Earnings Document

Green bond - key points

→ Green bond - key points

Second green bond issued by Munich Re September 2021

Volume of issued capital €1.0bn

Fixed coupon of 1.0% until 2032, floating thereafter

ISIN

XS2381261424

Scheduled maturity in 2042

Over 100% of net proceeds committed to eligible projects

Management statement

1. Munich Re Group in a nutshell
2. Sustainability at Munich Re
3. Allocation report
4. Confirmation of external reviewer
5. Impact report

Disclaimer

Imprint/Services

"Climate protection is an integral part of our ­Ambition 2025 Group strategy. By issuing a green bond, we have once again leveraged the capital markets to fund green investments.

We strengthen our capital base, which gives us the financial flexibility to take advantage of current growth opportunities."

Management statement

Dear Stakeholders,

In September 2021, Munich Re successfully placed a green bond on the European market for the second time. Furthermore, a third green bond was placed on the US market in May 2022. These bonds once again demonstrate Munich Re's commitment to supporting a sustainable economy for the benefit of all our stakeholders.

This document reports on the allocation and impact of the net proceeds of our second green bond, issued in 2021. We are pleased to announce that, for this green bond, our target of investing its proceeds in sustainable projects within 36 months of the issuance has again been overachieved, since our commitments to eligible projects already exceed the net proceeds. You will find details on the selected projects starting on page 9 of this report, and on the environmental benefits on page 22.

Our commitment to coping with climate change extends beyond our second green bond and the investments outlined in this report. With our Climate Ambition and our commitment to international sustainability initiatives, Munich Re is underlining its goal of playing a leading role in achieving the climate targets set out in the Paris Agreement, and supporting the world in managing climate risks. Munich Re acts as a responsible investor and fulfils its role as leading insurer by not only having integrated decarbonisation targets in our insurance business, but also by developing insurance solutions for our clients to enable technological innovation and change.

For us, acting responsibly is the basis for creating value for all our stakeholders. We are confident that this report will provide you with a valuable insight into our activities, and that it demonstrates our strong commitment to a sustainable future.

Best regards,

Green bond - key points

→ Management statement

1. Munich Re Group in a nutshell
2. Sustainability at Munich Re
3. Allocation report
4. Confirmation of external reviewer
5. Impact report

Disclaimer

Imprint/Services

Christoph Jurecka, CFO

Dr. Christoph Jurecka

1 Munich Re Group in a nutshell

1.1 General

Munich Re is one of the world's leading risk carriers and provides both insurance and reinsurance under one roof. This enables the Group to cover large stretches of the value chain in the risk market. Munich Re is represented in over 50 countries and operates in all lines of the insurance business. The Group consists of the reinsurance and ERGO business segments, as well as the asset management ­company MEAG. Founded in 1880, the Group employs about 39,300 staff members worldwide.1

In the 2021 financial year, the Group achieved a profit of €2.9bn and premium income of €59.6bn. For up-to-date information about Munich Re, visit www.munichre.com.

1.2 Reinsurance

In reinsurance, Munich Re operates in life, health andproperty-casualtybusiness. Under reinsurance, we also include specialised primary insurance activities that are handled by the reinsurance organisation and business from managing general agents.

As a reinsurer, Munich Re writes business in direct collaboration with primary insurers, but also via brokers and within the framework of strategic partnerships. In addition to traditional reinsurance business, we participate in insurance pools, public-private partnerships, business in specialist

niche segments, and also as a primary insurer. We offer our clients a wide range of special products, customised insurance solutions and services, which we manage from within our reinsurance organisation. Our clients thus have direct access to the expertise, innovative strength and capacity of a leading global risk carrier.

1.3 ERGO

In primary insurance, Munich Re operates under the umbrella of ERGO's four separate units: ERGO Deutschland­ AG, ERGO International AG, ERGO Digital Ventures AG and ERGO Technology & Services Management AG. German business is concentrated at ERGO Deutschland AG, and ERGO International AG manages international business. ERGO Digital Ventures AG is responsible for digitalisation,­ while ERGO Technology & Services Management AG ­manages all of ERGO's technology activities.

ERGO offers products in all the main classes of insurance, covering the needs of retail and corporate­ clients. ERGO serves some 35 million mostly retail customers in around 25 countries, with the focus on Europe and Asia. The latest information on ERGO can be found at www.ergo.com.

Green bond - key points

Management statement

• 1 Munich Re Group in a nutshell
• 1. General
  2. Reinsurance
  3. ERGO

1. Sustainability at Munich Re
2. Allocation report
3. Confirmation of external reviewer
4. Impact report

Disclaimer

Imprint/Services