MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT

EthiFinance Ratings confirms Munich Re s rating at AA- with stable outlook. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (hereinafter Munich Re) is the world's largest reinsurance group by earned premiums. The group has several lines of business, among which the P&C (Property & Casualty) reinsurance line stands out, as well as an excellent market position in the L&H (Life & Health) reinsurance line and in the insurance business through its subsidiary ERGO. The group maintains a global presence, but with a strong franchise in Europe and North America for the reinsurance sector, and Germany, Eastern and Central European countries, and Asian countries for the insurance segment. The rating is supported by its remarkable competitive position in the global (re)insurance market. Moreover, the rating takes into account the company s high profitability, benefitted by the rising insurance prices, strong financial stability, robust solvency and low financial leverage. Nevertheless, the rating is limited by low efficiency, which remains constrained by high natural catastrophe losses, the inherent volatility of the company s exposure to catastrophic events, and a challenging macroeconomic environment with high levels of financial market volatility.