KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft duly audited the consolidated financial statements and the combined management report as well as the annual financial statements of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (Munich Reinsurance Company) as of 31 December 2019, and issued them with an unqualified auditor's opinion.

Appointment of the auditor

Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft (EY) was appointed for the first time as auditor of the Company and the Group financial statements of Munich Reinsurance Company for the financial year starting on 1 January 2020. EY was also appointed as the auditor of the solvency overview at Company and Group level, and to review the condensed interim group financial statements and the interim management report of Munich Reinsurance Company for the first half of the 2020 financial year. Furthermore, EY was appointed as the auditor of the voluntary external audit of the separate non-financial (Group) statement in the form of a limited assurance engagement.

In the case of German insurance companies, pursuant to Section 341k of the German Commercial Code (HGB) the auditor is not appointed by the Annual General Meeting but by the Supervisory Board