Half Year 2025 Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Shanti Kang - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I just had a quick question mainly on the Life and Health book. So you have this accumulation of large ticket individual losses. And clearly that's attributed as being random, but it led to about EUR100 million negative experience charge, and that seems quite high. So I just wanted to get more comfortable with why the experience here was so different to your expectations. So a bit of color on that would be helpful. And then just on the forward outlook for growth. Obviously hard back growth in most areas based on slide 7 with the bubbles. So how should we think about your appetite going forward given softening prices? And what's the strategy of where to grow within Specialty, for example? Did you miss my question? Shall I reask it?

Question: Shanti Kang - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, let me know when I can always re-ask.

Question: Shanti Kang - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So my first question was mainly on the Life and Health, this accumulation of large ticket individual losses that had a pretty adverse effect in Q2. I think, it's about EUR100 million negative experience charge, which seems very high seeing as it's a number of individual claims. Could you just help us get a bit more comfortable on why that experience was so different to your expectations in Q2 and what that would mean going forward? And then my second question was mainly on the growth outlook. Obviously, it's a bit softer on on top line for the full year on slide 7, it looks like you pared that growth in all areas apart from casualty prop. So how should we really think about the structure of the business going forward and your appetite to deploy? Obviously, you've shown specialty as a growth area, but within those lines, where are you looking and if that M&A, what would you be looking at there? Along with any kind of price softening, how should we think about that? Christoph Jurecka - Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG - Chief Financial Officer, Member of the Management Board I'll take the first one, Christoph here, on the large losses, large claims in Life Insurance. I try to start very general, we have a very big global mortality portfolio. And due to the sheer size of the portfolio, the number of deaths we have is to be expected to be quite predictable and should not lead to any short-term volatility generally. Except for the extraordinary events like the COVID-19 pandemic or there's another exception and those are the very big single large losses for some very big single tickets which we have. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.