Munich Re (MUVGn.DE): Meetings with Management takeaways

Research evidence excerpt

Munich Re (MUVGn.DE): Meetings with Management takeaways

Equity Research

26 June 2026 | 8:18PM BST

Munich Re hosted its annual Meetings with Management with topics including Andrew Baker, CFA

+44(20)7051-2074 |

AI, P&C Re and Q&A with the CFO. P&C Re remains a competitive market, where andrew.x.baker@gs.com

Goldman Sachs International

there is a clear focus on the bottom line. As a result there were several questions

Vash Gosalia, CFA

on the 79-83% P&C Re combined ratio target by 2030. The current expectation is +44(20)7051-0132 |

that the COR most likely stays within this range each year until 2030 but there is vash.gosalia@gs.comGoldman Sachs International

a scenario where the combined ratio moves above 83%, before dropping back Alice Palumbo

into the range later in the plan. Capital deployment remains a tool to support +44(20)7051-2403alice.palumbo@gs.com|

the targeted 2025-2030 8% EPS CAGR, with a general preference that any Goldman Sachs International

Giridharincrease in buyback is incremental in nature, with the avoidance of any material Ankitha | +1(332)245-7972

step change, if possible. Elsewhere, Munich Re outlined its AI approach in ankitha.giridhar@gs.com Goldman Sachs India SPL

reinsurance and ERGO. There are no formal AI financial targets at this stage;

however, efficiency gains potential was said to be in the region c.20-25% over

time.

Artificial intelligence

Munich Re outlined its approach to AI in both its reinsurance and ERGO businesses.

The focus in reinsurance is to improve the quality and efficiency of its underwriting

and claims processes; whereas, the objectives in ERGO are to increase efficiency,

enhance customer experience and enable data driven decisions. AI potential in

reinsurance include: 1) development of existing businesses i.e.