慕尼黑再保险集团 （Munich Re Group）2025年年度报告（英文版）（402页）.pdf

1、 Group Annual Report 2025 Munich Re Key figures(IFRS Accounting Standards)1 Munich Re at a glance 2025 2024 2023 2022 2021 Insurance revenue from insurance contracts issued m 60412 60830 57884 55385 Claims expenses m 41294 43014 41481 40393 Administration and acquisition costs m 9330 8962 8617 7807

2、Total technical result m 9800 8701 7545 7070 Operating result m 8876 7998 5702 6812 3517 Taxes on income m 2507 2100 936 1324 552 Net result m 6121 5690 4597 5309 2932 Earnings per share2 4715 4293 3388 3812 2093 Return on equity(RoE)%183 182 158 202 126 Return on investment(RoI)%32 31 25 13 28 Divi

3、dend per share3 2400 2000 1500 1160 1100 Dividend payout3 m 3071 2613 2006 1583 1541 Share price at 31 December 56220 48710 37510 30400 26050 Munich Reinsurance Companys market capitalisation at 31 December bn 734 652 512 426 365 Carrying amount per share 25976 24958 22029 19683 22006 Investments m

4、222747 230716 218462 207965 240300 Investments for unit-linked life insurance m 10029 9186 8280 7470 8582 Equity m 33421 32901 29772 27245 30945 Insurance contracts issued and reinsurance contracts held(net)m 205275 211461 203383 195454 Balance sheet total m 279934 286442 273793 269391 312405 Staff

5、at 31 December 43982 43584 42812 41389 39281 Reinsurance 2025 2024 2023 2022 2021 Insurance revenue from insurance contracts issued m 38731 40034 37786 36489 Investments m 97021 101769 90387 84615 99617 Insurance contracts issued and reinsurance contracts held(net)m 70697 74900 69575 66100 Total tec

6、hnical result Life and health m 1715 1857 1433 1041 Combined ratio Property-casualty%735 773 Combined ratio Global Specialty Insurance%859 936 Investment result m 3880 3173 2432 1309 3422 Net result m 5204 4880 3876 4737 2328 Thereof:Life and health reinsurance m 1334 1545 Thereof:Property-casualty