MUNICH RE EQUITY STORY Executing business opportunities

Image: Getty Images/Oaltindag MUNICH RE EQUITY STORY Executing business opportunities November 2018

Equity story Why invest in Munich Re Attractive dividends Digital transformation opportunities Diversified business model Strong capital position Good sustainability ratings 2 1 3 Leading global reinsurer 2

Equity story Munich Re at a glance Key financials Munich Re 2017 2016 2015 2014 2013 Gross written premiums bn 49.1 48.9 50.4 48.8 51.1 Operating result m 1,241 4,025 4,819 4,028 4,398 Taxes on income m 298 760 476 312 108 Consolidated result m 392 2,581 3,122 3,171 3,333 Investments bn 217.6 219.4 215.1 218.9 202.2 Return on equity % 1.3 8.1 10.0 11.3 12.5 Equity bn 28.2 31.8 31.0 30.3 26.2 Off-balance-sheet reserves 1 bn 15.0 17.3 16.0 17.4 8.7 Net technical provisions bn 205.8 202.2 198.5 198.4 187.7 Staff at 31 December 42,410 43,428 43,554 43,316 44,665 Our shares Earnings per share 2.4 16.0 18.7 18.3 18.5 Dividend per share 8.60 8.60 8.25 7.75 7.25 Amount distributed m 1,290 1,338 1,329 1,293 1,254 Share price at 31 December 180.75 179.65 184.55 165.75 160.15 Market capitalisation at 31 December bn 28.0 28.9 30.8 28.7 28.7 No. of shares at year-end m 155.0 161.1 166.8 172.9 179.3 1 Including amounts attributable to minority interests and policyholders. 3

Equity story Integrated business model of primary and reinsurance allows us to realise synergies and economies of scope Create a strategic advantage from primary and reinsurance set-up Segmental breakdown Gross written premium as at 31.12.2017 bn Expertise Reinsurance Property-casualty 17.8 (36%) ERGO Life and Health Germany 9.2 (19%) Technology and data TOTAL 49.1bn ERGO P-C Germany 3.3 (7%) Customer access Reinsurance Life and Health 13.7 (28%) ERGO International 5.0 (10%) 4

Equity story Executing business opportunities Strategic priorities paving the way for profitable growth 1 Increase 2 Digital 3 Reduce earnings transformation complexity Focus on Profitability Business development Building new business models Focus on leveraging all our strengths 1 Focus on business and smart governance De-focus from rest, and divest from sub-critical business 1 Details provided at the Investor Day on 21 November 2017. 5

Equity story 1 Increase earnings (medium-term ambition) Pushing IFRS earnings beyond current level MIDPOINT ~ 2.3bn ~ 250m ~ 250m ~ 2.8bn ERGO > 0.5bn by 2020 Strategy Programme well on track Substantial investments to strengthen position as leading primary insurer Cost savings to improve competitiveness 2018 ERGO REINSURANCE 2020 REINSURANCE ~ 2.3bn by 2020 Improving earnings quality in property-casualty Growth initiatives to increase underwriting result, including cost savings Prudent assumption as regards reserves in tendency lower investment disposal gains, reserve releases cautiously set at 4%-points 6

Equity story 2 Digital transformation Continuously transforming and extending our business REINSURANCE ERGO Extend value creation Leading, modern customer experience in traditional business Extend the boundaries of insurability Add value through enhanced use of data Digital transformation Purely online business Non-traditional business models 7

Equity story 3 Transformation programme in reinsurance Traditional business INVESTMENTS IN DIGITALISATION Competencies Improvements New business models Business hypothesis Secure earnings power for the future New business models and traditional business COMPLEXITY REDUCTION Reduce resource requirements ( 12%) Voluntary programme very successful Simplify structures and processes Run growing business with fewer resources 8

Equity story Reinsurance Digital transformation offers new opportunities 1 TRADITIONAL REINSURANCE 2 RISK SOLUTIONS 3 Effectively serving our clients and Reinforcing underlying strengthening the business model profitability and growth NEW STRATEGIC OPTIONS Building a diversified profit base Risk Solutions Reshuffling the value chain Expanding the boundaries of insurability Data-driven solutions Trends Traditional reinsurance 9

Equity story 1 Traditional reinsurance: Strategic initiatives Significant additional result contribution expected BUSINESS GROWTH Top position in core mature markets Expansion in currently underrepresented segments/markets Stronger focus on US regional business Selective expansion of cat XL business Smart growth in core emerging markets Focus on Asia, Latin America and Africa Expansion of specialty business Public sector development Capital management solutions Expanding global footprint Diversifying portfolio BUSINESS EXCELLENCE Living client centricity Shifting client-facing functions to regional centers, e.g. Asia, Latin America Strengthening client proximity, e.g. ADVANCE 1 First-class underwriting and risk management Invest in in-house cyber expertise and technology partnerships Efficient and agile processes Complexity and cost reduction Digitalisation of selective processes and functions 1 Renewed top-talent programme for clients 10

Equity story 2 Risk Solutions: Continued strong earnings contribution adjusted for one-offs medium-term ambition confirmed GROSS EARNED PREMIUMS 4.5bn ( 4.8bn) Portfolio consolidation profitability over growth Organic growth Hartford Steam Boiler (HSB) personal lines American Modern (AMIG) Continuous M&A screening Focus on specialty lines Lloyds COMBINED RATIO 106.7% (95.4%) Adjusted for one-offs in line with medium-term ambition Build out digital capabilities HSB multi-channel strategy AMIG renewed operational infrastructure Spearhead innovation Cyber Performance guarantees, e.g. Greentech 11

Equity story 3 New strategic options We invest in data and technology as enablers for innovation and focus on tangible business impact MUNICH RE STRATEGIC ADVANTAGES Domain expertise in underwriting, claims, risk management Efficient access to new solutions Global presence Financial strength Strong brand and reputation No IT legacy Reshuffling the value chain Digital cooperation models (Digital Partners, multi-channel distribution, ) IoT applications and services (via HSB) Expanding the boundaries of insurability Cyber (re)insurance and embedded service solutions for cedants and insureds GWP 2017 US$ 354m, low loss ratios, stringent accumulation control Data-driven solutions Digitally augmented underwriting/ claims solutions for our cedants Investments in technology and people Bi-modal IT, smart data analytics, data storage ( data lake ), cooperation with technology analytics providers >150 FTEs with data-science background Strategic investments in partnerships > 60m invested into >10 assets focusing on InsurTech, IoT and data specialists Focus on joint value creation 12

Equity story Reinsurance Life and Health Tapping growth opportunities in North America and Asia Canada ( 5.1bn / 37%) Competitive environment, but still very good profits under all metrics Leading market position allows for one-off opportunities Multi-channel distribution initiative to become a leading writer of group benefits USA ( 2.8bn / 20%) High new business value with attractive risk-return profile Dedication to develop FinMoRe business and predictive analytics to foster growth Rigorous in-force management addressing performance issues in pre-2009 legacy block Gross written premium as at 31.12.2017 / share of total (Core regions). UK ( 1.9bn / 14%) Successful FinMoRe and longevity proposition Strong results from in-force portfolio Unattractive margins in protection business Australia ( 0.8bn / 6%) Rehabilitation efforts and in-force management continue Opportunistic approach to new business Continental Europe ( 0.6bn / 5%) Sound but stagnating traditional business overall Solvency II generates demand for tailor-made solutions Asia ( 2.2bn / 16%) Pleasing development of new and in-force business Persistingly high demand for FinMoRe and successful offering of asset protection Substantial contribution from health business 13

Equity story ERGO Strategy Programme (ESP) Continuously increasing net profit ERGO Net profit m ~600+ ~530 >350 273 41 P-C Germany Combined ratio % 98 99 97.0 97.5% 96 93 ESP guidance Actual 92 2016 2017 2018 2020 2021 2016 2017 2018 2019 2020 Net profit impact of investments 1 m 99 148 199 259 302 Annual cost savings m Gross Net 1 536 443 316 279 227 182 167 59 96 30 2016 2017 2018 2019 2020 1 ESP guidance, after policyholder participation and taxes. 2016 2017 2018 2019 2020 14

Equity story ERGO Strategy Programme on track Groundwork for growth laid, first success visible Total premiums ERGO Net profit ERGO Investments (net) Total cost savings (accumulated) Combined ratio P-C Germany Guidance 2017 Actual 2017 ESP Plan 2020 18 19bn 1 18.5bn 19.5bn 200 250m 2 273m ~ 530m 259m 3 170m 1,008m 96m 3 91m 279m 98% 2 97.5% 92% GROUNDWORK FOR GROWTH Sales: Overheads reduced by 36% New products launched revamping of portfolio P-C, Life and investment funds moving ahead Sales results 2017 higher than planned INNOVATIVE INITIATIVES Successful start of nexible in Germany Strategic partnership with Deutsche Telekom to develop Safe Home won Insurance Innovation of the Year ERGO Mobility Solutions started, strategic partnership with Ford Germany DIGITAL TRANSFORMATION PROCEEDS Go-live of ERGO group-wide customer self-service portal, number of users increased by 43% to 685,000 STP 4 in P-C from 2015 to 2017 significantly increased, e.g. in motor to 53% (37%), in legal protection to 66% (52%) Digital IT fully up and running currently ~120 experts at locations in Berlin and Warsaw 1 From Annual Report 2016. 2 As at Q2 2017 reporting. 3 ESP guidance as at 1 June 2016. 4 Straight-through processing. 15

Equity story Strong balance sheet allows us to execute business opportunities CAPITAL SOLVENCY II DEBT facilitating earnings growth CAPITAL DEPLOYMENT Organic growth M&A Partnerships STRONG BALANCE SHEET enabling Sustainable dividend per share growth 3.10 HIGH CAPITAL RETURN 8.60 2005 2017 1 ~ 25bn Total pay-out 2005 2017 (dividends and share buy-backs 2 ) 1 Subject to approval of AGM. 2 Further continuation of 1bn share buy-back until AGM 2019. 16

Equity story Munich Re proves a superior risk/return profile RoE exceeds cost of capital 16 Value creation % Performance vs. major peers and insurance index 1 % Total shareholder return (p.a.) 18 12 8 4 0 Average cost of capital 2005 2011 2017 ~10% > ~8% 13-year average RoE Average cost of capital 15 12 9 6 3 0 3 Index Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 20 25 30 35 40 Volatility of total shareholder return (p.a.) 1 Annualised total shareholder return defined as price performance plus dividend yield over the period from 1.1.2005 until 31.10.2018; based on Bloomberg data in local currency; volatility calculation with 250 trading days per year. Peers: Allianz, Axa, Generali, Hannover Re, Scor, Swiss Re, ZIG, Stoxx Europe 600 Insurance ( index ). 17

Equity story Outlook 2018 GROUP Gross premiums written 48 49bn (prev. 46 49bn) REINSURANCE Gross premiums written ~ 31bn (prev. 29 31bn) ERGO Gross premiums written 17 18bn Net result 2.1 2.5bn Net result 1.8 2.2bn Net result > 350m (prev. 250 300m) Return on investment ~3% P-C combined ratio 1 ~97% L/H technical result incl. fee income 475m Germany ~96% P-C combined ratio International ~96% 1 Expectation for reserve releases in 2018 at least 4%. 18

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Backup: Group Strong balance sheet Conservative accounting translates into earnings as a result of ordinary business activity Investment result bn P-C reinsurance Release of loss reserves 1 % Ongoing disposal gains Low reinvestment yields Strong reserving position Reinsurance cycle Net disposal gains Unrealised gains 22 31 26 28 25 5.8 5.9 7.2 5.5 5.2 15 11 1.2 0.7 1.8 2.6 2.7 2.6 2.5 3.7 4.4 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Part of the valuation reserves realised as a result of usual portfolio turnover Ongoing releases of loss reserves without weakening resilience against future volatility 1 Basic losses, in % of net earned premiums, adjusted for corresponding commission effects. 20

Backup: Group IFRS capital position IFRS capital position Equity m Capitalisation bn Equity 31.12.2017 28,198 Change Q3 Consolidated result 2,038 483 Changes Dividend 1,286 0 Unrealised gains/losses 1,535 168 Exchange rates 225 29 Share buy-backs 617 200 Other 93 75 Equity 30.9.2018 27,117 218 Unrealised gains/losses Exchange rates 0.4 4.2 0.3 0.3 0.3 0.3 2.8 2.8 2.5 2.5 12.6 10.0 10.3 9.4 9.4 31.8 28.2 27.2 26.9 27.1 2016 2017 31.3. 2018 30.6. 2018 30.9. 2018 Fixed-interest securities 9M: 1,350m Q3: 387m Non-fixed-interest securities 9M: 165m Q3: 232m FX effect mainly driven by US$ Debt leverage 1 (%) Senior and other debt 2 Subordinated debt Equity 1%-point higher debt leverage corresponds to ~ 0.3bn additional subordinated debt 1 Strategic debt (senior, subordinated and other debt) divided by total capital (strategic debt + equity). 2 Other debt includes Munich Re bank borrowings and other strategic debt. 21

Backup: Group German GAAP capital position Distributable earnings largely stable Solid result of parent company safeguards financing of capital repatriation HGB result financing capital repatriation Reconciliation of IFRS (Group) to German GAAP (HGB) result (Munich Reinsurance Company) 4.2bn 1.3 1.0 2.2 0.0 4.0bn 1.6 0.6 0.4 2.2bn 0.4bn Distributable earnings 31.12.2016 Dividend Share buyback HGB result 2017 Others 1 Distributable earnings 31.12.2017 IFRS result (Group) Change of equalisation provision net of taxes Distributions vs. IFRS results of MR AG subsidiaries Other accounting differences HGB result (MR AG) 1 Changes in restrictions on distribution. 22

Backup: Group Economic earnings Economic earnings 2017 Outlook 2018: Slightly above IFRS result outlook of 2.1 2.5bn bn Actual Expectation Operating economic earnings 0.1 1.9 Expected return existing business 0.7 New business value 1.0 Operating variances existing business 0.4 Economic effects 1.9 1.4 Interest rate 1.3 Equity 1.2 Credit 1.1 Currency 2.5 Other 1 0.7 Other non-operating earnings 1.4 0.8 Total economic earnings 2017 0.5 2.4 Total economic earnings 2016 2.3 2.5 Operating economic earnings Positive operating economic earnings in Reinsurance Life and Health and ERGO offset by negative contribution from Reinsurance P-C (major losses 2.3bn above expectation) Expectation: Operating economic earnings without variances in new and existing business Economic effects Both reinsurance and ERGO with high economic gains on risk-free interest rates, credit spreads and infrastructure Reinsurance with high economic loss from FX development over the year, partially compensated for by high gains on equities Expectation: Influence of capital market parameters on assets and liabilities, assuming stability Other non-operating earnings Expectation: Taxes on expected earnings in particular, as all other line items are pre-tax 1 Primarily related to illiquid investments: Property, infrastructure, forestry, hedge funds, private equity. 23

Backup: Group Economic earnings P&L attribution Pleasing economic earnings in RI L/H and ERGO compensates for nat-cat-driven loss at RI P-C Munich Re (Group) 2017 bn Reinsurance L/H Reinsurance P-C ERGO L/H Germany ERGO P-C Germany ERGO International Munich Re (Group) Operating economic earnings 1.6 2.0 0.0 0.2 0.3 0.1 Expected return existing business 0.2 0.2 0.2 0.0 0.1 0.7 New business value 1.1 2.4 0.1 0.0 0.2 1.0 Operating variances existing business 0.3 0.2 0.3 0.2 0.0 0.4 Economic effects 0.3 0.6 0.6 0.2 0.3 1.9 Other non-operating earnings 0.8 0.0 0.3 0.1 0.2 1.4 Total economic earnings 1.0 1.4 0.3 0.2 0.3 0.5 24

Backup: Group Risk disclosure SII ratio in a comfortable range 267% 24 242 11 6 29 11 18 2 244% SII ratio 31.12.2016 Capital measures 20171 SII ratio 31.12.2016 (restated) Opening adjustments incl. model changes Operating impact Economic impact Other nonoperating impact Forseeable capital measures 2 2018 Change in eligibility restrictions 3 SII ratio 31.12.2017 ECONOMIC EARNINGS EOF 40.7bn 3.7 36.9bn 0.5 0.1 1.9 1.4 2.6 0.3 35.1bn SCR 15.3bn 15.3bn 0.4 0.4 0.9 0.1 14.4bn Operating impact and economic impact pre tax; taxes incl. in other non-operating impact. 1 Dividend payment in 2017 ( 1.3bn), share buy-back ( 1.0bn) and repayment of subordinated bond in 2017 ( 1.4bn). 2 Foreseeable dividend for 2017 ( 1.3bn), foreseeable share buy-back in 2018/19 ( 1.0bn) and foreseeable repayment of subordinated bond in 2018 ( 0.3bn). 3 Change in non-available own fund items. 25

Backup: Group Risk disclosure Nat cat impact on economic earnings influences capital generation 0.5 0.9 0.2 1.7bn 2.6 1.0bn Change in capital requirements Reduction mainly driven by FX (strong euro) Higher interest rates Economic earnings Change in capital requirements Operating economic earnings Other 1 SII capital generation Economic effects Capital repatriation SII capital generation (net) Other non-operating earnings 0.1bn 1.9bn 1.4bn Expectation 1.9 1.4 0.8 Variances 1.8 0.5 0.6 Economic earnings Operating: Reinsurance P-C impacted by major losses, pleasing contribution from Reinsurance Life/Health and ERGO Economic effects: Benefit from benign capital markets (interest rates, equities, credit spreads) partly offset by FX losses Other non-operating including tax effects Expected economic earnings of 2.4bn 2 supporting current level of capital repatriation 1 Opening adjustments EOF ( 0.5bn) and change in non-available own fund items ( 0.3bn). 2 Further details see slide 45. 26

Backup: Group Risk disclosure Breakdown of solvency capital requirement (SCR) by risk category and segment Group RI ERGO Div. Risk category ( bn) 2016 2017 Delta 2017 2017 2017 Remarks Property-casualty 6.8 6.3 0.5 6.2 0.4 0.3 Appreciation of euro Life and Health 5.2 4.9 0.3 4.3 0.8 0.2 Market 9.9 9.2 0.7 5.9 5.6 2.3 Higher interest rates reduce interest-rate risk Credit 4.0 3.4 0.6 2.2 1.3 0.1 Appreciation of euro Operational risk 1.4 1.2 0.2 0.8 0.8 0.3 Other 1 0.6 0.7 +0.1 0.5 0.2 Simple sum 27.9 25.8 2.1 19.9 9.1 3.2 Diversification 10.0 9.1 +0.9 7.4 2.0 Diversification benefit: 35% Tax 2.6 2.3 +0.3 2.1 0.6 Total SCR 15.3 14.4 0.9 10.4 6.6 2.6 Appreciation of euro and increase in interest rates largest determinant of SCR changes 1 Capital requirements for associated insurance undertakings and other financial sectors, e.g. institutions for occupational retirement provisions. 27

Backup: Group Risk disclosure Property-casualty risk Nat cat exposure (net of retrocession) AggVaR 1 bn SCR property-casualty bn 5 4 Top 5 exposures 1 Atlantic Hurricane 2 Earthquake North America 3 Storm Europe 4 Earthquake Japan 5 Earthquake Australia 6.8 6.3 2016 2017 3 2 2017 2016 Basic losses Major losses 2 Diversification Total 3.4 6.3 5.7 2.8 1 1 2 3 4 5 Top nat cat exposures Overall slight portfolio growth compared with last year SCR decrease mainly due to FX, esp. weaker US$, affecting both major and basic losses 1 Munich Re (Group). Return period 200 years, pre-tax. 2 Natural catastrophes, man-made (including terrorism and casualty accumulations) and major single losses. 28

Backup: Group Risk disclosure Development of Munich Re s Solvency II ratio Munich Re actions >220%: Above target capitalisation Capital repatriation Increased risk-taking Holding excess capital to meet external constraints SII ratio % 244% 1 175 220%: Target capitalisation Optimum level of capitalisation 140 175%: Below target capitalisation Tolerate (management decision) or If necessary, take management action (e.g. risk transfer, scalingdown of activities; raising of hybrid capital) <140%: Sub-optimal capitalisation Take risk-management action (e.g. risk transfer, scaling-down of activities; raising of hybrid capital) or In exceptional cases, tolerate situation (management decision) 220% 175% 140% 100% 2011 2012 2013 2014 2 2015 2016 2017 1 Including all planned capital measures. 2 Transition into SII metric. 29

Backup: Group Risk disclosure Sensitivities of SII ratio Ratio as at 31.12.2017 Interest rate +50bps 1 Interest rate 50bps 1 Spread +100bps GOV Spread +100bps CORP Equity markets +30% Equity markets 30% FX 20% Inflation +100bps 2 Atlantic Hurricane 3 UFR 50bps Volatility adjustment Target capitalisation 225 217 225 224 224 244% 240 241 240 247 257 263 175 220 1 Parallel shift until last liquid point, extrapolation to unchanged UFR. 2 Based on CPI inflation. 3 Based on 200-year event. 30

Backup: Group Reserving position Very strong reserving position Actual losses consistently below actuarial expectations throughout the years Reinsurance group Comparison of incremental expected losses with actual reported losses 1 m By exposure year 10,000 Actual reported loss By line of business 10,000 Actual reported loss 1,000 100 2009 2015 2014 2012 2007 and prior 2013 2011 2010 2016 2008 Expected reported loss 10 10 100 1,000 10,000 Actuals for first run-off year (2016) are around 10% below expectations consistent with picture in previous years 1,000 Fire Motor Third-party liability Risks other property Engineering Marine Aviation Credit Personal accident Expected reported loss 100 100 1,000 10,000 Very stable actual-versus-expected development per line of business Legend: Green Actuals below expectation Red Actuals above expectation Solid line Actuals equal expectation Dotted line Actuals 50% above/below expectations 1 Reinsurance group losses as at Q4 2017, not including parts of Risk Solutions, special liabilities and major losses (i.e. events of over 10m or US$ 15m for Munich Re's share). 31

Backup: Group Reserving position Positive run-off result without weakening resilience against future volatility Ultimate losses 1 (adjusted to exchange rates as at 31.12.2017) m Accident year (AY) Date 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total 31.12.2007 49,058 31.12.2008 48,729 13,108 31.12.2009 48,550 13,508 13,034 31.12.2010 47,965 13,474 12,973 13,412 31.12.2011 47,761 13,202 12,529 13,578 17,241 31.12.2012 46,915 13,064 12,418 13,466 17,307 14,200 31.12.2013 46,611 12,892 12,407 13,550 17,039 13,982 14,155 31.12.2014 46,267 12,636 12,085 13,581 16,668 13,786 14,360 14,113 31.12.2015 45,738 12,488 11,881 13,390 16,534 13,587 14,321 14,143 13,449 31.12.2016 45,502 12,424 11,846 13,174 16,095 13,551 14,038 14,122 13,499 14,370 31.12.2017 45,401 12,377 11,829 13,053 16,075 13,445 13,935 13,910 13,297 14,244 17,390 CY 2017 runoff change 102 47 17 122 20 106 102 212 202 126 1,056 CY 2017 runoff change (%) 0.2 0.4 0.1 0.9 0.1 0.8 0.7 1.5 1.5 0.9 0.6 Ultimate reduction Prior-year releases of 1.1bn driven by reinsurance portfolio Favourable actual vs. expected comparison facilitates ultimate reductions for prior years Reserve position remains strong Reinsurance 2 1,047m ERGO 9m 1 Basic and major losses; accident-year split partly based on approximations. 2 Thereof 984m basic and 63m major losses. 32

Backup: Group Outstanding bonds Munich Re (Group) Outstanding bonds Senior and subordinated bonds 1 Nominal volume Coupon rate p. a. Emission/Issue Maturity First possible redemption date 900m Until 2022 6.25%, thereafter variable 2012 2042 26 May 2022 450m Until 2022 6.625%, thereafter variable 2012 2042 26 May 2022 1,000m Until 2021 6.00%, thereafter variable 2011 2041 26 May 2021 US$342m 7.45% 1996 2026 Maturity pattern bn Currency pattern 2.5 2.0 USD 13% EUR 69% 1.5 1.0 0.5 0.0 0-5 5-10 10-15 15-20 20-25 25-30 30-35 undated GBP 18% TOTAL 2.8bn 1 As at 30 June 2018. Bonds with a nominal value below 100m not considered. In addition, Munich Re has placed some natural catastrophe bonds. 33

Backup: Group Corporate responsibility Turning risk into sustainable value Company success through responsibility Commitments implementation Environmental, Social, Governance (ESG) Group-wide carbon-neutrality since 2015; sharedvalue projects closely related to our core business; high corporate governance standards external recognition Corporate responsibility in insurance Integration of ESG aspects into core business (process, guidelines, tools); prudent Group-wide control, support and training Corporate responsibility in investment Sustainability one criterion for investment decision; incorporated in our Group-wide investment guideline We actively embrace ESG factors along the value chain in our insurance business operations and asset management 34

Backup: Group Corporate responsibility Governance New remuneration system 1 for the Board of Management meets shareholder requirements Basic remuneration plus remuneration in kind/fringe benefits 50% Bonus scheme spanning Corridor Assessment basis Variable remuneration 2 50% 30% 70% 1 calendar year 0 200% IFRS consolidated result 5 calendar years 0 200% Total shareholder return compared to a defined peer group 3 1 Effective as at 2018. 2 For 100% achievement of objectives/performance evaluation. Evaluation of overall performance: Adjustment of achievement figures by the Supervisory Board of up to 20 percentage points (loading/reduction). 3 Peer group: Allianz, Axa, Generali, Hannover Re, SCOR, Swiss Re, Zurich. 35

Reinsurance 36

Backup: Reinsurance Moderate reinsurance premium growth expected until 2020 Growth rates roughly in line with primary insurance P-C reinsurance: Ceded premiums 2017 P-C insurance: real growth rates 1 Reinsurance Primary insurance 10 17 18 20 10 17 18 20 Europe 73bn 33% 1% 2% 0.5% 2% North America 71bn 31% 3% 2% 2% 2% Asia Pacific 56bn 24% 5% 3% 7% 6% Latin America 15bn 7% 4% 3% 4% 4% Africa/Middle East 12bn 5% 2% 3% 3% 4% Total ~ 227bn 3% 2% 3% 3% 1 CAGR. Source: Munich Re Economic Research 37

Backup: Reinsurance Munich Re Leading global reinsurer Rank Company Country Net reinsurance premiums written 2017 (US$ bn) 1 Munich Re Germany 36.5 2 Swiss Re Switzerland 32.3 3 Berkshire Hathaway Re USA 24.2 4 Hannover Re Germany 19.3 5 SCOR France 16.2 6 Lloyd s UK 10.8 7 China Re China 10.0 8 Reinsurance Group of America USA 9.8 9 Everest Re Bermuda 6.2 10 General Insurance of India (GIC Re) India 5.8 Total top 10 171.1 Source: Standard & Poor's, September 2018 38

Backup: Reinsurance Reinsurance Overview 2017 2016 2015 2014 2013 Gross written premiums bn 31.6 31.5 28.2 26.8 27.8 Investments bn 85.8 91.9 89.2 88.0 79.2 Net technical provisions bn 68.1 67.1 65.4 63.5 60.5 Major losses (net) m 4,314 1,542 1,046 1,162 1,689 Thereof natural catastrophes m 3,678 929 149 538 764 Property-casualty Combined ratio % Life and Health Technical result m Combined ratio Basic losses 92.1 92.7 89.7 95.7 114.1 359 279 335 520 376m 51.3 53.0 50.8 54.2 54.8 2013 2014 2015 2016 2017 Figures from 2016 including reinsurance business of Munich Health. 2013 2014 2015 2016 2017 39

Backup: Reinsurance Property-Casualty Property-casualty: Stable top line despite portfolio management measures well balanced diversified portfolio Total P-C book % Traditional % Risk Solutions % Risk Solutions 25 (27) Tailor-made solutions 23 (23) Nat cat XL 9 (10) Casualty 48 (47) Other 23 (24) American Modern 22 (22) TOTAL 1 18bn TOTAL 13bn Munich Re Syndicate 8 (8) TOTAL 5bn Hartford Steam Boiler 22 (21) Other traditional business 52 (50) Other property 35 (34) Specialty 2 8 (9) Corporate Insurance Partner 3 11 (12) Specialty markets 14 (13) Targeted withdrawal from unprofitable business Offset by selective underwriting of attractive business opportunities in traditional reinsurance Sustained high level of tailor-made solutions Well balanced traditional portfolio Slight move towards casualty and other property Dominated by US business around 60% Consistent exit from underperforming business profitability before growth Rounded figures. 1 Gross premiums written in property-casualty reinsurance as at 31.12.2017 (31.12.2016). 2 Aviation, marine and credit. 3 Part of Special and Financial Risks, providing solutions for large corporate clients. 40

Backup: Reinsurance Property-Casualty Traditional property-casualty: Portfolio management and high share of proportional business support earnings resilience Traditional % Portfolio developments Aviation 1 (1) Marine 2 (3) Credit 5 (5) Agro 6 (7) Property ex nat cat XL 29 (27) TOTAL 13bn Casualty motor 28 (28) Casualty ex motor 20 (19) Property nat cat XL 9 (10) Proportional 75 (74) TOTAL 13bn Facultative 9 (9) XL 16 (17) Share increases Proportional property and casualty following the realisation of profitable business opportunities Accordingly, ongoing slight shift towards proportional business Share decreases Rigorous top-line reductions in agro and marine, credit volume slightly down Property nat cat XL portfolio relatively stable overall Rounded figures. 1 Traditional reinsurance, incl. tailor-made solutions. Allocation based on management view, not comparable with IFRS reporting. 41

Backup: Reinsurance Property Casualty July renewals 2018 July renewals Total property-casualty book 1 % Regional allocation of July renewals % Remaining business 32 Business up for January renewal 47 Rest 7 North America 27 Worldwide 30 TOTAL 2.3bn Latin America 15 TOTAL 18bn Europe 7 Nat cat shares of renewable portfolio 2 Nat cat Other perils Australia 14 % January 10 90 April 25 75 Business up for July renewal 13 Business up for April renewal 8 July Total 13 21 87 79 1 Gross premiums written. Economic view not fully comparable with IFRS figures. 2 Total refers to total P-C book, incl. remaining business. 42

Backup: Reinsurance Property Casualty July renewals 2018 Top-line increase driven by growth opportunities in Australia and the US Rate increases improve profitability July renewals 2018 % 100 12.0 88.0 +2.5 +51.1 141.6 m 2,296 275 2,021 +57 +1,174 3,252 Total renewable from 1 July Change in premium +41.6% Thereof price change 1 ~ +0.9% Thereof exposure change +40.7% Cancelled Renewed Increase on renewable New business Estimated outcome Price change including interest-rate effects ~2.1% Substantial rate increases for loss-affected nat cat XL business, in particular in Latin America/Caribbean Increases in US markets lost momentum stabilisation of other business, incl. Australia Top-line growth driven by a large deal in Australia and attractive new proportional programmes in the US 1 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). 43

Backup: Reinsurance Property Casualty Renewals Renewals Price changes since 2010 Nominal price change Price change adjusted for interest-rate changes 2.4 0.3 1.0 0.5 1.4 0.2 0.0 0.8 1.7 0.1 0.9 1.0 0.5 0.5 2.4 1.7 1.6 1.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 44

Backup: Reinsurance Property Casualty Munich Re is utilising multiple channels as instrument for risk management Munich Re channels to tap alternative capacity sources Sidecar programme 1 Retrocession Protection per nat cat scenario 2 m Size of programme placed to institutional investors increased to US$ 700m Broad investor base Peak nat cat exposures 1,500 1,000 500 0 Retrocession use reflects favourable market terms and strong Munich Re capital base Enhanced risk management and client offerings on basis of ART channels Australia Cyclone US Windstorm NE US Windstorm SE 2014 2015 2016 2017 2018 Combining Munich Re s unique value proposition in managing peak risk with client access to institutional investor capacity Taking advantage of alternative sources of capital for clients and Munich Re s own book Munich Re ILS service for third parties completes offer as customised stand-alone service or integrated into traditional solutions Broad distribution channels to ART markets increase flexibility of Munich Re balance sheet relationship-based approach allows for scaling-up 1 Munich Re structured and arranged transactions. 2 Including indemnity retrocession, ILW/derivatives, risk swaps, cat bonds and the sidecars including Eden Re. Selection of main scenarios. 45

Backup: Reinsurance Property Casualty Munich Re's maximum in-force nat cat protection Nat cat protection before reinstatement premiums, as at January 2018 m 1,500 1,000 Cat bonds Risk swaps Sidecars Indemnity retro 500 0 US Windstorm Northeast US Windstorm Southeast US Earthquake EU Windstorm EU Other perils Japan Earthquake Australia Cyclone 46

Backup: Reinsurance Property Casualty Outstanding insurance-linked securities (ILS) Munich Re's Capital Partners unit is a recognised player in the ILS market For clients For Munich Re s book 1 Transaction Closing Maturity Volume Perils covered Pandemic Emergency Financing Facility 7/2017 7/2020 US$ 225m US$ 95m Class A Pandemic influenza, Coronavirus Class B Filovirus, Coronavirus, Lassa Fever, Rift Valley Fever, and Crimean Congo Hemorrhagic Fever Lion Re II DAC 6/2017 7/2021 200m Europe Windstorm, Italy Earthquake, Europe Flood Vitality Re IX Ltd. 1/2018 1/2022 US$ 200m US health risks Vitality Re VIII Ltd. 1/2017 1/2021 US$ 200m US health risks Vitality Re VII Ltd. 1/2016 1/2020 US$ 200m US health risks Azzurro Re I DAC 6/2015 1/2019 200m Italy Earthquake Fonden 8/2017 8/2020 US$ 150m Class A Mexico Earthquake 8/2017 12/2019 US$ 100m Class B Atlantic Hurricane 8/2017 12/2019 US$ 110m Class C Pacific Earthquake Eden Re II Ltd. (Series 2018-1) 12/2017 3/2022 US$ 300m Various perils Eden Re II Ltd. (Series 2017-1) 12/2016 3/2021 US$ 360m Various perils Queen Street XII Re DAC 5/2016 4/2020 US$ 190m Hurricane US & Windstorm Europe Queen Street XI Re DAC 12/2015 6/2019 US$ 100m Hurricane US & Cyclone Australia Generation of fee income Active investor in the primary and secondary market Improvement of own risk/return profile and cost efficiency Utilisation of unexhausted risk budgets Offering one-stop shopping to clients as sponsors 1 Excluding private transactions. 47

Backup: Reinsurance Property Casualty Cyber (re)insurance Strong long-term growth in cyber (re)insurance expected Munich Re with leading-edge expertise and market presence GWP global cyber insurance market 1 US$ bn GWP Munich Re cyber portfolio US$ m 20 15 Rest of world USA Reinsurance Primary insurance 263 354 10 5 126 135 191 0 2015 2016 2017 2020 2025 2013 2014 2015 2016 2017 Strong correlation with cyber security market, however overall share uncertain Higher awareness of cyber risks/claims reporting will drive demand for insurance solutions GDPR implementation in Europe Serving all client segments via primary insurance and reinsurance carriers Well established player globally Aiming to keep 10% market share in the growing cyber insurance market 1 Estimates based on different external sources (Marsh & McLennan, Barbican Insurance, Allianz). 48

Backup: Reinsurance Life and Health Well diversified portfolio: North American overweight reflects market size Biometric risk exposure dominated by mortality 35% Canada 65% 55% 30% 50% 5% 45% Continental Europe Mortality 60% Morbidity 30% Longevity 10% 15% United Kingdom 15% USA 85% 60% Asia 40% NA 60% Europe 25% Asia 10% Latin America 10% 90% 10% South Africa 90% 70% 30% Australia 5% Africa/LA <5% Australia Size of bubbles indicative of present value of future claims. 49

Backup: Reinsurance Life and Health Financially Motivated Reinsurance Well established value proposition, trong demand prevails Gross premiums written 1 m Technical result and fee income 1 m NBV 2 m % of total 4,109 4,306 3,356 3,313 38 33 31 32 4,793 2013 2014 2015 2016 2017 35 Technical result Fee income % of total 136 127 119 127 49 62 70 88 51 41 65 66 70 76 47 34 28 37 34 17 2013 2014 2015 2016 2017 % of total 257 214 129 73 22 23 22 16 205 2013 2014 2015 2016 2017 19 Portfolio development Geographically well diversified portfolio Transaction types tailored to client needs 17 new treaties concluded in 2017 2017 new business value again at very attractive level, dominated by APAC and Europe 1 2013 15 Life only, from 2016 including Health 2 2012 14 MCEV, from 2015 Solvency II, from 2017 including Health. Expectations going forward Demand will remain high Number, size and type of transactions are difficult to predict and will vary on an annual basis 50

Backup: Reinsurance Life and Health Asia Vital new business production secures growth across the region Gross premiums written 1 m Technical result and fee income 1 m NBV 2 m % of total 872 871 910 1,909 14 2,182 16 Technical result Fee income % of total 108 100 86 19 27 9 89 62 59 77 74 4 5 58 54 % of total 97 93 198 180 244 8 9 9 15 17 21 19 23 17 21 21 15 23 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Portfolio development Sustained growth path recurring business steadily increasing Recent growth particularly emanating from Greater China Tailor-made market and client strategies, growth supported by broad range of services Record NBV in 2017, supported by FinMoRe Expectations going forward Reinsurance markets will continue their growth path Demand for solvency relief and financing solutions will remain high Underwriting discipline will remain high although competition and pressure on prices are expected to increase Closely watch product trends in critical illness 1 2013 15 Life only, from 2016 including Health 2 2012 14 MCEV, from 2015 Solvency II, from 2017 including Health. 51

Backup: Reinsurance Life and Health Longevity Book developed carefully in line with risk appetite Gross premiums written m Liability assumed p.a. m Strategic proposition 120 % of total 312 381 484 4 4 417 3 982 2,788 1,366 1,884 697 Longevity considered to be primarily a risk-management tool to balance mortality portfolio and to stabilise earnings Prudent approach in pricing and valuation because of uncertainty about future mortality trend 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Portfolio development Expectations going forward Portfolio comprises longevity swaps in UK First transaction concluded in 2011 after in-depth research Execution of 1-2 transactions per year Claims emerge better than expected in pricing Reduction of 2017 premium driven by exchange rate movements Evolutionary development of portfolio within clearly defined risk tolerance Careful investigation of expansion into other markets High market potential but also significant pressure on prices Continuation of highly selective approach and prudent valuation (no significant recognition of NBV) 52

Backup: Reinsurance Life and Health Asset protection Comprehensive solutions to non-biometric financial risks gaining significance IFRS earnings contribution 1 m Product portfolio Strategic proposition 30 37 26 44 37 Solutions to Basel III and Solvency II needs Resolution of accounting asymmetry ALM solutions for smaller players, i.e. reinsurance solutions for business with significant market risk Wide range of tailor-made solutions Legal, regulatory and structuring expertise State-of-the-art in-house hedging platform Development of modern savings products 2013 2014 2015 2016 2017 Portfolio development Portfolio continues to gain significance Growing contribution to NBV Positive experience variances indicating effectiveness of market risk hedges Expectations going forward Existing book dominated by Asia/Japan Current opportunities mainly in Europe, Asia/Japan and North America 1 Part of non-technical-result, incl. insurance-related investment result. 53

Backup: Reinsurance Life and Health New-business profitability continues to be strong RORAC spread 1 % IRR spread 1 % Payback period 2 years 20% 20% 20 15% 15% 15 10% 10% 10 5% 5% 5 0% 2013 2014 2015 2016 2017 0% 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 Very good new-business profitability relative to economic risk capital and total investment Composition of new business portfolio main driver of changes over the years Positive impact in 2017 from US tax reform Payback period particularly influenced by share of business with financing character 1 Spread in addition to reference rate (weighted-average swap yield curves), after tax. 2 Years it takes to amortise the investment in new business through future (undiscounted) distributable earnings. 54

ERGO 55

Backup: ERGO ERGO Overview 2017 2016 2015 2014 2013 Gross written premiums bn 17.5 17.4 16.5 16.7 16.7 Investments bn 141.1 139.4 131.0 135.5 126.7 Net technical provisions bn 137.6 135.2 130.3 132.4 125.1 Combined ratio p-c Germany % 97.5 97.0 97.9 95.3 96.7 Combined ratio p-c International % 95.3 98.0 104.7 97.3 98.7 Premium split by region 2017 % Distribution channels Germany New business 2017 % Rest of World 13 Germany 69 Banks/other 3 Tied agents 57 Belgium 5 TOTAL 17.5bn Direct 18 Spain 5 Poland 8 Broker 22 Figures from 2016 including international primary insurance business of Munich Health. 56

Backup: ERGO ERGO Life Germany New set-up for traditional book, revised product portfolio Strategic rationale Decision to keep and manage traditional life backbook make most of value potential Run-off significantly improves capital position Dividends from traditional life companies for 2017 Continuous free-up of tied capital expected Opportunity to unlock earnings potential in in-force Ringfencing of back-book building on expertise Long duration of fixed-income portfolio with return of 3.0% above-average guarantee 1 (2.1%) ALM: Asset/liability duration difference about 1 year Hedging programme against reinvestment risk in place since 2005 continuous roll-over and adjustments Cash flows matched for 40 years 1 Actuarial interest rate incl. effect of ZZR. German GAAP figures. Managing the run-off Separate organisational unit for traditional life business established fully operational as at 1 January 2018 ERGO and IBM agreed on life portfolio management partnership start of migration onto new IT platform in 2018 Medium-term ambition: transform existing entity into a professional run-off business model Significant earnings potential by reduction of IT costs (sourcing/partnership) and realisation of efficiency gains New business approach revised product portfolio New business via ERGO Vorsorge New product suite focusing on biometric and capitalefficient products New life and pension products successfully launched in 12/2017 Dependency on products with long-term interest guarantees will be significantly lower compared with traditional life book 57

Backup: ERGO ERGO Life Germany Key figures and ZZR Key figures 1 % Key financials 3 bn 2021 2017 2016 2015 Reinvestment yield n.a. 1.5 1.3 1.8 Average yield ~2.0 3.0 3.4 3.4 Average guarantee 4 ~1.1 2.1 2.4 2.7 2017 2016 2015 Free RfB 1.4 1.2 0.9 Terminal bonus fund 0.9 1.1 1.6 Unrealised gains 10.4 13.7 12.2 ZZR Low interest-rate reserve bn ZZR reference rate Projection 2 Local GAAP reserve against low interest rates Partly financed through unrealised gains positive impact on IFRS earnings when realised Accumulated ZZR 2018e 2017 2016 2015 2014 ~6.5 5.0 3.6 2.5 1.5 1 German GAAP figures for ERGO Leben, Victoria Leben and ERGO Direkt Leben. 2 Based on interest-rate scenarios. 3 German GAAP figures. 4 Actuarial interest rate incl. effect from ZZR. 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 2.21 Reference rate Increase Stable Decrease 2014 2015 2016 2017 2018 2019 2020 2021 2022 58

Backup: ERGO ERGO Health Germany Stabilise comprehensive insurance, strengthen supplementary insurance Market view on comprehensive insurance (GWP) 1 bn 4.9 3.6 2.6 2.6 2.2 Peer 1 ERGO Peer 2 Peer 3 Peer 4 ERGO business mix Gross premiums written 4.5bn 75 5.3bn 70 % Comprehensive insurance ERGO number 2 in German market stable results and stable political environment Market view on supplementary insurance (GWP) 1 bn 1.5 0.8 0.6 0.5 0.5 25 30 2007 2017 Supplementary insurance ERGO clear market leader expansion in long-term care and direct insurance ERGO Peer 1 Peer 2 Peer 3 Peer 4 1 Gross premiums written as at 31.12.2016. Source: PKV Verband. 59

Backup: ERGO ERGO International Portfolio management STRATEGY WELL ON TRACK Fostering strong market positions, e.g. in Poland (P-C result of + 50m in 2017) and India (31% profitable growth in 2017) Belgium: Run-down successfully initiated, de-risking of life business First results of portfolio optimisation: Sale of entities in Switzerland, Slovakia and Luxembourg Successful integration of international health business New governance implemented and executed We laid a solid base for our international business ONGOING PORTFOLIO OPTIMISATION Analysing further divestment opportunities Realising efficiency gains and enhancing productivity nexible to launch its Austrian operations in 2018 Coherent cost-saving programme initiated with multiple initiatives on the way ACHIEVING MEDIUM- TERM TARGETS Completing portfolio optimisation Identifying and securing new markets and business opportunities Driving technological innovation and thought leadership across all international business activities to further improve profitability 60

Financial highlights 9M 2018 61

Backup: Munich Re (Group) Financial highlights 9M result slightly above 2bn Well on track to meet annual guidance Munich Re (Group) Q3 2018 (9M 2018) Net result Technical result m Investment result m Net result m 483m (9M: 2,038m) Strong ERGO result, also benefitting from one-offs Robust reinsurance result despite accumulation of nat cat claims, higher taxes and FX losses Return on investment 1 2.3% (9M: 2.8%) Reinsurance: 2.9%, ERGO: 1.9% Low disposal gains: Less ZZR need and preservation of high valuation reserves Shareholders' equity 27.1bn ( 3.8% vs. 31.12.) Solvency II ratio increased to >260% 1 Annualised. 847 2,057 Q3 Q3 2017 2018 Reinsurance 656 9M 2017 2,436 9M 2018 1,589 1,311 Q3 2017 Q3 2018 Life and Health: Technical result incl. fee income: 88m (incl. negative one-offs); (9M: 419m) On course to achieve annual target of 475m Property-casualty: Combined ratio: 100.7% (9M: 97.3%) Major-loss ratio: 12.5% (9M: 9.3%); Reserve release: ~4% 5,629 4,865 9M 2017 ERGO 9M 2018 1,436 Q3 2017 483 Q3 2018 Life and Health Germany: Positive contribution from changed profit-share assumptions Property-casualty Germany: Combined ratio: 94.7% (9M: 95.3%) 146 9M 2017 International: Burden from portfolio optimisation; Combined ratio: 93.3% (9M: 94.7%) 2,038 9M 2018 62

Backup: Reinsurance Financial highlights Reinsurance Property-casualty Gross premiums written m Major result drivers m 9M 2017 13,524 Foreign exchange 825 Divestments/investments Organic change 3,002 9M 2018 15,701 Negative FX effects mainly from US$ Strong growth from new and existing treaties, mainly in motor and property lines 9M 2018 9M 2017 Technical result 1,193 1,381 2,574 Non-technical result 406 462 56 thereof investment result 1,306 1,436 130 Other 523 252 776 Net result 1,076 667 1,743 Q3 2018 Q3 2017 Technical result 261 2,306 2,566 Non-technical result 124 176 52 thereof investment result 405 479 74 Other 234 605 839 Net result 151 1,525 1,675 Technical result 9M: Benefit from low major losses in Q1 Q3: Significant nat cat losses (esp. Jebi, Florence) mitigated by positive run-off for prior-year major losses of 5.5%-pts. Q3: Elevated basic losses mainly due to larger losses below outlier threshold in North American Risk Solutions business Investment result 9M: Increased regular income; disposal gains mainly from equities Q3: Return on investment: 2.7% Other 9M: FX result of 80m vs. 168m, thereof 81m in Q3 Q3: Tax rate of 48.8% 63

Backup: Reinsurance Financial highlights Combined ratio Combined ratio % Basic losses Major losses Expenses 2016 95.7 54.2 9.1 32.4 160.9 2017 114.1 54.8 25.8 33.5 9M 2018 97.3 54.8 9.3 33.3 Q3 2018 100.7 55.3 12.5 33.0 101.9 103.9 102.0 100.7 Major losses Nat cat Man-made Reserve releases 1 Normalised combined ratio 2 9M 2018 9.3 4.1 5.2 4.2 100.1 97.1 93.9 88.6 Q3 2018 12.5 10.5 2.0 4.0 99.9 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Ø Annual expectation ~12.0 ~8.0 ~4.0 ~ 4.0 1 Basic losses prior years, already adjusted for directly corresponding sliding-scale and profit commission effects. 2 Based on 4%-pts. reserve releases; adjusted for extraordinary commission effect (Q3: 0.4%-pts. / 9M: 0.1%-pts.). 64

Backup: Reinsurance Financial highlights Reinsurance Life and Health Gross premiums written m Major result drivers m 9M 2017 10,246 Foreign exchange 412 Divestments/investments 0 Organic change 1,855 9M 2018 7,980 Negative FX effects mainly from US$ Termination/restructuring of two large capital relief transactions 9M 2018 9M 2017 Technical result 363 232 131 Non-technical result 386 238 149 thereof investment result 727 661 66 Other 146 173 27 Net result 603 297 307 Q3 2018 Q3 2017 Technical result 67 23 44 Non-technical result 137 78 59 thereof investment result 217 208 9 Other 46 42 3 Net result 159 59 100 Technical result incl. fee income of 419m 9M: In aggregate, favourable claims experience, especially in the US Q3: Negative impact related to sale of Ellipse and a large single claim in Canada Well on track to achieve annual target of 475m Investment result 9M: High regular income supported by deposits retained on assumed reinsurance; disposal gains on equities and fixed income Q3: Return on investment: 3.4% Other 9M: FX result of 4m vs. 37m, thereof 9m in Q3 Q3: Low tax rate of 15.1% 65

Backup: ERGO Financial highlights ERGO Life and Health Germany Gross premiums written m Major result drivers m 9M 2017 6,865 Foreign exchange 6 Divestments/investments 48 Organic change 5 9M 2018 6,911 Health: + 88m Travel growing, positive development in supplementary health insurance Direct: + 34m Growth driven by dental tariffs Life: 75m Decline in regular premiums from ordinary attrition as well as decrease in single premiums 9M 2018 9M 2017 Technical result 530 250 280 Non-technical result 48 212 164 thereof investment result 2,494 3,130 636 Other 380 353 27 Net result 198 109 88 Q3 2018 Q3 2017 Technical result 372 95 277 Non-technical result 11 38 50 thereof investment result 638 774 136 Other 184 137 47 Net result 176 3 180 Technical result Q3: Improvement mainly driven by a one-off effect due to changed profit share assumptions (after-tax effect ~ 170m) Investment result 9M: Significantly lower disposal gains from fixed-income securities (lower ZZR requirements) and equities, partly offset by a higher derivatives result Q3: Return on investment: 2.1% Other Q3: Tax-related positive one-off effect 66

Backup: ERGO Financial highlights ERGO Property-casualty Germany Gross premiums written m Major result drivers m 9M 2017 2,619 Foreign exchange 0 Divestments/investments 0 Organic change 81 9M 2018 2,699 Positive premium development in almost all lines of business Organic growth mainly driven by marine (+ 28m) and fire/property (+ 22m) 9M 2018 9M 2017 Technical result 129 122 7 Non-technical result 45 73 29 thereof investment result 98 137 39 Other 134 132 2 Net result 40 63 24 Q3 2018 Q3 2017 Technical result 37 32 5 Non-technical result 3 20 22 thereof investment result 21 38 18 Other 52 49 3 Net result 18 3 20 Technical result 9M: Combined ratio of 95.3% on track for annual guidance of ~96% Benign claims development Expense ratio improved due to cost degression Q3: Combined ratio of 94.7% mainly driven by low level of nat cat Investment result 9M: Lower disposal result from equities Q3: Return on investment: 1.2% Other 9M: Positive tax one-off and lower nonoperating result 67

Backup: ERGO Financial highlights ERGO Property-casualty Germany Combined ratio % Gross premiums written 9M 2018 m 2016 97.0 Loss ratio 61.9 Expense ratio 35.1 Other 357 Motor 589 2017 97.5 64.1 33.5 9M 2018 95.3 62.7 32.6 Q3 2018 94.7 63.4 31.4 Legal protection 318 TOTAL 2,699m Fire/property 499 100.0 99.1 98.1 100.3 101.7 94.7 92.7 90.3 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Personal accident 466 Liability 471 68

Backup: ERGO Financial highlights ERGO International Gross premiums written m Major result drivers m 9M 2017 3,750 Foreign exchange 49 Divestments/investments 48 Organic change 159 9M 2018 3,813 P-C: + 76m Strong premium contribution from Poland and the Baltic states Life: + 13m Overall moderate growth due to Belgium, since new business was discontinued as a result of the run-off Health: 27m 9M 2018 9M 2017 Technical result 221 121 100 Non-technical result 0 48 48 thereof investment result 241 264 24 Other 99 117 17 Net result 122 52 70 Q3 2018 Q3 2017 Technical result 110 97 13 Non-technical result 54 14 67 thereof investment result 30 89 59 Other 42 81 39 Net result 15 30 15 Technical result 9M: Positive development driven by Poland, Belgium (Life) and Health business 9M: Combined ratio of 94.7% improved y-o-y ( 0.8%-pts.) and on track for FY guidance Q3: Strong underlying performance, despite non-recurring expenses in Greece Investment result Q3: Loss related to expected sale of smaller entities in the Netherlands Q3: Return on investment: 0.7% Other Q3: High tax ratio driven by non-tax deductible loss in the Netherlands 69

Backup: ERGO Financial highlights ERGO International Property-casualty, including Health 1 Combined ratio % Gross premiums written 9M 2018 m 2016 98.0 2017 95.3 Loss ratio Expense ratio 64.9 63.7 33.1 31.6 Other 315 Turkey 105 TOTAL 2,741m Poland 1,046 Spain 600 9M 2018 94.7 Q3 2018 93.3 62.2 57.7 32.5 35.6 Greece 182 Legal protection 494 Combined ratio 9M 2018 % 100.2 98.7 94.7 95.3 95.6 93.3 90.6 90.9 96.0 118.4 119.3 94.7 96.3 91.5 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Poland Spain Legal protection Greece2 Turkey Total 1 Only short-term health business. 2 Including non-recurring expenses. 70

Investments 9M 2018 71

Backup: Investments Investment result Investment result ( m) Q2 2018 Return 1 Q3 2018 Return 1 9M 2018 Return 1 9M 2017 Return 1 Regular income 1,836 3.2% 1,598 2.8% 4,927 2.8% 4,881 2.8% Write-ups/write-downs 140 0.2% 219 0.4% 475 0.3% 160 0.1% Disposal gains/losses 282 0.5% 46 0.1% 912 0.5% 1,739 1.0% Derivatives 2 53 0.1% 56 0.1% 15 0.0% 412 0.2% Other income/expenses 165 0.3% 171 0.3% 485 0.3% 421 0.2% Investment result 1,759 3.1% 1,311 2.3% 4,865 2.8% 5,629 3.2% Total return 2.2% 2.3% 1.1% 1.0% 3-month reinvestment yield Q3 2018 2.5% Q2 2018 2.3% Q1 2018 1.9% Q3 2018 Write-ups/ write-downs Disposal gains/losses Derivatives Fixed income 3 0 15 37 Equities 151 88 35 Commodities/inflation 18 41 Other 50 57 13 9M 2018 Write-ups/ write-downs Disposal gains/losses Derivatives Fixed income 3 5 453 95 Equities 314 434 6 Commodities/inflation 30 100 Other 126 25 13 1 Annualised return on quarterly weighted investments (market values) in %. Impact from dividends on regular income: Q3 2018 0.2%-pts; 9M 2018 0.3%-pts. 2 Result from derivatives without regular income and other income/expenses. 3 Thereof interest-rate hedging ERGO: Q3 20m/ 5m (gross/net); 9M 20m/ 7m (gross/net). 72

Backup: Investments Return on investment by asset class and segment 9M 2018 % 1 Regular income Write-ups/-downs Disposal result Extraord. derivative result Other inc./exp. RoI ᴓ Market value ( m) Afs fixed-income 2.3 0.0 0.3 0.0 0.0 2.6 124,872 Afs non-fixed-income 4.0 2.4 3.3 0.0 0.0 4.9 17,304 Derivatives 8.0 0.0 0.0 1.1 0.0 6.5 1,776 Loans 2.9 0.0 0.4 0.0 0.0 3.3 64,745 Real estate 5.6 0.5 0.7 0.0 0.0 5.8 8,576 Other 2 3.7 1.2 0.2 0.0 0.0 2.3 13,749 Total 2.8 0.3 0.5 0.0 0.3 2.8 231,022 Reinsurance 2.9 0.4 0.8 0.2 0.3 3.1 86,114 ERGO 2.8 0.2 0.4 0.1 0.2 2.6 144,908 4.6% Return on investment Average 3.1% 3.6% 3.2% 3.4% 3.1% 3.1% 2.9% 2.7% 2.7% 2.7% 2.7% Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 2.3% 1 Annualised. 2 Including management expenses. 73

Backup: Investments Investment portfolio Investment portfolio 1 % Portfolio management in Q3 Land and buildings 4.3 (3.4) Fixed-interest securities 53.9 (54.9) Land and buildings: Increase due to updated market values Miscellaneous 2 6.6 (6.2) Shares, equity funds and participating interests 3 7.6 (7.3) Loans 27.6 (28.2) TOTAL 231bn Reallocations within government bond portfolio Further expansion of infrastructure investments Increase in equity quota at ERGO Life and Health Germany Portfolio duration 1 DV01 1,4 m Reinsurance Assets Liabilities Assets Liabilities Net 5.2 (5.8) 4.1 (4.2) 34 (39) 34 (35) 0 ERGO 8.8 (8.8) 9.5 (9.5) 112 (115) 122 (125) 11 Munich Re (Group) 7.6 (7.8) 7.3 (7.5) 146 (153) 157 (160) 11 1 Fair values as at 30.9.2018 (31.12.2017). 2 Deposits retained on assumed reinsurance, deposits with banks, investment funds (excl. equities), derivatives and investments in renewable energies and gold. 3 Net of hedges: 6.7 (6.7%). 4 Market value change due to a parallel downward shift in yield curve by one basis point-considering the portfolio size of assets and liabilities (pre-tax). Negative net DV01 means rising interest rates are beneficial. 74

Backup: Investments Investment portfolio Fixed-interest securities and miscellaneous Investment portfolio % Fixed-interest securities 1 % Miscellaneous 6.6 (6.2) TOTAL 231bn Fixed-interest securities 53.9 (54.9) Structured products 3 (3) Corporates 18 (17) Banks 2 (2) TOTAL 125bn Governments/ Semi-government 63 (64) Loans 27.6 (28.2) Pfandbriefe/Covered bonds 13 (14) Cash/Other 0 (0) Miscellaneous % Loans 1 % Other 23 (21) Derivatives 2 8 (7) Investment funds 3 12 (10) Bank deposits 20 (22) TOTAL 15bn Deposits on reinsurance 38 (40) Loans to policyholders/ mortgage loans 12 (11) Corporates 2 (2) Banks 2 (3) TOTAL 64bn Governments/ Semi-government 41 (41) Pfandbriefe/ Covered bonds 44 (44) 1 Approximation not fully comparable with IFRS figures. Fair values as at 30.9.2018 (31.12.2017). 2 Non-fixed derivatives. 3 Non-fixed property funds and non-fixed bond funds 75

Backup: Investments Fixed-income portfolio Allocation and regional structure Fixed-income portfolio % Regional structure % Bank bonds 2 (2) Structured products 2 (2) Loans to policyholders/ mortgage loans 4 (3) Cash/other 4 (4) Corporate bonds 12 (11) Pfandbriefe/covered bonds 23 (23) TOTAL 196bn Approximation not fully comparable with IFRS figures. Fair values as at 30.9.2018 (31.12.2017). Governments/ semi-government 53 (54) Without With Total policyholder participation 30.9.2018 31.12.2017 Germany 4.9 23.4 28.3 28.3 US 12.8 1.4 14.2 14.5 France 2.4 5.5 7.8 8.0 UK 2.6 2.1 4.8 5.1 Canada 4.0 0.5 4.5 4.4 Netherlands 1.4 3.1 4.5 4.3 Supranationals 0.7 3.2 4.0 3.9 Spain 1.0 1.9 2.9 3.0 Australia 2.2 0.5 2.7 2.7 Austria 0.4 2.0 2.4 2.3 Belgium 0.6 1.6 2.3 2.2 Ireland 0.8 1.4 2.1 2.1 Italy 0.7 1.2 1.9 2.3 Poland 1.1 0.5 1.6 1.5 Sweden 0.2 1.3 1.5 1.5 Other 7.1 7.4 14.5 13.8 Total 42.9 57.1 100.0 100.0 76

Backup: Investments Fixed-income portfolio Rating and maturity structure Rating structure Market value ( bn) AAA (%) AA A BBB BB <BB NR Total 195.8 43 24 13 12 3 0 5 Governments/semi-government 104.6 43 32 15 7 2 0 Pfandbriefe/covered bonds 44.2 75 20 4 0 1 Corporate bonds (excluding bank bonds) 23.9 1 4 23 57 12 2 1 Bank bonds 3.6 12 41 41 5 1 0 Structured products 3.9 48 35 13 3 0 0 1 Maturity structure Average maturity (years) 0-1 years (%) Total 9.4 9 13 13 13 16 34 2 Governments/semi-government 11.0 9 12 10 10 15 43 Pfandbriefe/covered bonds 7.4 6 12 16 18 24 25 Corporate bonds (excluding bank bonds) 7.1 11 19 21 15 14 21 Bank bonds 3.4 12 42 27 5 9 4 1-3 years 3-5 years 5-7 years 7-10 years >10 years n.a. 77

Backup: Investments Fixed-income portfolio Corporate bonds and bank bonds Corporate bonds Sector breakdown % Bank bonds Regional breakdown % 30.9.2018 31.12.2017 Utilities 15.6 16.5 Industrial goods and services 14.1 13.6 Oil and gas 11.5 11.1 Financial services 8.5 8.0 Telecommunications 8.0 9.1 Healthcare 6.6 7.1 Technology 4.5 5.7 Food and beverages 4.1 4.1 Media 3.8 3.4 Personal and household goods 3.8 3.7 Construction 3.6 2.9 Retail 3.5 3.3 Chemicals 3.4 1.9 Other 9.1 9.7 1 Classified as Tier 1 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 30.9.2018 (31.12.2017). Total Senior bonds Subordinated Loss-bearing 30.9.2018 31.12.2017 US 35.9 6.9 0.7 43.5 39.2 Germany 5.5 1.2 4.5 11.2 20.7 UK 7.6 0.5 0.4 8.4 7.3 Ireland 8.1 0.2 0.0 8.3 7.7 Canada 4.9 0.4 0.0 5.3 3.3 France 2.4 0.8 1.4 4.6 4.7 Guernsey island 2.5 0.0 0.0 2.5 1.1 Belgium 2.0 0.0 0.0 2.0 1.5 Australia 1.6 0.0 0.0 1.6 1.1 Other 9.9 2.6 0.1 12.6 13.3 Investment category of bank bonds Loss-bearing 1 7 (7) Subordinated 2 13 (9) TOTAL 3.6bn % Senior 80 (84) 78

Backup: Investments On and off-balance-sheet reserves m 31.12.2016 31.12.2017 30.6.2018 30.9.2018 in Q3 Market value of investments 238,490 231,885 231,150 231,271 121 Total reserves 28,496 25,395 22,382 22,389 7 On-balance-sheet reserves Fixed-interest securities 8,649 7,622 5,955 4,903 1,052 Non-fixed-interest securities 2,924 3,261 2,632 2,991 359 Other on-balance-sheet reserves 1 186 189 192 175 17 Subtotal 11,759 11,072 8,778 8,068 710 Off-balance-sheet reserves Real estate 2 2,413 2,744 2,809 4,276 1,467 Loans 3 13,591 10,788 10,011 9,138 873 Associates 733 792 784 907 123 Subtotal 16,738 14,323 13,604 14,321 717 Reserve ratio % 11.9% 11.0% 9.7% 9.7% 1 Unrealised gains/losses from unconsolidated affiliated companies, valuation at equity and cash-flow hedging. 2 Excluding reserves from owner-occupied property. 3 Excluding insurance-related loans. 79

Backup: Investments Sensitivities to interest rates, spreads and equity markets Sensitivity to risk-free interest rates basis points 50 25 +50 +100 Change in gross market value ( bn) +7.7 +3.8 7.1 13.5 Change in on-balance-sheet reserves, net ( bn) 1 +1.7 +0.9 1.6 3.1 Change in off-balance-sheet reserves, net ( bn) 1 +0.4 +0.2 0.3 0.6 P&L impact ( bn) 1 0.0 0.0 +0.0 +0.0 Sensitivity to spreads 2 (change in basis points) +50 +100 Change in gross market value ( bn) Change in on-balance-sheet reserves, net ( bn) 1 Change in off-balance-sheet reserves, net ( bn) 1 P&L impact ( bn) 1 5.2 10.0 1.1 2.1 0.2 0.5 0.1 0.1 Sensitivity to equity and commodity markets 3 30% 10% +10% +30% EURO STOXX 50 (3,399 as at 30.9.2018) 2,379 3,059 3,739 4,419 Change in gross market value ( bn) 5.7 1.9 +1.9 +6.0 Change in on-balance-sheet reserves, net ( bn) 1 1.3 0.5 +1.0 +3.1 Change in off-balance-sheet reserves, net ( bn) 1 0.8 0.3 +0.3 +0.8 P&L impact ( bn) 1 1.9 0.6 +0.0 +0.2 1 Rough calculation with limited reliability assuming unchanged portfolio as at 30.9.2018. 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. 80

Shareholder information 81