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Rating Report

Munich Reinsurance Company - Update

Wed 19 Mar, 2025 - 9:13 AM ET

Munich Reinsurance Company’s (Munich Re) company profile within the global reinsurance sector is underpinned by a leading, highly diversified franchise. It is the world’s largest reinsurer by revenue. The group also has significant primary insurance operations through ERGO Group and its growing global specialty business. Munich Re’s Solvency II (S2) ratio was 287% at end-2024 (end 2023: 267%), well above its 175%-220% target and one of the strongest in the (re)insurance sector. ֳ’ estimates that Munich Re’s Prism Global model score was unchanged at ‘Very Strong’ at end 2024. Management’s intention to use excess capital to reward shareholders or fund growth opportunities, bringing S2 closer to around 220% over the long term, will not affect our view of the group’s capital strength.

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