Muenchener Rueckversicherungs-Gesellschaft AG - ADR

Strong Q3 and “quality” of earnings (profit + resilience) - Net result EUR 1.7bn in Q3; described as strong and “particularly strong” and continuing the first-half performance. - Management emphasized diversification across reinsurance and ERGO plus a high reinsurance investment result, delivering sustainable earnings even amid geopolitical uncertainty and more challenging reinsurance markets. - After 9 months net result: EUR 5.7bn, firmly on track to exceed annual profit target (described as 6th consecutive year above target).

Guidance raised for 2026; progress vs revised revenue guidance - Full-year 2026 net result guidance raised to EUR 6.6bn (increase attributed to the reinsurance business field). - Revenue guidance (9M): ~+5% YoY on a currency-adjusted basis, driven mainly by life & health reinsurance new business and inorganic growth at ERGO International. - Q3 reinsurance technical performance: Life & health reinsurance technical result EUR 493m, above pro rata needed for Ambition 2030; on track to hit full-year guidance EUR 1.9bn. - P&C reinsurance: normalized combined ratio 82.4% in Q3; management expects to beat full-year guidance after 9M headline actual combined ratio: 72.2%.

Investments: higher yields are a tailwind but cause fair-value volatility - Global bond yields rose sharply in Q3, creating uneven investment impacts by segment. - ERGO: investment result pressured by fair value decline in fixed income, with ROI 2.1% (noting P&L impact partly offset by policyholder participation). - Reinsurance: ROI 4.7% benefiting from derivative instruments and positioning for higher interest rates, plus commodity investment contributions. - Group ROI in Q3: 3.2%, slightly below expectations, but within full-year guidance for first nine months (3.9%). - Reinvestment yield improvement: +40 bps reinvestment yield during quarter; running yield ~4.0% (helps earnings tailwind into next year).