Munich Re (Group) – Current Ratings, Solvency Ratios & CDS Spreads

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Munich Re (Group) Ratings

Insurance Financial Strength Rating
Assessment of an insurance company's ability to meet its obligations towards policyholders. For many years Munich Re has been one of the reinsurers with excellent ratings.

Ratings of Munich Re

Rating Outlook Last rating modification Reports
A.M. Best1 A+ (Superior) stable 07.12.2017 Download (PDF, 106 KB)
Fitch AA (Very strong) stable 06.07.2016 Download (PDF, 600 KB)
Moody's Aa3 (Excellent) stable 17.03.2005 Download (PDF, 1.2 MB)
S&P Global Ratings AA- (Very strong) stable 22.12.2006 Download (PDF, 110 KB)

1 "Best's Rating Reports reproduced on this site appear under licence from A.M. Best Company and do not constitute, either expressly or implicitly, an endorsement of (Rated Entity)'s products or services. Best's Rating Reports are the copyright of A.M. Best Company and may not be reproduced or distributed without the express written consent of A.M. Best Company. Visitors to this website are authorised to print a single copy of the rating report displayed here for their own use. Any other printing, copying or distribution is strictly prohibited. Best's ratings are under continual review and subject to change or affirmation. To confirm the current rating visit

Solvency II
The solvency ratio under Solvency II is the ratio of the
eligible own funds to the solvency capital requirement.

Solvency II ratio1

    31.12.2018 Prev. year2 Change
Eligible own funds3 €m 35.995 35.060 935
Solvency capital requirement €m 14.670 14.353 317
Solvency II ratio % 245,4 244,3  

1 Eligible own funds excluding the application of transitional measures for technical provisions; including the application of transitional measures for technical provisions, the own funds amounted to €43.2bn (42.6bn); Solvency II ratio: 295% (297%).
2 The redemption of a subordinated bond callable in 2018 in the amount of £300m had already been anticipated as a deduction in eligible own funds for the 2017 financial year, and was made accordingly in 2018.
3 Economic earnings and the newly issued subordinated bond increased the eligible own funds as at the reporting date by a total of around €3.2bn. At the same time, the dividend approved by the Board of Management for the 2018 financial year and the potential 2019/2020 share buy-back had a reducing effect of approximately €2.3bn.

The eligible own funds as at the balance sheet date take into account deductions for the dividend agreed by the Board of Management for the 2018 financial year of €1.3bn, and purchases not yet made under the share buyback programme for 2018/2019 in the amount of €303m. In order to make the effects of potential further capital measures on the Solvency II ratio transparent to financial statement users, we further recognise a possible share buy-back programme for 2019/2020 in the amount of €1bn. At the time the consolidated financial statements were prepared, this had neither been resolved nor approved by the competent bodies.

CDS Spread
A Credit Default Swap (CDS) is a tool for hedging credit risk. By buying a CDS, a market participant hedges certain risks arising from credit relationships in exchange for a premium, which is referred to as a CDS Level. The higher the level, the higher the default risk estimated by the market for the issuer.

CDS Spread

Source: Bloomberg, Datastream / Status: 30.09.2019

Development of Munich Re’s five-year CDS compared to the CDS indexes iTraxx Europe and iTraxx Senior Financials with the same maturity respectively. The iTraxx Europe encompasses 125 major European companies. The iTraxx Senior Financials is composed of 25 European financials.

More information

Please visit Munich Re’s Investor Relations pages for detailed information on the rating of Munich Re (Group) and its subsidiaries.

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