2 (52.9) Assets Liabilities 3.6 (3.) At Group level, duration gap between assets and liabilities remains very low Expansion of US, Spanish and Italian at the expense of German government bonds Slight reduction and ongoing geographic diversification of covered bonds Slight reduction of corporate bonds and structured products Small decrease of equity-backing ratio to 4.2 net of hedges Net DV0 ( m) 0.8 Primary insurance 7.6 (7.4) 8. (8.) 8.8 Munich Re (Group) 6.5 (6.4) 6.4 (6.2) 8.0 Fair values as at 3.3.204 (3.2.203). 2 Net of hedges: 4.2 (4.5). 3 Deposits retained on assumed reinsurance, unit-linked investments, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold. 4 As at 3.3.204 (3.2.203). Net DV0: Sensitivity to parallel upward shift of yield curve by one basis point reflecting portfolio size. 8

Reinvestment yield () Well-balanced investment management in low-interest-rate environment Running and reinvestment yield Composition of reinvestment yield 203 4.0 3.6 3.4 20 202 203 3.0 2.2 2.3 4 3 2 Bank bonds Structured products Pfandbriefe/ covered bonds Corporate bonds Government bonds Running yield Reinvestment yield 0 Yield curve German sovereigns 0 Average 5 maturity (years) 0 5 Assets serving insurance liabilities duration matching proving beneficial throughout recent years Solid results and reinvestment yields from well-balanced portfolio with limited economic exposures Expansion Corporate and emerging market bonds Renewable energies and new technologies Real estate Reduction Select developed market bonds Inflation-linked bonds No intention of substantial investment re-risking to compensate for lower investment income Bubble size reflecting reinvestment volume. Yield curve as at 3.2.203. 9

Low interest rates Technical profitability becoming even more relevant Increasing earnings contribution from underwriting Run-off result 2 : Profitability in p-c reinsurance supported by strong reserving position 00 75 50 25 84 6 4 2 4.7 0 2008 2009 200 20 202 203 0 2008 2009 200 20 202 203 Low sensitivity to interest-rate changes Impact on IFRS net result 3 bn +00bps 0.2 +50bps 0. 50bps 0. Becoming less dependent on investment income focus remains on creating value in core underwriting business Contribution of technical result as a percentage of operating result. 2 Run-off result in of net earned premiums in property-casualty reinsurance (incl. large losses). 3 Rough calculation with limited reliability assuming unchanged portfolio as at 3.2.203. 0

Reinsurance Competitive environment in propertycasualty following increasing supply of capacity Structural increase of business diversification bn Risk Solutions Reinsurance life Trad. p-c reinsurance Property-casualty Diversified business portfolio Risk Solutions TOTAL 7bn 2.9 Traditional XL 27.8 4.0.9 5.3 0.8 4.7 3.0 2008 203 Facultative TOTAL 3bn CAGR +6 +5 2 Tailormade Proportional Munich Re well prepared Diversification Risk Solutions Profitable specialty business largely detached from reinsurance market Reinsurance life Global market leading position stabilising overall results Flexibility Swiftly adjusting to client demand (e.g. regions, perils, proportional and XL) Know-how and client proximity Structuring expertise Providing holistic tailormade solutions beyond pure capacity Innovation Creating solutions for new and emerging risks Achieving differential terms and conditions Increasing share of business largely decoupled from reinsurance cycle and competition in traditional reinsurance Gross premiums written.

Reinsurance life Another year of very strong new business generation Premiums and value generation per year m Gross premiums written (GWP) 5,284 6,796 7,90,30 0,829 9,48 2008 2009 200 20 202 203 Technical result and fee income Fee income Technical result 207 295 3 9 2 380 26 354 478 58 420 42 5 370 2008 2009 200 20 202 203 MCEV value of new business (VNB) 643 562 573 577 475 356 2 2 2008 2009 200 20 202 203 New business value at sustainably high level with growth initiatives paying off FinMoRe 3 business performing well; continued strong demand (2 of total VNB) Close to 00m VNB from Asian markets (7 of total) Asset protection platforms fully operational continuing demand for relevant solutions Longevity book being developed carefully in line with risk appetite Strong production in base business, particularly in the US and Canada Premium decline mainly driven by FX effects Favourable new business development overall leading market position maintained "Fee income": Result contribution shown as part of non-technical result (deposit accounting). 2 EEV figures. 3 Financially motivated reinsurance (solvency relief, financing). 2

Primary insurance property-casualty Overall combined ratio target ~95 Germany Strong performance based on attractive business mix 2 m Combined ratio 00 Market Other 360 () Personal accident 724 (22) 95 90 ERGO Legal protection 4 (2) TOTAL 3.3bn Motor 667 (20) 85 2005 2006 2007 2008 2009 200 20 202 Liability 527 (6) Fire/Property 620 (9) International Getting back to normal as management measures bearing fruit 2 Combined ratio 96.7 02.5 07.8 04.5 99.8 98.7 2008 2009 200 20 202 203 40 20 00 80 60 Poland Legal prot. Turkey Greece 20 202 203 Poland: Continuing organic growth path Turkey: Good progress after significant reduction of motor TPL portfolio and improved pricing Greece: Technically sound despite economic crisis Net Combined ratio (local GAAP, ERGO excluding travel insurance). Sources: Annual reports 202, GDV year-end statistics. 2 Gross written premiums as at 3.2.203. 3 Combined ratio of major countries. 3

Primary insurance life Comprehensive management of back book, launch of new products Back book Implemented measures Interest-rate hedging programme protection against reinvestment risk via receiver swaptions Duration gap in German life noticeably reduced to below one year for large life companies Comparatively low bonus rates: 3.2 vs. market average 3.4 Non-interest-bearing ZZR (accumulated reserve end of 203: 84m) reducing average guarantee, partly financed from unrealised gains Expected accumulated ZZR in 204: ~.3bn Reduction of ERC due to better capital markets and assumption changes in risk model Target: Deliver guarantee promise to customers without additional shareholders' equity New business Less interest-rate sensitive ERGO first German life insurer to present new guarantee-type products in June 203 Offer restricted to third-layer private provision and tied agent organisations to start with Extension to other layers (Rürup, corporate pensions) and sales channels (brokers, banks) to follow in 204/5 Classic products Security Yield New product Flexibility ERGO well protected against "lower for longer" scenario 4

Primary insurance health ERGO continues to be market leader in supplementary insurance Comprehensive insurance bn ERGO business mix 2 4.6 3.8 ERGO 3. 4.7bn 5.2bn 2.7 2.3 2.2.8.5.3 MARKET VOLUME 29bn 74. 7. Comprehensive ERGO Supplementary insurance.5 0.6 0.6 0.6 0.4 0.4 0.3 0.3 MARKET VOLUME 7bn bn ERGO 22.2 25.9 28.9 2009 203 Supplementary Comprehensive insurance ERGO number 2 in German market stable results and stable political environment Supplementary insurance ERGO clear market leader expansion in long-term care and direct insurance ERGO Goal: Stabilise comprehensive insurance, strengthen supplementary insurance Gross premiums written as at 3.2.202. Source: PKV Verband. 2 Gross premiums written. 5

Munich Health Strong earnings 203 after fixing problems in the US primary business Excellence Strengthen core capabilities Execution Manage downsides, improve effectiveness Recent key findings Reinsurance Underwriting results too volatile Portfolio highly concentrated Missing scale in US primary insurance business High steering complexity Management measures Strengthen underwriting and client management capabilities in Europe and the US Foster international know-how exchange and intensify use of primary insurance capabilities for reinsurance Sale of Windsor Health Group and revised US strategy focused on reinsurance Streamline organisational structure Expansion Realise prioritised growth opportunities Reinsurance: Limited growth Primary insurance: Limited attention on growth due to focus on turnaround challenges Reinsurance: Focus on capital relief transactions Primary insurance: Expansion through leveraging existing platforms in emerging markets Focus on excellence, execution and expansion to strengthen profitability and participate in growth of selected health markets 6

Good start to 204 Munich Re (Group) Q 204 NET RESULT 924m Good operating performance across all segments sound underwriting, low major losses and resilient investment result SHAREHOLDERS' EQUITY 27.4bn (+4.4 vs. 3.2.) Strong capitalisation according to all metrics providing high degree of financial flexibility continuation of share buy-backs INVESTMENT RESULT RoI of 3.8 Solid return given low-yield environment higher disposal gains Reinsurance Primary insurance Munich Health NET RESULT 750m NET RESULT 54m NET RESULT 20m 647 03 44 33 77 20 P-C LIFE P-C REINSURANCE Combined ratio 86.9 Major loss ratio of only.0 Technical result ( 04m) in line with annual guidance of > 400m Combined ratio 95.0 (Germany: 95., international: 94.9) LIFE Pleasing investment result HEALTH Solid, stable performance Combined ratio 99.7 (98.8 in Q 203) PRIMARY INSURANCE Combined ratio 99.4 (0.0 in Q 203) 7

Outlook 204 Munich Re (Group) GROSS PREMIUMS WRITTEN RETURN ON INVESTMENT NET RESULT Target 204 ~ 48bn (prev. ~ 50bn) Target 204 ~3.3 Target 204 3bn Focus on bottom-line prevails; reduction due to FX Solid return given ongoing low interest-rate environment RoRaC target of 5 after tax over the cycle to stand Reinsurance Primary insurance Munich Health COMBINED RATIO COMBINED RATIO COMBINED RATIO Target 204 ~94 Target 204 ~95 Target 204 ~99 NET RESULT NET RESULT NET RESULT Target 204 2.3 2.5bn Target 204 400 500m Target 204 ~ 00m By segment: Reinsurance slightly above 26bn, primary insurance ~ 6.5bn, Munich Health slightly below 5.5bn. 8

Strong balance sheet Strong returns Good track record Successfully dealing with challenging economic conditions We remain a strong partner for clients and reliable for shareholders, delivering on our promises Business strategy Focus on insurance risks safeguarding sustainable value creation Complementary business profiles limiting correlation to capital market development Rigorous risk management Based on a high level of diversification, actively managing the low-yield environment and strictly budgeting all our insurance risks Strong capital position Continuously built up over years Continuing the long-term track record of attractive capital repatriation while keeping the flexibility to seize opportunities for profitable growth 9

Backup 20

Backup: Group Key financials Key financials Our aim is sustained profitable growth Munich Re,2 203 202 20 200 2009 Gross written premiums bn 5. 52.0 49.5 45.5 4.4 Operating result m 4,409 5,349,80 3,978 4,72 Taxes on income m 08 878 552 692,264 Consolidated result m 3,342 3,204 72 2,430 2,564 Thereof attributable to minority interests m 29 6 0 8 43 Investments bn 209.5 23.8 20.7 93. 82.2 Return on equity 2.5 2.5 3.3 0.4.8 Equity bn 26.2 27.4 23.3 23.0 22.3 Off-balance-sheet reserves 3 bn 8.7.0 5.7 3.6 3.2 Net technical provisions bn 87.7 86. 8.2 7. 63.9 Staff at 3 December 44,665 45,437 47,206 46,95 47,249 Our shares 203 202 20 200 2009 Earnings per share 8.50 7.94 3.94 3.06 2.95 Dividend per share 7.25 7.00 6.25 6.25 5.75 Amount distributed m,266,255,0,0,072 Share price at 3 December 60.5 36.00 94.78 3.45 08.67 Market capitalisation at 3 December 4 bn 28.7 24.4 7.0 2.4 2.5 No. of shares at year-end (ex own shares) m 79.3 79.3 77.6 80.4 9.9 Previous years figures adjusted owing to IAS 8; see Changes in accounting policies and other adjustments. 2 In 202, our segment reporting was modified and no longer has a consolidation column. The figures for the previous year have been adjusted accordingly. Comparability with the years 2009 and 200 is thus limited. 3 Including amounts attributable to minority interests and policyholders. 4 This includes own shares earmarked for retirement. 2

Backup: Group Key financials IFRS capital position Equity Equity 3.2.203 26,226 Consolidated result 924 Changes Dividend Unrealised gains/losses 769 Exchange rates 2 Share buy-backs 579 Other 5 Equity 3.3.204 27,393 m UNREALISED GAINS/LOSSES Fixed-interest securities: + 737m Non-fixed-interest securities: + 3m Capitalisation bn 0.6 0.5 4.8 4.7 9.0 8.3 7.4 0.3 0.3 0.3 5.5 4.4 4.4 5.3 4.6 23.0 23.3 27.4 26.2 27.4 200 20 202 203 Q 204 Other debt includes bank borrowings of Munich Re and other strategic debt. 2 Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity). Senior and other debt Subordinated debt Equity Debt leverage 2 () 22

Backup: Group Key financials Distributable earnings of parent company very solid even after strengthening of equalisation reserves HGB earnings financing capital repatriation bn Reconciliation IFRS to HGB result in 203 bn 3.4.3 0.3.6 0.3 3.7 3.3 0.7 0.2 2.4 0.3..6 Distributable earnings 3.2.202 Dividend Share buyback HGB result 203 Others Distributable earnings 3.2.203 IFRS result 3.2.203 Difference between IFRS results of subsidiaries and their dividend payments to Munich Re AG Other accounting differences HGB result before equalisation reserves Tax reducing effect 2 of equalisation reserves Change of equalisation reserves HGB result 203 Average 2009 203. 0.5.8 Average 2009 203 2.5.0 0.2.7 0.0 0..8 Solid cash at Group level Increasing distributable earnings protected by strong equalisation reserves Disposal of own shares as well as changes in restrictions on distribution. 2 Assuming a tax rate of 33 for Munich Re AG. 23

Backup: Group Rating Insurance financial strength ratings providing for strong competitive position A.M. Best Fitch Moody's Standard & Poor's A++ Berkshire 2 Berkshire/Gen Re AAA Aaa AAA A+ Allianz Everest Re Hannover Re Partner Re Renaissance Re Swiss Re Zurich AA+ AA AA Berkshire/Gen Re Allianz Allianz 2 Axa neg Berkshire 2 Everest Re Aa Aa2 Aa3 Berkshire/Gen Re Allianz Germany Berkshire 2 Allianz SE Axa neg Swiss Re Zurich AA+ AA AA Berkshire/Gen Re neg Allianz Berkshire 2 neg Hannover Re Renaissance Re Swiss Re Zurich A AIG Generali neg Lloyd s SCOR Transatlantic Re XL Re A+ Lloyd s Partner Re SCOR Swiss Re 3 Renaissance Re A Everest Re Partner Re Renaissance Re SCOR Transatlantic A+ Axa AIG Everest Re Lloyd s pos Partner Re SCOR pos Transatlantic Re XL Re A A AIG XL Re A Generali neg A2 A3 XL Re A A AIG 2 neg Generali neg B++ BBB+ Baa Generali BBB+ As at 6 April 204. 2 Issuer rating of holding. 3 Based on public information. neg Outlook negative or watch negative pos Outlook positive or watch positive 24

Backup: Group Outstanding bonds Munich Re Group bonds Subordinated bonds Nominal volume Coupon rate p. a. Emission/ Issue Maturity First possible redemption date 900m Until 2022 6.25, thereafter variable 202 2042 26 May 2022 450m Until 2022 6.625, thereafter variable 202 2042 26 May 2022,000m Until 202 6.00, thereafter variable 20 204 26 May 202,349m Until 207 5.767, thereafter variable 2007 undated 2 June 207 300m Until 208 7.625, thereafter variable 2003 2028 2 June 208 Maturity pattern of Munich Re Group bonds m Maturity in years,444,374 Currency pattern of Munich Re Group bonds USD 7 EUR 73,000 48 248 50 0-5 5-0 0-5 5-20 20-25 25-30 30-35 undated GBP 20 TOTAL 4.5bn Bonds with a nominal value below 00m not considered. All specified bonds issued by Münchener Rückversicherungsgesellschaft AG, Munich. In addition, Munich Re has placed some natural catastrophe bonds. As at 8 May 204. 25

Backup: Group Risk management Munich Re s enterprise risk management (ERM) safeguards investors interests and clients protection Clear limits defining framework for operational actions Risk identification, early warning Comprehensive overview with special focus on main issues Risk modelling Right balance between flexibility and stability Risk steering System of triggers, limits and measures in conjunction with responsible management actions Objectives Protect and generate sustainable shareholder value Ensure high degree of confidence in meeting claims Protect Munich Re s reputation Implementation Risk steering Pricing/underwriting Liability-driven investment strategy Performance measurement and management compensation Well-structured business and investment portfolio meeting all defined risk criteria Risk management is a key part of our corporate management 26

Backup: Group Risk management Set-up of Munich Re's risk strategy Category Risk criteria Measure Criteria's objective ERM objective addressed Whole portfolio criteria Supplementary criteria Financial strength Avoiding financial distress Acc. risk management Individual nat cat perils Financial sector limit Terrorism Pandemic Longevity ALM limits Liquidity ERC Rating Solvency Probability of breaching financial strength criterion VaR limits In of AFR or Limit for maximum exposure Stress testing Safeguarding sufficient excess capital and limiting frequency of negative economic results of Munich Re's entire risk portfolio Limiting losses from individual risks or accumulation exposure and liquidity risks that could endanger Munich Re's survival capability Maintaining Munich Re's financial strength, thereby ensuring that all liabilities to our clients can be met Protecting and increasing the value of our shareholders' investment Other criteria Counterparty-credit risk Single risks Alternative investments Non-investment-grade investments Individual risk limits Limiting risks that could sustainably damage the trust of stakeholders in Munich Re Safeguarding Munich Re's reputation, thus perpetuating future business potential 27

Backup: Group Risk management Economic capital requirements significantly reduced Economic risk capital Breakdown by risk category bn Development of Group ERC 203 3 Risk category Group RI PI MH Div. 202 203 203 203 203 203 Prop.-casualty 9.7 9.0 8.9 0.6 0.0 0.5 Life and health 7.2 5.8 4.4 2. 0.5.2 Market 4.0.6 6.6 7. 0.0 2. Credit 2 6.7 6.3 4.3 2. 0.0 0. Operational risk.4.4. 0.5 0. 0.3 Simple sum 39.0 34. 25.3 2.4 0.6 4.2 Diversification.7 0.4 8.5 2.8 0. Total ERC 27.3 23.7 6.8 9.6 0.5 3.2 ERC 3.2.202 Propertycasualty risk Life and health risk Market risk Credit risk Operational risk Diversification ERC 3.2.203 0.4 0.0.3 23.7 2.4 bn 27.3 0.7.4 Methodology Diversification benefits Risk management Probability ERC = 75 VaR 99.5 VaR 99.5 Loss Between different risk categories Between business segments, especially primary (PI) and reinsurance (RI) Limiting losses from individual risks or accumulation exposure and liquidity risk that could endanger survival capability Credit (re)insurance included. 2 Default and migration risk. 3 After diversification. 28

Backup: Group Risk management Summary of economic capital disclosure Position as at 3 December 203 Capital with Solvency II calibration Additional 75 buffer 3.2. 203 3.2. 202 Available financial resources (AFR) 38.2 36.5 Economic risk capital 3.5 0.2 23.7 27.3 bn Economic capital buffer 4.5 9.2 Capital buffer under Solvency II calibration 24.7 20.9 Economic capital buffer after share buy-back and dividends 2 2.5 7.9 Capital buffer after share buy-back and dividends 2 under Solvency II calibration 22.7 9.6 Strong capitalisation: Economic capital buffer of 2.5bn 2 according to internal model and 22.7bn 2 applying Solvency II risk tolerance Solvency II capital based on VaR 99.5, Munich Re internal risk model based on 75 of Solvency II capital. 2 After announced dividend payout of ~.3bn for 203 to be paid in April 204 and outstanding share buy-backs of ~ 0.7bn. 29

Backup: Group Risk management Property-casualty risks: Natural catastrophe exposure Munich Re Group's nat cat exposures (net of retrocession) bn ERC property-casualty bn AggVaR (return period 200 years) (pre-tax) 4 AggVaR (return period 200 years) (pre-tax) 9.7 9.0 Atlantic Hurricane 3 Storm Europe 202 203 Cyclone Australia Atlantic Hurricane 2 Depreciation of US$; increase of retrocession Cyclone Australia 0 203 204 203 204 203 204 Atlantic Hurricane Storm Europe Cyclone Australia Top nat cat exposures Depreciation of AUD and US$; increase of retrocession Munich Re benefits from strong diversification between natural catastrophe risks Exposures relate to the full year, e.g. 204 relates to the period from..204 to 3.2.204. 30

Economic earnings Backup: Group Risk management Available financial resources (AFR) Change and relation to economic earnings AFR development in 203 bn Probability distribution of economic earnings bn 36.5 2.5 +4.2 38.2 0 ( 0.5) (+7.2) Previous year 5 0 5 Expected economic earnings 204 0 5 Munich Re ERC 204 ( 23.7bn) 20 25 0 00,000 0,000 Return period (years) AFR 3.2.202 Capital mgmt. and other Economic earnings 2 AFR 3.2.203 Economic earnings in 203, adjusted to eliminate special factors, are in line with expectations for a "normal" year Mainly dividends (.3bn), share buy-back ( 0.3bn) and change in hybrid capital (.bn). 2 Includes MCEV model changes. 3

Backup: Group Risk management Strong capitalisation allowing us for attractive capital repatriation Munich Re actions >20 Excellent capitalisation Capital repatriation Increased risk-taking Holding excess capital to meet external constraints 00 20 Comfortable capitalisation 80 00 Adequate capitalisation Tolerate and monitor (Partial) suspension of capital repatriation <80 Below target capitalisation Munich Re solvency ratio (ESR) MRCM 20 00 80 Actual solvency ratio Risk transfer Scaling down of activities Raising of (hybrid) capital 2008 2009 200 20 202 203 Solvency II Solvency ratio adjusted for capital repatriation 20 75 40 00 MCR 3 Based on Munich Re capital model (MRCM): 75 of VaR 99.5. 2 Based on 200-year event. 3 MCR = minimum capital requirement, typically between 25 and 45; for groups, called "Group SCR floor". ESR Sensitivity Ratio as at 3.2.3 Interest rate +00bps Interest rate 00bps Spread +00bps Equity markets +30 Equity markets 30 FX 0 Atlantic Hurricane 2 53 70 32 33 59 47 5 45 32

Backup: Group Risk management Strong increase in AFR over the last seven years despite capital repatriation and difficult economic environment AFR development 2007 203 bn Economic earnings bn 30.9 +4.2 4.5 +7.6 38.2 Confidence 2 ~30 4.2 6.3 6.0 3.6.2 7. 4.2 ~99 ~0 ~50 ~90 ~0 ~40 2007 2008 2009 200 20 202 203 Munich Re market capitalisation 29.9 3.8 +2.6 28.7 bn AFR 3.2. 2006 AFR restatements Capital Economic mgmt. and earnings other AFR 3.2. 203 Market cap. 3.2.2006 Capital management 3 Share price variation Market cap. 3.2.203 Strong performance despite highly adverse environment, but economic earnings not yet matched by share performance Dividends, share buy-back, hybrid capital replacement and other. 2 Probability of achieving at least the corresponding economic earnings. 3 Dividends, share buy-back. 33

Backup: Group Risk management Well defined ALM process basis for success ALM process Insurance liabilities Replicating portfolio Economic neutral position Benchmark portfolio Active asset management Determining the expected technical cash flows of our operating business Calculation of riskminimal, investable asset portfolio, reflecting capitalmarket sensitivity of insurance liabilities Risk-minimal replication of insurance liabilities and economic surplus Well-diversified investment portfolio reflecting strategic risk preferences and restrictions Internal asset manager MEAG adding value through tactical deviations from the given benchmark portfolio Best-estimate projections Replication of interest-rate-, currency- and inflation risks Compliance with all legal and statutory requirements Long-term investment strategy Market timing and execution Disciplined, well-defined process the basis for good long-term performance results 34

Backup: Group Solvency II Solvency II motivates the insurance industry to fully adopt stringent risk-based economic steering 3 pillars of Solvency II Quantitative 2 Qualitative 3 Solvency requirements Standard approach or internal model Supervisory process Efficient risk management and control Transparency Market transparency Disclosure requirements to strengthen market discipline Enterprise risk management to replace the traditional accounting-based focus facilitating a stringent economic and holistic approach to manage risks Changes compared to Solvency I Principle-based (in contrast to Solvency I rules) Economic and market-consistent valuation of all material risks Reinsurance and other risk mitigation instruments fully applicable under Solvency II (no more 50 cap on non-life reinsurance) Some issues remain, especially with regard to non-proportional reinsurance Consideration of diversification effects Investment risks are comprehensively taken into account In the past success was measured by combined ratio and investment income In the future the focus will be on return on risk capital 35

Backup: Group Solvency II Solvency II Impact on the European insurance industry Main implications of Solvency II Catalyst for the introduction of risk/valuebased steering Stimulus for product innovation and corresponding (risk) management actions Improved comparability within financial services industry Impact on the insurance industry Fostering a paradigm change towards economic steering concepts Development of products balancing capital needs and client demand for suitable retirement solutions Higher capital requirements and transparency may drive consolidation and increase reinsurance demand Impact on Munich Re Reinsurance Internal economic model adequately reflecting portfolio diversification effects Providing know-how and structuring expertise becoming even more important for our clients Business potential as strong partner for holistic capital management solutions Primary insurance Adjustments for valuation of long-term guarantees leading to comparatively lower regulatory capital requirements Expansion of less capital-intensive new life products launched in July 203 Building on new brand approach Munich Re well positioned for the introduction of Solvency II ready for regulatory requirements while providing clients with capital management solutions 36

Backup: Group Reserves Actual versus expected comparison Loss monitoring yields consistent picture across years Reinsurance group Comparison of incremental expected losses with actual reported losses m By exposure year By line of business 0,000 Actual reported loss 0,000 Actual reported loss,000 202 20 00 2008 2007 200 2003 & prior 2009,000 Fire Risks other property Marine Credit Engineering Motor General liability 2004 2005 Expected reported 2006 loss 0 0 00,000 0,000 Personal accident Expected reported Aviation loss 00 00,000 0,000 Legend: Green Actuals below expectation Solid line Actuals equal expectation Red Actuals above expectation Dotted line Actuals are 50 above/below expectations Actual losses consistently below actuarial expectations Very strong reserve position Reinsurance group losses as at Q4 203, not including parts of Risk Solutions, special liabilities and major losses (i.e. events over 0m or US$ 5m for Munich Re's share). 37

Backup: Group Reserves Positive run-off result without weakening our ability to absorb potential future volatility Ultimate losses (adjusted to exchange rates as at 3.2.203) m Accident year Date 2003 2004 2005 2006 2007 2008 2009 200 20 202 203 Total 3.2.2003 40,967 3.2.2004 4,420,096 3.2.2005 4,87,28 2,29 3.2.2006 4,903,247 2,80 0,648 3.2.2007 42,304,02 2,32 0,453,64 3.2.2008 42,567 0,698,920 0,338,802 2,649 3.2.2009 42,467 0,424,885 0,64,72 2,869 2,480 3.2.200 42,899 0,54,498 9,906,649 2,862 2,45 2,92 3.2.20 42,888 0,54,333 9,89,60 2,60 2,056 3,24 6,684 3.2.202 42,84 0,077,46 9,673,266 2,498,982 3,07 6,727 3,684 3.2.203 42,834 9,999,072 9,705,069 2,34,990 3,099 6,452 3,57 3,772 Ultimate reduction Reinsurance basic losses: 845m Main drivers Property Releases spread across lines, with some caution exercised on long-tail project business Specialty 2 Reserve releases primarily in marine and aviation, following the benign loss emergence Casualty Moderate releases in most segments, partly offset by some strengthening for legacy liabilities and unwinding of discount in workers' compensation ( 54m) CY 203 runoff change CY 203 runoff change () 7 78 74 32 97 84 8 82 275 67 860 0.0 0.8 0.7 0.3.8.5 0. 0.6.7.2 0.6 Ultimate reduction Reinsurance 759m Primary insurance 0m Thereof 845m basic losses (including planned unwinding of discount in workers' compensation) and 86m large losses. 2 Aviation, credit and marine. 38

Backup: Group Risk trading Our ILS market platform complements our core business with alternative capacity and earnings potential Strategic scope of our ILS market activity Munich Re's view on ILS market benefits Multi-year price stability Diversification of capacity channels Collateralised capacity Complement of product range w/earnings potential Profitable investment opportunities in insurance risks which fits Munich Re s portfolio Munich Re's ILS related competencies Dedicated ILS team covering the whole ILS value chain from analytics to structuring and placement Deployment of our actuarial and geoscientific expertise to offer ILS structuring and advisory services we act as neutral advisors Ability for opportunistic allocation of reinsurance capacity to ILS investments Integrated ILS approach Management of our own risks 2 Management of our clients risks 3 Propriety ILS investment portfolio Portfolio optimisation and balance sheet protection (e.g. selling of peak risk overhangs) Management of P&L-volatility through cat bonds (cycle management) Diversification of capacity Complement to traditional reinsurance ILS consulting and project management Structuring and placement support Risk fronting and transformation Growing investor in the ILS primary and secondary market "Buy and hold"-strategy Opportunistic allocation of reinsurance capacity to profitable ILS investment opportunities 39

Backup: Group Risk trading Outstanding cat bonds For clients For Munich Re s book Transaction Closing Maturity Volume Perils covered Lion I Re 04/204 04/207 US$ 90m Windstorm Europe VenTerra Re Ltd. 0/204 0/207 US$ 250m Tropical Cyclones Australia & Earthquake USA Bosphorus Re Ltd. 04/203 05/206 US$ 400m Earthquake Turkey Tar Heel Re Ltd. 04/203 05/206 US$ 500m Named storms (Tropical Cyclones) Lakeside Re III Ltd. 2/202 0/206 US$ 270m Earthquake North America Johnston Re Ltd. 05/20 05/204 US$ 202m Hurricane US Queen Street IX Re Ltd. 02/204 06/207 US$ 00m Hurricane US & Cyclone Australia Queen City Re Ltd. 2/203 2/206 US$ 75m US named storms Queen Street VIII Re Ltd. 06/203 06/206 US$ 75m Hurricane US & Cyclone Australia Queen Street VII Re Ltd. 0/202 03/206 US$ 75m Hurricane US & Windstorm Europe Queen Street VI Re Ltd. 07/202 04/205 US$ 00m Hurricane US & Windstorm Europe Queen Street V Re Ltd. 02/202 04/205 US$ 75m Hurricane US & Windstorm Europe Queen Street IV Capital Ltd. 0/20 04/205 US$ 00m Hurricane US & Windstorm Europe Queen Street III Capital Ltd. 07/20 07/204 US$ 50m Windstorm Europe EOS Wind Ltd. 05/200 05/204 US$ 80m Hurricane US & Windstorm Europe Queen Street II Capital Ltd. 03/20 03/204 US$ 00m Hurricane US & Windstorm Europe Generation of risk-based and fee income Munich Re is active investor in primary and secondary market Improvement of own risk/return profile and cost efficiency Utilization of unexhausted risk budgets Establishment of placement entity licensed in EU and Switzerland Offering one-stop shopping to clients as sponsors Munich Re's Risk Trading Unit is a recognised player in the ILS market 40

Backup: Group Risk trading Munich Re's maximum in-force nat cat protection Munich Re's maximum in-force nat cat protection,400,200,000 800 m Cat bonds Risk swaps ILW/Derivative Indemnity retro 204 protection (total) 600 400 200 0 US windstorm northeast US windstorm southeast US earthquake EU windstorm EU other perils Japan earthquake Australia Cyclone Expansion of indemnity retro placement to 500m Broadening of territorial scope of retro protection Australia cyclone protected in most recently issued Queen Street cat bond Purchase of nat cat protection for 204 increased opportunistically As at January 204. Protection before reinstatement premiums. Earthquake Europe, including Turkey. 4

Backup: Group Corporate responsibility Five action fields in one group-wide corporate responsibility programme Enabling framework Core activities Enabling framework Strategy and governance 2 Corporate responsibility in business 3 Environmental management system (EMS) 4 Corporate citizenship (CC) 5 Reporting and communication Corporate responsibility strategy Corporate responsibility governance Compliance to UN Global Compact Integration of corporate responsibility issues into (re-)insurance business (PSI 2 ) asset management (PRI 3 ) Global CO 2 neutrality Global EMS policy and management Donations Corporate volunteering Foundations Impact assessment Annual update of corporate responsibility portal Global corporate responsibility reporting Position in major SRI ratings UNGC = United Nations Global Compact (adopted by Munich Re in 2007). 2 PSI = UN Principles for Sustainable Insurance (signed by Munich Re in 202). 3 PRI = UN Principles for Responsible Investment (signed by Munich Re in 2006). 42

Backup: Group Corporate responsibility Broad external recognition for Munich Re s corporate responsibility performance Permanently listed since 200 Permanently listed since 200 The STOXX Global ESG Leaders Index represents leading companies from an ESG point of view Rated "Prime" in Corporate Responsibility Rating 202; Munich Re counts to the best-in-class insurers Munich Re has been included in the Silver Class of the best and most sustainable companies by Robeco SAM Munich Re is represented in the ESI Excellence Europe and ESI Excellence Global, which are based on ratings results from Vigeo Rating 202: Range 2 of insurance sector 43

Backup: Group Corporate responsibility Munich Re s international cooperation A strong commitment towards corporate responsibility Examples since 999 since 2006 since 2007 since 202 UNEP FI Munich Re has signed the climate declaration of the UNEP FI and is active member of the UNEP FI Climate Change Working Group. Principles for Responsible Investment (PRI) Munich Re has actively developed and signed the UN Principles for Responsible Investment (PRI) as first German company in April 2006. UN Global Compact Munich Re is member of the UN Global Compact since August 2007. The ten principles of Global Compact are a guidance for action in our business and set the basis for our Corporate Responsibility activities. Principles for Sustainable Insurance (PSI) Involvement since 2007, first holding the chair in the UNEP FI PSI Team, now active as member of the PSI Board, as well as founding signatory since June 202. Aim: to anchor ESG criteria into core business along the value chain. 44

Backup: Group Financial highlights Q 204 Financial highlights Q 204 Net result m 82,34 477 970 542 632,98 924 Q 204 Q 203 Total 924 970 Reinsurance 750 828 Q2 Q3 Q4 Q Q2 Q3 Q4 Q 202 203 204 Primary insurance 54 7 Munich Health 20 37 Technical result m Investment result m Other 2 m,266,97 2,007 2,070 400 383 Q 203 Q 204 Strong result supported by benign large losses Q 203 Q 204 Solid performance despite attrition of regular income Q 203 Q 204 Lower tax rate (8.7) offset by negative FX result ( 49m) Segments do not add up to total amount; difference relates to the segment "asset management". 2 Other non-operating result, goodwill impairments, net finance costs, taxes. 45

Backup: Group Financial highlights Q 204 Reconciliation of operating to net result Reconciliation of operating to net result m Q 204 Q 203 Operating result,307,370 Other non-operating result 4 0 Goodwill impairments Net finance costs 56 Taxes 23 68 442 Net result 924 970 Other non-operating result m Tax rates Q 204 Q 203 Foreign exchange 49 53 Restructuring charges 2 7 Other 53 36 Q 204 Q 203 Group 8.7 3.5 Reinsurance 7. 32.7 Primary insurance 23.0 9.6 Munich Health 20.0 22.9 46

Backup: Reinsurance Munich Re The leading global reinsurer Rank Company Country Net reinsurance premiums written 202 (US$ m) Munich Re Germany 35,797 2 Swiss Re Switzerland 25,344 3 Hannover Re Germany 6,346 4 Berkshire Hathaway Re USA 6,45 5 Lloyd s UK,373 6 SCOR SE France,286 7 Reinsurance Group of America, Inc. USA 7,907 8 Partner Re Bermuda 4,573 9 Everest Re Bermuda 4,08 0 MS&AD Holdings 2 Japan 3,446 Korean Re Korea 3,390 2 Transatlantic Holdings Inc. 3 USA 2,84 3 NKSJ Holdings Japan 2,77 4 Tokio Marine Group 4 Japan 2,627 5 General Ins. Corp. of India India 2,534 6 Mapfre Re Spain 2,445 7 XL Re Ltd. Bermuda 2,209 8 R+V Versicherung AG 5 Germany,972 9 Maiden Re Bermuda,90 20 Toa Re Co. Ltd. Japan,82 Net premiums written relate to reinsurance business only. Some premium may also be included by other groups that consolidate their Lloyd s operations. 2 Net reinsurance premium written is the sum of the four major companies in the group without consolidation adjustment. 3 202 figures represent only the period from Mar 6, 202 to Dec 3, 202 following the acquisition of Transatlantic Holdings, Inc. by Alleghany Corporation. 4 Figures represent Tokio Marine & Nichido Fire Insurance Co and exclude the group s other reinsurance subsidiaries. 5 Figures include intra-group reinsurance business. Source: Standard & Poor's Global Reinsurance Highlights, 203 Edition. 47

Backup: Reinsurance Overview Reinsurance 203 202 20 200 2009 Gross written premiums bn 27.8 28.2 26.0 23.6 2.8 Investments bn 78.5 83.8 79.5 83.7 76.8 Net technical provisions bn 60.5 6. 62.7 56.6 53.4 Large and very large losses (net) m,689,799 5,048 2,228,57 Thereof natural catastrophe losses m 764,284 4,538,564 96 Combined ratio Combined ratio Basic losses 3.8 99.4 95.3 00.5 9.0 92. 56. 57.5 53.6 50.7 50.2 5.3 2008 2009 200 20 202 203 Premium split by region Rest of World 8 Rest of Europe 2 Germany 4 TOTAL 27.8bn North America 46 Asia/ Australasia 6 UK 4 Previous years figures adjusted owing to IAS 8; see Changes in accounting policies and other adjustments. In 202, our segment reporting was modified and no longer has a consolidation column. The figures for the previous year have been adjusted accordingly. Comparability with the years 2009 and 200 is thus limited. 48

Backup: Reinsurance property-casualty Reinsurance property-casualty Key figures Net result m 522 93 69 655 306 527 896 647 655 647 Q2 Q3 Q4 Q Q2 Q3 Q4 Q 202 203 204 Q Q 203 204 Technical result m Investment result m Other m 882 822 337 367 243 222 Q 203 Q 204 Slight decrease due to higher basic losses Q 203 Q 204 Disposal gains offsetting higher write-downs on derivatives Q 203 Q 204 Negative FX result ( 27m); low tax rate (9.3) Other non-operating result, goodwill impairments, net finance costs, taxes. 49

Backup: Reinsurance property-casualty Combined ratio Benign large losses and reserve releases Combined ratio Basic losses Nat cat losses Man-made losses Expense ratio 202 9.0 50.2 7.7 3. 30.0 203 92. 5.3 4.7 5.7 30.4 Q 204 86.9 55.9 0.9 0. 30.0 Combined ratio Large losses Q 204 99.3 96.9 94.3 86.9 89.4 89.3 85.7 83.2 Q2 Q3 Q4 Q Q2 Q3 Q4 Q 202 203 204 Actual Q 204 Avg. annual expectation Total Nat cat losses Man-made losses.0 0.9 0. ~2.0 ~8.5 ~3.5 Reserve releases basic losses m -points Q 204 ~40 ~3.5 Balance of increases (e.g. agriculture) and releases (e.g. fire, motor and marine). 50

Backup: Reinsurance property-casualty Normalised combined ratio Normalised combined ratio Reported combined ratio Reported major losses Expectation major losses Reported reserve releases 2 Changes slidingscale provisions Modelled assumption on reserve releases Normalised combined ratio Q 85.7 2.6 +2.0 +2.5 0.0 4.0 93.6 Q2 99.3 5.2 +2.0 +4.0 0.0 4.0 96. Q3 94.3 4.8 +2.0 +6.0 0.7 4.0 92.8 Q4 89.3 9.2 +2.0 +9.0 2.3 4.0 94.8 FY 203 92. 0.4 +2.0 +5.2 0.8 4.0 94. Q 204 86.9.0 +2.0 +3.5 +0.2 4.0 97.6 Simplified assumption of evenly distributed major losses over every quarter. 2 Basic losses. 5

Backup: Reinsurance property-casualty Munich Re set-up supports sustainable earnings level Munich Re portfolio based on total P-C book 203 Risk Solutions 24 Traditional 58 TOTAL 7bn Tailor-made solutions 8 Aviation 2 Agro 8 Marine 5 Credit 5 Property non-nat cat XL 28 TOTAL 3bn Casualty motor 24 Casualty non-motor 6 Property nat cat XL 2 Portfolio Well-diversified portfolio with growing share of highly profitable Risk Solutions business Property nat cat XL accounts for only 2 of traditional book Expertise Proven track record in managing complex risks Tailor-made solutions will have increasing relevance in the future Munich Re s client and service approach gives access to profitable business across all lines Diversification and high level of expertise providing flexibility in managing the portfolio Traditional reinsurance incl. tailor-made solutions premium. Allocation based on management view, not comparable with IFRS reporting. Gross premiums written 203. 52

Backup: Reinsurance property-casualty Risk Solutions Continued business expansion Growing strategic importance Growing portfolio Upward performance trend Less large losses Leadership position in profitable specialty markets detached from reinsurance cycle, lower nat cat exposure Differentiating pillar Additional competitive edge Further growth potential Premium split Premium development m Combined ratio Other 9 Watkins 2 Specialty markets 2 TOTAL 4bn American Modern 23 Hartford Steam Boiler 8 Corporate Insurance Partners 6 2.9 Share of Risk Solutions in of total property-casualty book 3.4 3.4 2 24 22 23 3.8 4.0 2009 200 20 202 203 24 94. 90.8 89.6 87.9 83.8 2009 200 20 202 203 Increasingly valuable business segment with strong bottom-line contribution Gross earned premium. Management view, not comparable with IFRS reporting. Figures for Hartford Steam Boiler included since consolidation as at April 2009. 53

Backup: Reinsurance property-casualty Increased capacity of traditional reinsurance and influx of alternative capital Worldwide nat cat XL capacity US$ bn 300 CAGR 260 270 44 59 75 +4 + 26 2 225 202 204 206 Alternative capital Traditional reinsurance Reinsurance market dynamics Sufficient reinsurance capacity available in the market for quite some years now Alternative capital (ART) adding to the capacity Potential to grow to ~25 of worldwide nat cat XL capacity in 206 Significant growth of ART largely driven by scarcity of investment opportunities in the lowinterest-rate environment Impact most notable in well-modelled, very short-tail nat cat XL business, mainly in the USA and Japan Excess supply and stagnating demand leading to downward pricing pressure in certain XL business lines Sustainability of the current development remains to be seen 54

Backup: Reinsurance property-casualty... hardly jeopardizing Munich Re s overall profitability Munich Re total property-casualty book Rest of p-c book >90 TOTAL 7.bn Nat cat XL <0 Only a small part of the total p-c book is exposed to competition from alternative capital quite resilient to market dynamics Diversified risk book providing a competitive advantage less risk capital intensity and the flexibility to switch capacity between different regions and business lines Ongoing expansion of know-how driven specialty niche business making Munich Re more resilient to competition Risk Solutions accounting for almost 25 of total non-life book High customer retention based on long-term client relationships, reliable claims handling and strategic partnerships (e.g. UK motor) Providing clients with holistic tailor-made solutions and consulting services beyond pure capacity Thanks to global diversification, Munich Re only marginally affected by additional nat cat capacity Gross written premiums as at 3.2.202. 55

Backup: Reinsurance property-casualty April renewals Regional focus on Japan and USA, high nat cat share Total property-casualty book Regional allocation of April renewal Remaining business 3 Business up for January renewal 5 Rest 2 5 Europe 3 TOTAL 0.8bn Worldwide 32 Japan 26 TOTAL 7bn Latin America 9 Nat cat shares of renewable portfolio Nat cat Other perils North America 25 January 2 88 April 46 54 Business up for July renewal 3 Business up for April renewal 5 July Total 5 25 85 75 Gross premiums written. Economic view not fully comparable with IFRS figures. 2 Asia, Pacific and Africa. 56

Backup: Reinsurance property-casualty Despite rate decline, prices remain at an attractive level April renewals 204 00 2.9 78. 0. 20.8 98.8 m 824 80 643 72 84 Change in premium.2 Thereof price movement ~ 8.4 Thereof change in exposure for our share +7.2 Total renewable from April Cancelled Renewed Decrease on renewable New business Estimated outcome Portfolio profitability continues to meet our return targets Price movement is risk-adjusted, i.e. includes claims inflation/loss trend and is adjusted for portfolio mix effects. Furthermore, price movement is calculated on a wing-to-wing basis (including cancelled and new business). 57

Backup: Reinsurance property-casualty January 204 renewals Disciplined underwriting prevails Year-to-date price change 200 204 Nominal Adjusted for interest-rate changes 2.4.0.4 0.3 0.5 0.2 0.0 0. 0.7.5 200 20 202 203 204 Minor economic price decline and largely stable terms and conditions 58

Backup: Reinsurance life Strong market shares in all regions add up to global leading position Global life market share Munich Re's regional footprint Munich Re Swiss Re 27 2 6 23 20 2007 Global market share RGA Hannover Re Berkshire SCOR 5 3 2 9 0 6 8 6 Europe Americas APAC Historically strong position of Munich Re in European markets North America underweight due to selective approach in competitive US market Very strong position in Canada in terms of in-force and new business Market leader with differentiated approach in growing Asian markets Among BRIC markets, particular focus on China, Brazil and India 2 Source: Munich Re Economic Research. Estimates based on net earned premiums as reported in company reports. 2 Asia, Australia, New Zealand. 59

Backup: Reinsurance life Reinsurance life Key figures Net result m 73 93 73 39 22 06 6 03 03 4 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q Q 202 203 204 203 204 Technical result m Investment result m Other m 209 84 73 49 9 04 Q 203 Q 204 Back to normal after exceptionally good Q 203 Q 203 Q 204 Lower regular income from fixedinterest investments Q 203 Q 204 Negative FX result ( 0m); no tax payments Other non-operating result, goodwill impairments, net finance costs, taxes. 60

Backup: Reinsurance life Bulk of top and bottom line from North America Largest growth rates in Asian markets Portfolio split by region 203 (2008) Gross premiums written vs. technical result vs. VNB GWP Technical result VNB Other 9 (34) North America 59 (4) Other 28 (4) North America 58 (29) Other 5 (6) North America 58 (66) UK 8 (7) APAC 4 (8) UK 3 (9) APAC () UK 8 (9) APAC 9 (9) Changes in regional premium split driven by FinMoRe and Asian growth APAC result dampened by adverse performance of Australian disability business North America continues to be the main new business contributor UK growing in FinMoRe segment Asia, Australia, New Zealand. 6

Backup: Reinsurance life Favourable financial performance overall despite two slips Premiums and value generation by product Gross premiums written (GWP) Technical result VNB m 203 5,992 4,57 320 0,829 202 6,030 4,555 545,30 55 42 3 00 378 2 4 370 40 40 30 420 02 3 00 404 24 49 577 404 29 40 573 70 22 8 00 Mortality Morbidity Other Total Mortality Morbidity Other Total Mortality Morbidity Other Total Favourable biometric experience in most segments with two exceptions Morbidity Result impacted by Australian disability issues (group and individual) Mortality Worse than expected for older issue age business in the USA Additional non-technical result contribution ("fee income"): 58m in 202; 5m in 203. 62

Backup: Reinsurance life Financially Motivated Reinsurance remains a key strategic pillar Financially Motivated Reinsurance m Gross premiums written of total 3,638,998 4,536 4,09 38 4 38 25 200 20 202 203 Technical result and fee income 38 Fee income Technical result of total 35 75 9 92 49 25 49 70 50 43 20 9 28 200 20 202 203 VNB 45 9 of total 85 29 82 4 9 2 200 20 202 203 Portfolio development Several deals concluded in Europe (e.g. Iberian peninsula), Asia and North America Successful renewal of some existing deals Business performing well as expected Expectations going forward Sustained high demand, especially in Europe and Asia Number, size and type of transactions difficult to project Result from FinMoRe business partly shown as non-technical result (deposit accounting "fee income"). 63

Backup: Reinsurance life Asia Sustained growth across all major markets Reinsurance life Asia Business development m Gross premiums written of total,78 957 959 872 2 0 8 200 20 202 203 Technical result 32 Fee income Technical result of total 29 70 55 2 35 54 58 7 9 2 200 20 202 203 VNB of total 8 59 56 97 4 7 3 9 200 20 202 203 Portfolio development Sustained growth path Premium reduction from planned solvency-relief treaty terminations Growth supported by our state-of-the-art underwriting automation solutions (MRAS ) Munich Re Automation Solutions Ltd., Dublin. Expectations going forward Ongoing need for solvency-relief and financing solutions In some developing markets, demand gradually shifting from service to risk transfer 64

Backup: Reinsurance life Very satisfactory new business profitability on a pure economic and a regulatory basis RoRaC spread IRR spread Payback period 2 years 20 20 0 9 5 8 8 0 6 7 5 4 6 200 20 202 203 0 200 20 202 203 2 200 20 202 203 Very good new business profitability relative to economic risk capital (RoRaC spread) Large-volume deals written since 2009 support economic profitability of overall portfolio Equally satisfactory new business profitability relative to total investment in new business (IRR spread) Large share of generally shorter-duration FinMoRe business keeps payback period at low level Spread in addition to reference rate (weighted-average swap yield curves). 2 Number of years it takes to amortise the total investment in new business through future (undiscounted) shareholder cash flows. 65

Backup: Reinsurance life MCEV Reinsurance life MCEV Reinsurance life 203 MCEV 3.2.202 0,66 Opening adjustments 265 Adjusted MCEV 3.2.202 0,352 Operating MCEV earnings 369 2 Economic variances 68 Other non-operating variance 54 Total MCEV earnings 47 MCEV before closing adjustments 0,499 Closing adjustments,7 MCEV 3.2.203 9,382 3 4 4 Value of new business Expected return Experience variances Assumption changes Other operating variance Operating MCEV earnings m 577 37 3 30 369 Main drivers 2 3 4 FX impact: 97m Dividends: 465m Impact from rising interest rates Second-highest value of new business ever Impact from Australian disability and US mortality 66

Backup: Primary insurance Overview Primary insurance, 2 203 202 20 200 2009 Gross written premiums bn 6.7 7. 7.4 7.5 6.6 Investments bn 26. 24.9 7.0 2.8 8.4 Net technical provisions bn 25. 22.8 6..2 07.7 Combined ratio property-casualty 97.2 98.7 99. 96.8 93.2 Premium split by region Distribution channels New business 203 Rest of World 7 Germany 77 Banks/other 7 Tied agents 58 Turkey 2 Italy 2 Belgium 3 TOTAL 6.7bn Poland 6 Austria 3 Direct 5 Broker 20 Previous years figures adjusted owing to IAS 8; see Changes in accounting policies and other adjustments. 2 In 202, our segment reporting was modified and no longer has a consolidation column. The figures for the previous year have been adjusted accordingly. Comparability with the years 2009 and 200 is thus limited. 67

Backup: Primary insurance life Primary insurance life Key figures Net result m 9 23 4 28 42 44 23 44 4 7 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q Q 202 203 204 203 204 Technical result m Investment result m Other m 3,000,062 34 Q 203 Q 204 Last year impacted by DAC and PVFP write-downs Q 203 Q 204 Positive impact from hedging programme, lower unit-linked result 3 45 Q 203 Q 204 Higher tax expenditure Other non-operating result, goodwill impairments, net finance costs, taxes. 68

Backup: Primary insurance life Primary insurance life New business (statutory premiums) Total m Regular Single Total premiums premiums APE Q 399 23 276 5 203 Q 204 439 5 324 47 0.0 6.5 7.4 2.6 Comments Germany Lower single premiums from short-term investment product "MaxiZins" difficult environment for regular premium business; new life product making up >70 of new business in private pensions 2 International business Considerable increase in single premiums mainly in Poland, Italy and Austria regular premiums stable Germany m International m Regular Single Total premiums premiums APE Q 24 75 66 92 203 Q 204 29 67 52 82 9. 0.7 8.4 0.9 Regular Single Total premiums premiums APE Q 58 48 0 59 203 Q 204 220 48 72 65 39.2 0.0 56.4 0.2 Annual premium equivalent (APE = regular premiums +0 single premiums). 2 APE, only third-layer private provision and tied agent organisations. 69

Backup: Primary insurance life Comprehensive management of back book Implemented measures Interest-rate hedging programme protection against reinvestment risk via receiver swaptions Duration gap in German life noticeably reduced to below one year for large life companies Comparatively low bonus rates: 3.2 vs. market average 3.4 Non-interest-bearing ZZR (accumulated reserve end of 203: 84m) reducing average guarantee, partly financed from unrealised gains Expected accumulated ZZR in 204: ~.3bn Reduction of ERC due to better capital markets and assumption changes in risk model Target: Deliver guarantee promise to customers without additional shareholders' equity Buffers and key figures (German business) Free RfB Terminal bonus fund Unrealised gains Average coupon Reinvestment rate Average guarantee 203 0.8bn.9bn 5.6bn ~3.7 ~2.7 ~3.2 202 0.9bn 2.0bn 8.bn ~3.8 ~3. ~3.2 ERGO well protected against "lower for longer" scenario German GAAP figures for ERGO Leben, Victoria Leben and ERGO Direkt Leben. 70

Backup: Primary insurance life Life insurance profit sharing Profit sharing Investment income Expense result Underwriting result Minimum 90 Maximum 0 50:50 2 75:25 2 Tax Policyholders Shareholders Guaranteed interest Direct crediting Allocation to RfB Actuarial reserves Allocated RfB RfB (bonus reserve) Free RfB Terminal bonus reserve Investment result of prior years Proportion to policyholders includes guaranteed interest if 90 of gross investment income does not satisfy policyholders' guarantee, shareholders share will be cut. 2 Proportion to policyholders and shareholders if result positive negative results completely borne by shareholders. 7

Backup: Primary insurance life New product generation in German primary life as an important step in the right direction Adverse interest-rate environment... requires action to meet stakeholder expectations 6 4 2 0-year German bund Policyholder guarantee 0 2000 202 Shareholder Customer Sales force Significant reduction of risk capital allows higher RoRAC Hedgeable guarantees Guarantee component Risk/return profiles for different risk appetite Highly flexible pay-out/pay-in Competitive product features Solution: New product aligns different aspects Yield 2 Guarantee of total premiums High flexibility in all phases Classic products New product 3 Innovative hedging concept Security Flexibility 72

Backup: Primary insurance life Launch of less interest-rate-prone new products Concept for Germany well advanced In an environment of political discussion "We need changes in the products" (Gabriel Bernardino, EIOPA, 2 Nov. 203) "Insurers must develop a more differentiated product portfolio and partly re-invent the life insurance product" (Elke König, BaFin president, 8 Jan. 204) "More recent attempts by leading life insurers to offer products that are less interest-rate sensitive, with lower or no guarantees, underline the industry s attempts to innovate" (Standard & Poor's, 26 Nov. 203)... ERGO holds frontrunner position ERGO first German life insurer to present new guarantee-type products in June 203 Offer restricted to third-layer private provision and tied agent organisations to start with Extension to other layers (Rürup, corporate pensions) and sales channels (brokers, banks) to follow in 204/5 Share of new products 2nd half 203 (3rd layer only) ERGO Annuity Guarantee (36) ERGO Annuity Opportunity (24) Classic annuities ("with profits") (40) Share of target portfolio 2 Plan 206+ (all products) Target portfolio (>80) Thereof: old products (~35) Thereof: new products (~45) Classic products ("with profits") (<20) New business APE excl. ERGO Direkt. 2 Unit-linked insurance (with/without profits), term insurance, occupational disability insurance and death benefit. 73

Backup: Primary insurance Primary insurance MCEV MCEV Primary insurance MCEV 3.2.202 2,728 Opening adjustments 247 Adjusted MCEV 3.2.202 2,482 Operating MCEV earnings 2,75 Economic variances,32 Other non-operating variance 0 Total MCEV earnings 3,308 MCEV before closing adjustments 5,789 Closing adjustments 60 MCEV 3.2.203 5,949 Value of new business Expected return Experience variances Assumption changes Other operating variance Operating MCEV earnings m 23 95 200,963 295 2,75 Main drivers Positive effect due to tightened credit spreads and higher interest rates Review of assumptions led to positive operating MCEV earnings, mainly driven by changes in dynamic policyholder behaviour Increased value of new business in life business 74

Backup: Primary insurance health Primary insurance health Key figures Net result m 4 48 25 38 50 7 33 25 33 Q2 Q3 Q4 Q Q2 Q3 Q4 Q 202 203 204 Q Q 203 204 Technical result m Investment result m Other m 0 25 329 344 26 33 Q 203 Q 204 Better-than-expected claims experience Q 203 Q 204 Higher regular income and disposal gains Q 203 Q 204 Mainly FX effects Other non-operating result, goodwill impairments, net finance costs, taxes. 75

Backup: Primary insurance property-casualty Primary insurance property-casualty Key figures Net result m 43 69 70 6 4 77 69 77 7 83 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q Q 202 203 204 203 204 Technical result m Investment result m Other m 95 0 0 00 59 50 Q 203 Q 204 Improved result of international operations Q 203 Q 204 Lower regular income Q 203 Q 204 Tax refunds Other non-operating result, goodwill impairments, net finance costs, taxes. 76

Backup: Primary insurance property-casualty Combined ratio Combined ratio Germany 95.3 04.0 00.3 99.2 97.5 98.0 96.3 95. 95. Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Expense ratio Loss ratio 95.9 96. 95.0 98.7 97.2 95.0 International 202 203 Q 204 Some random negative fluctuations; improvements in legal expenses 99.8 98.7 94.9 34.0 34.7 34.8 64.7 62.5 60.2 202 203 Q 204 202 203 Q 204 Good Q results, especially in Turkey (02.7), Poland (9.2) and the Netherlands (89.3) 77

Backup: Primary insurance property-casualty Property-casualty Attractive business mix focusing on personal lines ERGO 203 Gross premiums p-c Germany German market 202 GWP Other 0.9 Legal protection 2.4 TOTAL 3.3bn Personal accident 2.9 Motor 20.2 Other.6 Legal protection 5.9 Motor 35.3 Personal accident 0.7 Liability 5.9 Fire/Property 8.7 Liability 3.4 Fire/Property 23. ERGO 203 Combined ratio p-c Germany Personal accident Motor Fire/Property Liability Legal protection Other Total Loss ratio Cost ratio 37.5 43.3 82.6 72.5 52.3 60.6 66.4 63.5 33.3 24. 34.9 39.0 33.7 32.8 80.8 85.6 06.7 07.4 99.6 00. 96.3 German personal accident Market share 202 Allianz 24.6 ERGO Generali R+V Signal/Iduna Axa.5 8.2 7. 4.8 4. Other 39.7 Includes pure risk policies as well as policies with premium refunds. Sources: Annual reports 20/202, GDV year-end statistics. 78

Backup: Primary insurance property-casualty German business affected by nat cats Normalised combined ratio 203 Combined ratio 203 96.3 Nat cat adjustment 3.3 Normalised combined ratio 93.0 Severe nat cat events in 203 Flood in June most expensive catastrophe in terms of economic losses Hailstorms that hit some regions in Germany most expensive event for insurance industry Motor Homeowners Household 0.2 06.7 0.3 3.6 202 203 30. 7.5 3.0 202 203 2.8 Nat cat adjustment 79.9 80.2.2 3.8 202 203 Technical aspects 203 Motor Deterioration in addition to nat cat demands discipline Homeowners insurance Change older policies to latest terms and conditions Household contents insurance Profitable line for ERGO and market Large man-made claims lower vs. 202 Target: Improve combined ratio Germany to ~93 Relative to budget/long-term average. 79

Backup: Primary insurance property-casualty International business International: Gross premiums written Other 37 Legal protection 65 TOTAL 2.2bn m Poland 873 International: Combined ratio 96.0 32.8 63.2 07.8 25.9 8.9 8.3 29.7 97.9 45.6 07.9 Cost ratio Loss ratio 98.7 45.8 37.9 5.6 52.3 62. 60.8 Greece 33 Turkey 224 Poland Turkey Greece Legal Other protection Total Strong/solid performance Poland: Continuing organic growth path with combined ratio <96 Greece: Technically sound despite economic crisis Legal protection: Distinct profile as LPI specialist India : Successful JV HDFC ERGO (26 stake) since 2008 among the best combined ratios in the market (202: 9.6) Baltics: Economic crisis dampening top- and bottom-line growth; Lithuania with good performance Turnaround Turkey: Good progress after significant reduction of motor TPL portfolio and improved pricing Target combined ratio <00 by 205/6 India: GWP on 00 shareholding basis. Non-calendar FY from April to March. 80

Backup: ERGO International Geographic focus on CEE and Asia Regions with the highest expected primary insurance premium growth Strategic focus regions Why CEE and Asia? CEE Markets with high growth path and low insurance penetration Strong base with entities in Poland and Baltic States, footprints in SEE through hub in Austria Market position among top 5 in either life or non-life Asia Market presence Underdeveloped insurance markets and high growth expectations Hub in Singapore for further expansion in South East Asia General focus on non-life Non-life: Real CAGR 203 2020 Life: Real CAGR 203 2020 Emerging Asia CEE Latin America MENA Mature Asia/Pacific North America Western Europe 6.3 5.7 4.7 2.8 2.6.3 0.2 Emerging Asia Latin America CEE MENA Mature Asia/Pacific North America Western Europe 2.2 2.0.8 8.6 7.5 3.9.9 Expectation. Source: Munich Re Economic Research. 8

Backup: ERGO International life International life affected by low-yield environment but still solid economic financials Total premiums m MCEV m VNB m CAGR 5.4,326 28,832 323 297 440 53 Others Italy Belgium Austria,483,365 76,229,55 5 58 63 59 85 279 57 326 2008 203 2009 200 20 202 203 2009 200 20 202 203 Acquisition of Bank Austria Insurance in 2009 fostering growth, currently tax benefit related challenges in Austria Belgium with strong growth as a niche player Life business in China and India in build-up phase Improved MCEV due to benign capital markets (narrowing credit spreads and rising interest rates) Positive impact due to profit sharing mechanism VNB on a constantly high level and leading to high new business margin of 6.9 in 203 Development of new products with focus on reduced capital market risk New business margin = VNB / present value of new business premiums. 82

Backup: Munich Health Munich Health Overview Munich Health, 2 203 202 20 Gross written premiums bn 6.6 6.7 6.0 Investments bn 3.6 4.2 4.6 Net technical provisions bn 2.2 2.2 2.4 Combined ratio 3 98.3 00.2 99.5 Regional premium breakdown 4 Segmental premium breakdown 4 m Other 8 (7) Southern Europe, Latin America 2 () Northern/ Eastern/ Central Europe 5 (6) TOTAL 6.6bn North America 65 (66) Primary insurance,933 (30) ( 4.4) TOTAL 6.6bn Reinsurance 4,68 (70) (.4) Previous years figures adjusted owing to IAS 8; see Changes in accounting policies and other adjustments. 2 In 202, our segment reporting was modified and no longer has a consolidation column. The figures for the previous year have been adjusted accordingly. Comparability with the years 2009 and 200 is thus limited. 3 Excluding health insurance conducted like life insurance. 4 Gross written premiums as at 3.2.203 (3.2.202). 83

Backup: Munich Health Munich Health Key figures Net result m 58 37 3 26 56 20 37 20 55 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q Q 202 203 204 203 204 Technical result m Investment result m Other m 5 3 4 54 20 Q 203 Q 204 Improvements in primary insurance business Q 203 Q 204 Previous year with high disposal gains from government bonds Q 203 Q 204 Lower tax expenses Other non-operating result, goodwill impairments, net finance costs, taxes. 84

Backup: Munich Health Private health insurance growing worldwide above GDP Private health insurance volume per region Gross written premiums bn North America Europe Middle East +3 +4 +0 + +3 +0 849 957 52 732 08 29 7 4 0 Market dominated by Health specialist insurers Multi-line insurers 2006 20 205E 2006 20 205E 2006 20 205E Growth (CAGR, 06-5) Private health insurance GWP Nominal GDP Latin America Africa APAC 25 +5 + 48 86 +0 +7 22 9 5 39 +3 + 69 7 2006 20 205E 2006 20 205E 2006 20 205E Euro-based. Source: WHO, Global Insight 85

Backup: Munich Health Munich Health has a global presence and can leverage the health know-how of over 3,000 health experts Presence of Munich Health Over 3,000 health experts at 26 international locations Worldwide health reinsurance business Specialized private health insurer for additional health coverage Additional health coverage and BestCare, Joint Venture Hälsa Belgium Specialized private health insurer & regional public health delivery system International player for expat health business Seguros Reinsurance offered by four regional hubs in 00 countries, nine primary insurance companies and five MedNets (TPA) TPA / MSO service company for primary insurance clients, e.g. UAE, Jordan Specialized health insurer together with Abu Dhabi government Specialized private health insurer in cooperation with local hospital group As shown in map plus DKV Luxembourg, Daman Qatar, Saudi Enaya 86

Backup: Investments Investment result Investment result m Q 204 Return Q 203 Return Regular income,72 3.,806 3.2 Write-ups/write-downs 27 0.2 03 0.2 Disposal gains/losses 52 0.9 324 0.6 Other income/expenses 2 27 0.0 20 0.0 Investment result 2,070 3.8 2,007 3.6 Regular income Write-ups/write-downs Q 204 Q 203 Disposal gains/losses Q 204 Q 203 Q 204 vs. Q4 203 unchanged 3-month average reinvestment yield of ~2.5 (~2.2 in Q 203) Equities 20 23 Derivatives 08 6 Thereof interest-rate hedging programme 75 7 Other 64 Fixed-income 365 392 Equities 45 54 Derivatives 4 22 Other 6 Annualised return on quarterly weighted investments (market values) in p.a. 2 Including impact from unit-linked business. Q 204: m (0.2-points). Q 203: 37m (0.2-points). 87

Backup: Investments Return on investment by asset class and segment Regular income Write-ups/downs Disposal result Other inc./exp. RoI ᴓ Market value 3 Afs fixed-interest 3.0 0.8 3.8 5,905 Afs non-fixed-interest 2.4 0.7 4.8 6.5 2,8 Derivatives 6.4 2.5 2.8 3.2 2. 2,006 Loans 3.5 0.9 4.4 62,232 Real estate 6.0. 0.3 5.2 5,508 Other 2.9 0.3 0.2 0.2 2.2 22,769 Total 3. 0.2 0.9 3.8 220,60 Reinsurance 2.9..2 0.3 2.7 80,26 Primary insurance 3.3 0.2 0.8 0. 4.4 35,469 Munich Health.5 0.8 0. 2.2 3,685 Return on investment Average 3.6 3.8 4.3 4.0 3.9 3.6 3.8 3.7 3.8 3. 2.7 3.4 2.8 Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q 20 202 203 204 Annualised. 2 Including management expenses and impact from unit-linked business. 3 In m. Segments do not add up to total amount; difference relates to the segment "asset management". 88

Backup: Investments Investment portfolio Fixed-interest securities and miscellaneous Fixed-income portfolio Loans to policyholders/ Mortgage loans 3 (3) Bank bonds 3 (3) Structured products 4 (4) Cash/Other 5 (5) TOTAL 89.7bn Governments/ Semi-government 47(46) Pfandbriefe/ Covered bonds 28 (29) Corporate bonds 0 (0) Fixed-interest securities Structured products 6 (6) Corporates 5 (6) Banks 4 (4) Pfandbriefe/ Covered bonds 20 (2) TOTAL 9bn Governments/ Semi-government 55 (53) Miscellaneous Other 9 (9) Derivatives 5 (5) Investment funds 9 (0) Bank deposits 3 (2) TOTAL 26bn Deposits on reinsurance 37 (38) Unit-linked 27 (26) Loans Loans to policyholders/ Mortgage loans 9 (9) Corporates () Banks 6 (6) TOTAL 63bn Governments/ Semi-government 38 (38) Pfandbriefe/ Covered bonds 46 (46) Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204 (3.2.203). 89

Backup: Investments Fixed-income portfolio Total Rating structure Regional breakdown <BB and NR 6 (6) BB 2 (2) BBB 3 (2) TOTAL 89.7bn AAA 42 (42) Without With Total policyholder participation 3.3. 204 3.2. 203 Germany 5. 26.4 3.5 32.2 US 2.7. 3.8 3.7 France 2.3 5.6 7.9 7.9 A 2 (2) AA 25 (26) UK 3.3 2.8 6. 6.4 Netherlands.9 3.0 4.9 4.8 Maturity structure n.a. 2 (2) >0 years 32 (3) AVERAGE MATURITY 9.0 years 0 years 9 (9) 3 years 5 (6) 3 5 years 5 (5) Canada 3.3 0. 3.4 3.5 Supranationals 0.7 2.6 3.3 3.3 Spain.3.9 3.2 2.8 Italy.0 2.0 3.0 2.7 Ireland.0.8 2.8 2.7 Austria 0.5 2. 2.6 2.7 7 0 years 4 (4) 5 7 years 3 (3) Other 9. 8.4 7.5 7.3 Total 42.2 57.8 00.0 00.0 Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204 (3.2.203). 90

Backup: Investments Fixed-income portfolio Government/Semi-government Rating structure Regional breakdown BB () BBB 2 (0) A 5 (6) AA 34 (36) TOTAL 89.5bn AAA 48 (47) Without With Total policyholder participation 3.3. 204 3.2. 203 Germany 5.0 25.9 30.9 33.0 US 4.4 0.5 4.9 3.9 Supranationals.5 5.4 6.9 7.2 Canada 5.3 0. 5.4 5.9 UK 4.4 0.2 4.6 4.5 Maturity structure Italy. 2.9 4.0 3.7 >0 years 40 (39) AVERAGE MATURITY 0.5 years 0 years 0 (9) 3 years 5 (7) 3 5 years 2 (3) France 2.0.8 3.8 3.6 Austria 0.8 2.8 3.6 3.9 Belgium 0.6 2.2 2.8 3.0 Spain.3.2 2.5.9 Ireland 0.3.5.8.7 7 0 years (0) 5 7 years 2 (2) Other 3.5 5.3 8.8 7.7 Total 50.2 49.8 00.0 00.0 Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204 (3.2.203). 9

Backup: Investments Fixed-income portfolio Corporate bonds (excluding bank bonds) Rating structure Sector breakdown <BB and NR () AAA () 3.3. 204 3.2. 203 Utilities 2.2 9.7 BB 9 (9) TOTAL 8.8bn AA 6 (7) Oil and gas 2.9 2.2 Industrial goods and services 2.7 3.2 BBB 48 (48) A 35 (34) Telecommunications 9.9 0.0 Healthcare 5.9 6.2 Food and beverages 5. 5.3 Maturity structure Financial services 4.6 4.4 >0 years 3 (3) 0 years 5 (7) Media 4.3 4.4 Technology 4.0 4.7 7 0 years 7 (8) AVERAGE MATURITY 7.0 years 3 years 2 (9) Retail 3.4 3.4 Basic resources 3.2 3.2 Automobiles 3.0 2.8 5 7 years 8 (7) 3 5 years 26 (26) Personal and household goods 2.6 2.7 Other 7.2 7.8 Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204 (3.2.203). 92

Backup: Investments Fixed-income portfolio Structured products Structured products portfolio (at market values): Split by rating and region m Rating AAA AA A BBB <BBB NR Region USA + RoW Europe Total Marketto-par ABS Consumer-related ABS 305 25 275 45 4 268 62 880 0 Corporate-related ABS 2 02 23 60 9 9 3 498 498 00 Subprime HEL 3 3 7 7 99 CDO/ CLN Subprime-related 0 Non-subprime-related 359 42 289 67 22 209 940,49 97 MBS Agency,758 8,839,839 03 Non-agency prime 422 28 258 88 5 38,06,054 99 Non-agency other (not subprime) 25 76 4 2 23 243 00 Commercial MBS 633 77 287 03 32 3 630 605,235 0 Total 3.3.204 3,704,304,3 398 50 38 3,004 3,90 6,905 00 In 53 9 9 6 2 43 57 00 Total 3.2.203 3,875,353,293 382 59 63 3,45 3,980 7,25 99 Consumer loans, auto, credit cards, student loans. 2 Asset-backed CPs, business and corporate loans, commercial equipment. Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204. 93

Backup: Investments Fixed-income portfolio Bank bonds Rating structure Regional breakdown <BB and NR 5 (4) BB 4 (3) BBB 30 (34) TOTAL 6.6bn AAA 0 () AA 8 (8) A 53 (50) Total Senior Sub- Loss- 3.3. 3.2. bonds ordinated bearing 204 203 Germany 24. 4.4 4.0 32.5 34.7 US 25.0 4. 0.3 29.5 29.6 UK 9.2.4 0.2 0.7 0.2 Ireland 5.3 5.3 5.4 Canada 2.6 0.7 0. 3.4 3.6 Australia 3.3 3.3 3.5 Austria.7 0.6 0.3 2.5 2.7 France.7 0.4 2..9 Jersey.8 0. 0.0 2.0 2. Other 7..4 0. 8.7 6.3 Maturity structure Investment category of bank bonds >0 years 4 (4) 0 years 6 (5) Loss-bearing 5 (5) Senior 82 (84) 7 0 years 6 (6) AVERAGE MATURITY 5. years 3 years 8 (6) Subordinated 2 3 () TOTAL 6.6bn 5 7 years 2 (24) 3 5 years 35 (35) Classified as Tier and upper Tier 2 capital for solvency purposes. 2 Classified as lower Tier 2 and Tier 3 capital for solvency purposes. Approximation not fully comparable with IFRS figures. Fair values as at 3.3.204 (3.2.203). 94

Backup: Investments On- and off-balance-sheet reserves (gross) m 3.2. 200 3.2. 20 3.2. 202 3.2. 203 Market value of investments 96,398 207,08 224,537 27,738 223,463 Total reserves 7,374,236 22,478 5,92 8,93 On-balance-sheet reserves 3.3. 204 Fixed-interest securities 2,20 4,892 9,980 4,66 6,568 Non-fixed-interest securities,634 693,503,975 2,032 Other on-balance-sheet reserves 249 250 29 292 306 Subtotal 4,084 5,835,774 6,928 8,906 Off-balance-sheet reserves Real estate 2,425,435,59,763,772 Loans and investments (held to maturity),554 3,633 8,83 6,07 7,887 Associates 3 333 354 430 366 Subtotal 3,290 5,40 0,704 8,264 0,025 Reserve ratio () 3.8 5.4 0.0 7.0 8.5 Unrealised gains/losses from unconsolidated affiliated companies, valuation at equity and cash-flow hedging. 2 Excluding reserves from owner-occupied property. 95

Backup: Investments On-balance-sheet reserves On-balance-sheet reserves Q 204 m Investments afs 8,600 Valuation at equity 09 Unconsolidated affiliated enterprises 59 Cash flow hedging 38 Total on-balance-sheet reserves (gross) 8,906 Provision for deferred premium refunds 3,659 Deferred tax,26 Minority interests 9 Consolidation and currency effects 36 Shareholders' stake 4,48 96

Backup: Investments Off-balance-sheet reserves Off-balance-sheet reserves Q 204 m Real estate,772 Loans and investments (held to maturity) 7,887 Associates 366 Total off-balance-sheet reserves (gross) 0,025 as if Provision for deferred premium refunds 7,40 Deferred tax 86 Minority interests 0 Shareholders' stake 2,024 Excluding reserves for owner-occupied property. 97

Backup: Investments Sensitivities to interest rates, spreads and equity markets Sensitivity to risk-free interest rates Basis points 50 25 +50 +00 Change in gross market value ( bn) +6.8 +3.3 6.2.7 Change in on-balance-sheet reserves, net ( bn) +.6 +0.8.5 2.9 Change in off-balance-sheet reserves, net ( bn) +0.4 +0.2 0.4 0.7 P&L impact ( bn) 0. 0. +0. +0.2 Sensitivity to spreads 2 (change in basis points) +50 +00 Change in gross market value ( bn) 4.5 8.4 Change in on-balance-sheet reserves, net ( bn).0.9 Change in off-balance-sheet reserves, net ( bn) 0.3 0.5 P&L impact ( bn) +0.0 +0. Sensitivity to equity and commodity markets 3 30 0 +0 +30 EURO STOXX 50 (3,62 as at 3.3.204) 2,23 2,846 3,478 4, Change in gross market value ( bn) 3.7.2 +.2 +3.8 Change in on-balance-sheet reserves, net ( bn).0 0.5 +0.7 +2.2 Change in off-balance-sheet reserves, net ( bn) 0.6 0.2 +0.2 +0.6 P&L impact ( bn).4 0.3 +0. +0.3 Rough calculation with limited reliability assuming unchanged portfolio as at 3.3.204. After rough estimation of policyholder participation and deferred tax; linearity of relations cannot be assumed. Approximation not fully comparable with IFRS figures. 2 Sensitivities to changes of spreads are calculated for every category of fixed-interest securities, except government securities with AAA ratings. 3 Worst-case scenario assumed including commodities: impairment as soon as market value is below acquisition cost. Approximation not fully comparable with IFRS figures. 98

Backup: Additional information Sensitivities of MCEV m Reinsurance Primary insurance MCEV Change in m Change in MCEV Base case 9,382 5,949 Change in m Change in Interest rates 00bp 9,87 435 4.6 4,223,727 29.0 Interest rates +00bp 8,96 42 4.5 7,78,229 20.7 Equity/property values 0 9,374 8 0. 5,745 205 3.4 Equity/property-implied volatilities +25 9,37 2 0. 5,88 68. Swaption-implied volatilities +25 9,374-8 0. 6,60 20 3.5 Illiquidity premium 0bp 9,42 39 0.4 6,275 326 5.5 Maintenance expenses 0 9,487 04. 6,00 60.0 Lapse rates 0 9,675 292 3. 5,909 40 0.7 Lapse rates +0 9,30 252 2.7 5,987 37 0.6 Mortality/morbidity (life business) 5,30,748 8.6 6,09 70.2 Mortality (annuity business) 5 9,302 80 0.9 5,856 93.6 No mortality improvements (life business) 5,25 4,3 44.0 5,900 50 0.8 Solvency II yield curve 9,428 45 0.5 6,842 893 5.0 99

Backup: Additional information Mission of Investor & Rating Agency Relations Responsibility Munich Re s communication with the capital market / financial community Main objective Active communication to support a fair capitalmarket valuation of Munich Re shares and outstanding bonds External communication Increase transparency on financial performance, strategy and expectations about future perspectives within the principles of a credible, accurate, complete and timely provision of relevant information Target Achieving a fair valuation and optimising the cost of capital by increasing information efficiency between Munich Re and the financial community while developing a relationship of trust with our investor base Internal communication Transmission of investors and creditors demands, and the capital markets perception of Munich Re, to management and staff Target Support management in the setting of ambitious targets as well as in the execution of a valuebased and shareholder-oriented strategy We aim to enhancing Munich Re s visibility and attractiveness in the international financial community 00

Backup: Additional information Financial calendar Financial calendar 27 May 204 Deutsche Bank "Global Financial Services Investor Conference", New York 4 June 204 Commerzbank "European Corporate Day 204", London 0- June 204 Goldman Sachs "8 th Annual European Financial Conference", Madrid 2 July 204 Analysts / Investor Briefing, London 7 August 204 Interim report as at 30 June 204, half-year press conference 6 November 204 Interim report as at 30 September 204 0

Backup: Additional information For information, please contact Investor Relations team Christian Becker-Hussong Head of Investor & Rating Agency Relations Tel.: +49 (89) 389-390 E-mail: cbecker-hussong@munichre.com Britta Hamberger Tel.: +49 (89) 389-3504 E-mail: bhamberger@munichre.com Angelika Rings Tel.: +49 (2) 4937-7483 E-mail: angelika.rings@ergo.de Thorsten Dzuba Tel.: +49 (89) 389-8030 E-mail: tdzuba@munichre.com Rüdiger Sasse Tel.: +49 (89) 389-38 E-mail: rsasse@munichre.com Andreas Hoffmann Tel.: +49 (2) 4937-573 E-mail: andreas.hoffmann@ergo.de Christine Franziszi Tel.: +49 (89) 389-3875 E-mail: cfranziszi@munichre.com Andreas Silberhorn Tel.: +49 (89) 389-3366 E-mail: asilberhorn@munichre.com Ingrid Grunwald Tel.: +49 (89) 389-357 E-mail: igrunwald@munichre.com Münchener Rückversicherungs-Gesellschaft Investor & Rating Agency Relations Königinstraße 07 80802 München, Germany Fax: +49 (89) 389-9888 E-mail: IR@munichre.com Internet: www.munichre.com Feedback Anything missing? The purpose of this presentation is to provide you with comprehensive, transparent, and user-friendly information. In case that you have any proposals to improve this presentation with respect to content and illustration, we would very much appreciate your feedback. Thank you very much for your kind support. 02

Backup: Additional information Disclaimer This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments. Figures up to 200 are shown on a partly consolidated basis. "Partly consolidated" means before elimination of intra-group transactions across segments. 03