Munich Re Group Changing gear

(1)

Dresdner Kleinwort

10th German Investment Seminar

New York

16 January 2008

Jörg Schneider

(2)

2 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Illustrative Risk capacity Distribution power Risk know-how

Treaty & facultative reinsurance solutions Large individual risks solutions Specialty commercial solutions Personal specialty solutions Standard retail solutions Successful business model

Serving one growing and converging global insurance market

3 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 2006 37.4 38.2 39.1 40.4 40.0 2005 2004 2003 2002

Germany-based with growing importance in selected European markets

Multi-brand – single back office approach

European market leader in health and legal expenses

Focused on personal lines business

Diversification as key success factor

Leading expertise in non-life and life reinsurance worldwide for 127 years

Full range of products: from traditional reinsurance to alternative risk financing

Best reinsurer overall by cedant vote1 Successful business model

A strong global insurer

1 Flaspöhler-Survey Europe 2006.

Munich Re Group – Premium breakdown by segment (consolidated)

Reinsurance Primary insurance

in €bn 5.5 5.9 6.6 7.0 6.9 17.9 16.9 _14.0 13.7 13.8 11.7 12.5 12.3 12.3 11.6 4.8 5.1 5.2 5.2 5.1 Reinsurance L&H Reinsurance P-C

Primary insurance L&H Primary insurance P-C

(3)

4 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Consolidated result in €m Clear focus on insurance risks

Successful business model

Building a track record

1 _{Adjusted due to first-time application of IAS 19 (rev. 2004).} 1,887

2,751

3,536

2004 20051 2006 2007 target

High confidence level to achieve or slightly exceed

net profit target for 2007

All segments produce strong value added

Cycle and capital management to ensure future profitability

3,500 – 3,800 CAGR ~25% 5 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 in €m

Successful business model

ERGO adds value to Munich Re shareholders

Group benefit

Revenue synergies

Leverage global presence of Munich Re to enter specific growth markets

Expense synergies

Efficiency improvements within integrated business model, e.g. joint asset management

Reduced capital requirements

Substantial diversification benefits

Detach from traditional reinsurance cycle

Realise profitability clearly above cost of capital 20.3 ERGO Peer 1 Peer 2 Peer 3 Peer 4

1 _{Adjusted due to first-time application of IAS 19 (rev. 2004), one-off effect HVB €301m.}

3Allianz, AXA, Generali, Zurich, according to IFRS Group reporting. 2 _{One-off effect SEStEG: €202m.}

Best RoE in peer group3 241

786 889

2004 2005 2006

Consolidated result ERGO Group

(4)

6 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Sustainable profitability

Focus on underwriting

Net equity exposure in % of shareholders' capital1 178 87 72 110 55 71 2002 2003 2004 2005 2006 Sept 2007

1As at end of period. Definition: Net equity exposure (after hedges, net of tax and policyholder participation) divided by shareholders' capital (incl. off-balance-sheet reserves, excl. goodwill).

Refined business model with clear focus on underwriting, as evidenced in credit crisis Total investments as per 30.9.2007: €179.5bn;

thereof 6% corporates and 4% structured bonds

Subprime exposure 0.2% of total investments

>96% fixed-interest investments rated A or better

Reduction of equity concentration risks

-9.2 BHW <3 10.5 Commerzbank <5 25.7 HVB <3 21.2 Allianz 2007 2002 Stake in %

Limited credit risk

7 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Sustainable profitability

Cost of capital substantially reduced

Lowered equity gearing

Reduced concentration risks

Low credit risk

Investment risks

Insurance risks

Beta factor reduced to below 0.8

Asset-liability management

State-of-the-art ALM

Strong risk management

0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0

1-year beta 2-year beta

Active cycle management

High diversification

Group reserves strengthened

Source: Bloomberg raw beta to D.J. EuroStoxx 50, total return, daily basis. Status 31 December 2007. 2004

Derisking reflected in significant reduction of cost of capital

(5)

8 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 EPS 2004–2006 >18 13.5 8.0 11.7 15.1 2004 2005 2006

Changing Gear programme

Ambitious targets

EPS growth >10% p.a. until 2010

Munich Re target 2010 in € 2010e – 2007e2 1

Ambitious growth targets Best in class

Capital efficiency EPS

CAGR

>10%

1 Adjusted due to first-time application of IAS 19 (rev. 2004).

2Based on assumed IFRS earnings (excl. minority interests) of ~€3bn and 220.2 million shares (weighted average). 2

Most profitable among top 5 global reinsurers

Market leadership in international health with integrated approach

Expand into primary insurance growth markets/segments Strategic risk management – maximising reward for volatility 9 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Product development

Insurance out of reinsurance

Combined ratio target 97% over-the-cycle Ambitious targets

Realisation of untapped profit pools in reinsurance

Reinsurance property-casualty – Profits

2007 2010

Profitable growth

Changing G ear

Current reinsurance portfolio 15 growth initiatives impact

Illustrative

>€250m

Reinsurance life – Gross premiums written

3.9 5.3 6.1 6.4 2.7 1998 2000 2002 2004 2006 CAGR 11.5% in €bn

Focus on mortality risk

Geographically well diversified

Target 15% VANB-growth Key considerations

(6)

10 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

Strengthen sales organisation

Realign strategy in life

Increase share of international business

Optimise capital structure Ambitious targets

Primary insurance ERGO

Ambitious targets… … to sustain excellent profitability

2004 2005 2012e 20 2010e 2007e 2006 0 10 RoE in % 20.9 _20.3 ~13.5 ~16 7.4 ~15

Adjusted due to one-off effects in net profit PREMIUMS 2012 >€23bn NET PROFIT 2012 >€900m 11 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Returning more than €8bn to shareholders until 20101 First buy-back programme €1bn Introduction of RoRaC-target (15%) Capital management

Focus on efficient capitalisation

Change to flexible dividend policy Derisking initiative started

Ongoing capital management to ensure high profitability

Subordinated bond issue €1.5bn.

First part (€2bn) of current buy-back programme almost executed

1 _{At least €1bn dividend per year plus share buy-back programme of more than €5bn.}

(7)

Summary

Value-adding integrated business model

All business segments on high profitability level

Very strong balance sheet

Continued derisking and diversification leading to lower cost of capital

Cycle management and disciplined underwriting support sustainable profitability

Capital management as continuous driver of investment case

13 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Backup

(8)

Key figures of Munich Re Group

Munich Re Group and our shares

2002 2003 2004 2005 2006 Munich Re Group 41,396 41,431 40,962 37,953 37,210 Staff at 31 December 143.0 147.5 154.3 154.01 153.8 €bn Net technical provisions

1.1 1.8 3.2 2.6 1.9 €bn Off-balance-sheet reserves2 13.9 19.3 20.51 24.41 26.4 €bn Equity 1.13 –3.03 9.53 12.51 14.2 % Return on equity 156.3 171.9 178.1 177.2 176.9 €bn Investments –74 –34 54 72 96 €m Thereof attributable to minority interests

214 –468 1,887 2,7511 3,536 €m Consolidated result –605 1,752 712 1,0141 1,648 €m Taxes on income –20 1,971 3,369 4,1501 5,498 €m Result before amortisation of goodwill

40.0 40.4 38.1 38.2 37.4 €bn Gross premiums written

20.4 22.1 20.8 26.3 29.9 €bn Market capitalisation at 31 December

178.3 229.1 228.5 228.0 225.65 m

No. of shares at year-end (ex own shares)

114.00 96.12 90.45 114.38 130.42 € Share price at 31 December

223 286 457 707 988 €m Amount distributed 1.25 1.25 2.00 3.10 4.50 € Dividend per share

1.544 –2.25 8.01 11.701 15.12 € Earnings per share

2002 2003 2004 2005 2006 Our shares

1_{Adjusted owing to first-time application of IAS 19 (rev. 2004).} 2Including amounts attributable to minority interests and policyholders. 3Previous years’ figures adjusted owing to change in measurement basis. 4_{Taking into account the capital increase in November 2003.} Backup

5 No. of shares at year-end 2007 (ex own shares): 207.8 m

Reinsurance segment

123.7 96.5 98.9 111.7 92.6 % Combined ratio property-casualty

3.4 1.8 5.0 19.4 1.3 %-pts. Thereof natural catastrophe losses

577 288 713 2,629 177 €m Thereof natural catastrophe losses

1,844 1,054 1,201 3,293 854 €m Large and very large losses (net)

201.1 205.0 243.8 295.8 280.9 % Reserve ratio property-casualty

55.3 56.7 58.2 63.4 59.6 €bn Net technical provisions

68.6 80.4 81.2 87.0 85.0 €bn Investments 25.4 24.8 22.4 22.3 22.2 €bn Gross premiums written

2002 2003 2004 2005 2006 Reinsurance1 Backup

Gross premiums written 2006 by region GPW reinsurance p-c 2006 by line of business

Rest of Europe 16% Rest of World 8% Asia/Australasia 9% Germany 14% UK 19% North America 34% Liability 16% Marine, Aviation, Space 12% Motor 20% Accident 5% Engineering 9% Fire 26%

Other classes of business 12%

in % in %

(9)

16 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 2006 2006 119,841 Total Top 20 51.9 1,509 France Caisse Central de Réassurance

20

N.A. 1,724

Japan Mitsui Sumitomo Insurance Co. Ltd.

19

N.A. 1,788

Japan Sompo Japan Insurance Ltd.

18 76.1 N.M. 96.5 94.4 97.4 N.A. 83.4 95.8 84.6 89.7 N.M. 97.1 80.8 101.2 76.6 95.1 93.0 Combined ratio in % 25,433 Germany Munich Re 1 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 Rank 1,797 Bermuda ACE Tempest Re 1,842 Bermuda Scottish Re Group Ltd. 1,852 Switzerland Converium 2,161 U.S. Odyssey Re 2,350 Korea Korean Re 2,783 Japan

Tokio Marine & Nichido Fire Insurance Co. Ltd.

2,960 Bermuda

XL Re

3,633 U.S.

Transatlantic Holdings Inc.

3,690 Bermuda Partner Re 3,876 Bermuda Everest Re 4,343 U.S.

Reinsurance Group of America Inc.

4,885 France SCOR3 8,445 U.K. Lloyd’s2 9,354 Germany Hannover Re 11,576 U.S. Berkshire Hathaway Re 23,841 Switzerland Swiss Re1

Net reinsurance premiums written in US$ m Country

Company

1 On June 9, 2006, Swiss Re completed the acquisition of 100% of the outstanding common shares of GE Insurance Solutions Corp. (GEIS). Figures presented under Swiss Re are based on published year-end 2006 financial statements, and as such do not reflect GEIS’ premium for the full year. The loss and expense ratios presented include nontraditional business. Excluding nontraditional, loss and expense ratios for 2006 would be 64.1% and 26.3%, respectively.

2 Premiums and combined ratio relate to reinsurance business only. Data are based on the published pro forma Lloyd’s accounts, which represent an aggregation of all syndicates participating at Lloyd’s. As such, some premium included for Lloyd’s may also be included by other groups in this list that consolidate their Lloyd’s operations.

3 During 2006, SCOR acquired the Revios group. Data presented for 2006 are based on a pro forma consolidation of SCOR and Revios. Source: Standard & Poor's Global Reinsurance Highlights, 2007 Edition.

Backup

Reinsurance groups ranked by net reinsurance premiums written

Reinsurance property-casualty – Renewals January 2008

Excellent technical underwriting skills are core basis for successful cycle management by:

Detaching from softening in original markets

Strict monitoring of portfolio profitability throughout entire renewal process

Giving up unprofitable business

Playing out diversification as competitive advantage

Strong global presence allows selected underwriting

Continuing to support trends towards differentiated prices, terms and conditions

Expansion into less cycle-dependent niche business, also by selective M&A

Overall reinsurance prices, terms and conditions mostly at risk-adequate levels

Some pressure, e.g. on facultative reinsurance

Capacity providers remain disciplined; supported by external pressure

No common market cycle pattern

Cycles with lower amplitudes compared to history

Differential behaviour between individual regions and lines of business

Expertise-based specialised business characterised by lower pressure than traditional reinsurance

Key p-c reinsurance market trends Munich Re approach

Litmus test for cycle management ahead

Risk-adequate pricing remains key Backup

(10)

Reinsurance life – Strong profitability underscored by MCEV

Consolidation leading to higher pricing power

Room for expansion in USA and other markets

Benefit from demographic developments

Continue profitable organic growth by taking advantage of changes in accounting (IFRS) and regulatory requirements (Solvency II)

Well-balanced portfolio with predominant mortality risk

Operating EEV earnings 2006: 8.9% Key considerations 21 20 24 12 19 19 16 16 20 33 2002 2006 in % Total 2006: €6,356m

Distribution of life reinsurance GPW

Germany UK USA Canada Other Backup 19 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

Primary insurance segment

1Before elimination of intra-Group transactions across segments. 2Adjusted owing to first-time application of IAS 19 (rev. 2004).

99.9 96.4 93.0 93.1 90.8 % Combined ratio property-casualty

116.3 114.5 116.8 113.1 124.9 % Reserve ratio property-casualty

88.4 91.0 96.1 90.62 94.2 €bn Net technical provisions

104.4 108.3 115.0 105.9 107.4 €bn Investments 16.6 17.6 17.5 17.6 16.7 €bn Gross premiums written

2002 2003 2004 2005 2006 Primary insurance1 Backup

Gross premiums written 2006 by region ERGO – New business 2006 by distribution channels

Direct 10% Banks 20% Broker 15% Tied agents 55% Italy 4% Rest of World 2% Rest of Europe 10% Germany 78% Belgium 3% Spain 3% in % in %

(11)

German market2006 – Gross premiums written

Other 12.2% Liability 13.9% Fire 21.6% Motor 36.1% Personal accident 10.8% Legal expenses 5.4%

ERGO property-casualty – Attractive business mix

Other 6.9% Liability 14.5% Fire 17.0% Motor 22.3% Personal accident 25.0%

ERGO2006 – Gross premiums written

Key considerations personal accident

Legal expenses 14.3% 26.8 7.3 7.6 _5.5 4.7 35.7 12.4

Allianz ERGO AMB Generali

R+V Public insurers

Axa Other Market share in %

Personal accident market 20061

1_{Includes pure risk policies as well as policies with premium refunds;} ERGO's (Allianz's) share of pure risk policies: 90.3% (36.1%). Sources: Annual reports 2006, GDV year-end statistics (status 08/2007).

Demands active sales process

Portfolio with high degree of stability

Low capital requirements Backup 21 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 1999 2000 2001 100 2006 2005 2004 2003 2002 85 90 95 90.8 93.1 93.0 96.4 99.9 101.4 97.2 96.4 Trade-off: Higher expense ratios than market due to different business and sales channel mix

More than compensated for by lower claims ratios Transfer expertise built up in domestic portfolio to foreign operations: Combined ratio abroad 96.3% (98.1%) Key figures of Munich Re Group

ERGO property-casualty – Excellent combined ratios

in %

1_{Incl. legal expenses.}2_{Mainly due to German flood losses and acquisitions in Italy and Eastern Europe.} Claims ratio Expense ratio in % 33.5 _25.4 32.7 59.9 _68.6 57.8 >25 >66 93.4 94.0 90.5 >91 2006 2005 Market ERGO Market ERGO 2 2

Net combined ratio ERGO vs. market (German GAAP)

IFRS combined ratios property-casualty1 Backup

(12)

Ranking by market share in 2006

1German GAAP.

ERGO German life – One of the leading players

Return to growth path as one of major challenges

100.0 78,258 German market 10 9 8 7 6 5 4 3 2 1 .. . 2.5 1,945 Nürnberger 3.1 2,410 Württembergische 3.5 2,766 Debeka 4.6 3,641 R+V 5.2 4,037 AXA 5.3 4,150 Zurich 6.1 4,768 Talanx 7.6 5,980 ERGO 11.0 8,655 AMB Generali 16.3 12,756 Allianz in % in €m

Gross premiums written1

NEW BUSINESS

Share of innovative and investment-type products 30% by 2010

GOAL Return to growth path

GERMAN LIFE BUSINESS Increase German IFRS net profit

75% by 2012 NEW BUSINESS MARGIN

VANB/PVNBP 3.0% by 2010 TREASURY APPROACH Increase profitability and safeguard shareholders

against risk from business in force Backup 23 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 €23.4bn Market volume 44.7 Other 32 comp. 6.8 5. Signal Iduna 14.2 2. ERGO in % 7.5 11.0 15.8 4. AXA 3. Allianz 1. Debeka

ERGO Health – Strong market position

GWP: €3,321m

Strong brand DKV

Market leader in European health market

DKV again elected best health insurance company by German brokers

Broad product portfolio

Comprehensive insurance coverage of all types

Wide spectrum of health services

Supplemented by care components Unique selling proposition "Think healthcare!"

Multi-channel distribution €4.5bn Market volume 44.6 Other 32 comp. 6.6 5. CONSAL 11.0 2. Allianz in % 7.3 8.9 21.6 4. Debeka 3. Signal Iduna 1. ERGO GWP: €974m

Cooperation with statutory health insurers

Cooperation with Zurich, Gerling, HVB, Deutsche Bank

Advertising for specific target groups, direct marketing including call centre (KarstadtQuelle Versicherungen)

Creation and utilisation of new cross- and up-selling potentials

Tapping of new marketing channels (e.g. affinity channels)

Market shares in Germany 2006: Comprehensive Market shares in Germany 2006: Supplementary

Keys to success Growth factors in marketing

(13)

International health – Leveraging our combined health experience

Flexible combination of business models and products as unique selling proposition

Outstanding knowledge and experience in health insurance and reinsurance gained over two decades of global presence

Strong market presence in insurance and/or reinsurance as solid platform for further growth

Combining the world's No. 1 health reinsurer and Europe's No. 1 health insurer (DKV)

Health as core business segment within Munich Re Group

Health risk expertise in over 40 countries

More than 2,300 healthcare professionals in 25 locations around the globe

The only specialised health risk carrier with global scope

Our set-up Our strengths

Source: OECD Health Statistics, Compustat, Bloomberg 3,150 4,150 5,400 2,300 2000 2005 2010 2015 in €bn

CAGR: ~6.0% Demographic development

Medical improvements

Lifestyle changes

Economic situation Global health market – Market volume Main growth drivers Backup 25 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Retain risks

Be active player in primary and secondary market

Extension of “buy and hold” strategy

Combine and restructure risks

Sell at favourable terms and conditions

Consulting, structuring, project

management and placement support

Risk fronting / transformation and

(interim) capacity provider

Optimise portfolio

Use of additional capacity

Risk-based, investment and arbitrage income

Munich Re’s Risk Trading approach

Active use of capital markets

Managing our own risks

Fee and arbitrage income Improve our risk/return

profile and save costs Fee and risk-based income

Managing our clients’ risks

Risk warehousing Restructuring and reselling

(14)

26 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 International expansion in selected countries with high growth/high margin potential, e.g. HDFC, Daum Direct

Selected investments in distribution channels

Alternative distribution channels, e.g. Bell & Clements, MSP Underwriting

Niches: e.g. Midland

Analyse life re portfolios

Product development

Growth of underlying risk values, peak risks and accumulations

Emerging markets

Solvency II

Investment in selected markets; bridging financial protection, services and provision of care, e.g. Cairnstone, Sterling Life Key figures of Munich Re Group

Growth approach of Munich Re Group

M&A activities Organic

growth

International health

Reinsurance Primary insurance

Flexible and parallel use of primary and reinsurance brands and business models

Exploit significant growth potential through unique selling proposition

Organic growth in Germany, focus on retail P-C, corporate pension, investment-type life products and supplementary health

Selected partnerships (e.g. bancassurance cooperation with UniCredit) Backup 27 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

Non-life insurance joint venture Not disclosed 26% India HDFC General Insurance Ltd. Primary insurance

Leading provider of health benefits to US senior market USD 352m (€243m) 100% USA Sterling Life Insurance Company Inter-national Health

Leading provider of software for life insurance companies

€47.5m 100%

Ireland Allfinanz

Second largest direct motor insurer in South Korea

Industry leader in US employer stop loss insurance

Lloyd syndicate focused on international property business US specialty insurance Managing General Agent (MGA) Remarks

Not disclosed 65%

South Korea Daum Direct Auto Insurance Not disclosed From 25% to 100% USA Cairnstone Inc. Not disclosed 100% of MSP, 47.3% of Lloyd syndicate 318 UK MSP Underwriting Ltd. USD 1.3bn (€0.9bn) 100% USA The Midland Company Not disclosed 100% UK Bell & Clements Group Re-insurance Price Share in % Country Target Segment Backup

(15)

Acquisition of The Midland Company

58.5 62.5

32.8 11.2

55.2

2008E 2009E 2010E 2011E 2012E Cost synergies Revenue synergies Pre-tax synergies in US$ m 0.24 0.12 0.38

2008E 2009E 2010E

EPS accretion2 Attractive target

Short-tail, low severity personal lines insurance

Focus on fast growing US specialty segments

Consistent long-term track record of above-market growth and profitability

Transaction

Assumed value US$ 1.3bn1

Entirely funded through own funds

Strategic rationale

Logical step within new US strategy

Detach from traditional p-c reinsurance cycle

Leverage Munich Re’s product development capabilities and Midland’s ability to cross-sell

Capital management

Full commitment to >€8bn repatriation programme in €

1 _{Based on US$ 65 per share offer.}2_{Calculation based on assumed and stable number of ~208m shares at beginning of year 2008, 2009 and 2010.} Backup Acquisition highlights 29 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

Value of diversification – Selected reinsurers' KRW losses

9.7 1,672 17,135 Swiss Re 9.7 2,605 26,608 Munich Re 15.2 381 2,503 Arch Capital 22.0 758 3,445 Hannover Re 25.8 900 3,482 PartnerRe 30.9 6,406 20,709 Lloyd’s 31.5 892 2,823 RenaissanceRe 33.2 1,359 4,082 Everest Re 35.4 1,124 3,167 AXIS 36.9 595 1,608 Aspen 40.3 802 1,987 Endurance 41.6 530 1,273 Platinum Re 57.6 1,005 1,743 IPC Holdings 82.2 1,203 1,463 Montpelier Re 112.2 856 763 PXRE Group

KRW loss as % of shareholders' equity Estimated KRW net loss

in US$ m Shareholders' equity1

in US$ m Company

1_{As of June 30, 2005.}

Source: Standard & Poor's Global Reinsurance Highlights, 2007 Edition. Backup

(16)

30 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08 Appendix Financial calendar Contacts Disclaimer 31 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

Financial calendar

Appendix 30 January 2008

Press release on renewal of reinsurance treaties

17 April 2008

Annual General Meeting

7 October 2008

Investors' Day on life reinsurance, London

19 February 2008

Investors' Day on property-casualty reinsurance, London

7 November 2008

Interim report as at 30 September 2008

6 August 2008

Interim report as at 30 June 2008

8 May 2008

Interim report as at 31 March 2008 Analysts' conference, Munich

18 April 2008

Dividend payment

12 March 2008

Annual Report 2007

25 February 2008

Balance sheet press conference for 2007 financial statements (preliminary figures) Conference call with analysts and investors

(17)

For information please contact

Andreas Silberhorn Tel.: +49 (89) 38 91-33 66 E-mail: [email protected]

Münchener Rückversicherungs-Gesellschaft Königinstrasse 107, 80802 München, Germany Fax: +49 (89) 38 91-98 88 E-mail: [email protected] Internet: www.munichre.com Dr. Thomas Dittmar Tel.: +49 (89) 38 91-64 27 E-mail: [email protected] Ralf Kleinschroth Tel.: +49 (89) 38 91-45 59 E-mail: [email protected] Sascha Bibert

Head of Investor & Rating Agency Relations Tel.: +49 (89) 38 91-39 10 E-mail: [email protected] Appendix 33 M uni c h Re Grou p – D res d ner K lei nwort 10t h Germ an I n ves tm ent S e m inar, 16 J anuary 20 08

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. Appendix