Munich RE (MUV2) AGM 2026 summary

Opening remarks and agenda

• AGM convened in accordance with notice published in the Federal Gazette on March 19, 2026, with all board members present and documents available both onsite and online.

• Organizational notes and participation rules were highlighted, including procedures for speaking and voting rights.

• The meeting and general debate were streamed online, with public broadcast ending before the debate.

Financial performance review

• Net result for 2025 reached EUR 6.1 billion, surpassing targets and marking record financial strength.

• Return on equity rose to 18.3%, earnings and dividends per share grew by nearly 20% annually, and solvency ratio reached 298%.

• Shareholder return from January 2021 to December 2025 was 180%, with shares more than doubling in value.

• ERGO generated EUR 920 million profit, and reinsurance contributed EUR 5.2 billion, with strong results in specialty and life/health segments.

• Group return on investment improved to 3.2% in 2025, aided by active investment management and alternative investments.

Board and executive committee updates

• Major leadership changes: Christoph Jurecka appointed CEO from January 2026, Buchanan as CFO, and Johnson as CTO, consolidating technology leadership.

• Frédéric de Courtois proposed as new supervisory board member, bringing extensive international insurance experience.

• Mr. Booth retired from the supervisory board after nearly 30 years of service.