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Ratings and Solvency

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    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 agency Rating Outlook Last rating modification Reports
    A.M. Best¹ A+ (Superior) stable 07.12.2017 Download (PDF, 85 KB)
    Fitch AA (Very strong) stable 21.07.2015 Download (PDF, 107 KB)
    S&P Global Ratings AA- (Very strong) positive 16.08.2023 Download (PDF, 145 KB)

    Insurance financial strength ratings of Munich Re’s subsidiaries

    Subsidiary of reinsurance group

    A.M. Best Fitch S&P
    American Alternative Insurance Corporation A+ AA-
    American Modern Insurance Group A+
    Bridgeway Insurance Company A+
    Digital Advantage Insurance Company A+
    Great Lakes Insurance SE A+ AA-
    Great Lakes Insurance UK Ltd. A+ AA-
    Munich American Reassurance Company A+ AA-
    Munich Reinsurance America³ A+ AA AA-
    Munich Re America Corporation (counterparty credit rating)³ a A-
    Munich Reinsurance Company of Africa Ltd.² AA-
    Munich Reinsurance Company of Australasia Ltd. AA-
    Munich Reinsurance Company of Canada A+ AA-
    Munich Re of Bermuda, Ltd. A+ AA-
    Munich Re of Malta p.l.c. AA-
    Munich Re Trading LLC A+
    New Reinsurance Company Ltd. A+ AA-
    The Hartford Steam Boiler Group A++ AA
    The Princeton Excess and Surplus Lines Insurance Company A+ AA-
    Temple Insurance Company A+ A+

    Subsidiary of primary insurance group

    A.M. Best Fitch S&P
    DKV Deutsche Krankenversicherung AG AA
    ERGO Insurance Pte. Ltd.  (Singapore) A+
    ERGO Versicherung AG AA-
    ERGO Group AG (counterparty credit rating) AA- A
    ERGO Reiseversicherung AG AA
    Europaeiske Rejseforsikring A/S (Denmark) A+
    ERGO Vorsorge Lebensversicherung AG AA
    Sopockie Towarzystwo Ubezpieczeń ERGO Hestia SA AA
    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 ² Munich Reinsurance Company of Africa Ltd. („MRoA“) benefits from parental a guarantee issued by Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München („Guarantor“). The guarantees cover all of the payment obligations of insurance and reinsurance contracts issued by MRoA. The guarantees are unconditional and continuing and shall be binding upon the Guarantor. The owners of the insurance and reinsurance contracts issued by these subsidiaries are express third party beneficiaries of these guarantees. The obligations of the Guarantor under these guarantees rank pari passu with all other unsecured indebtedness of such Guarantor.

    Solvency II

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

    Solvency II ratio1

    31.12.2023 Prev. Year Change
    Eligible own funds² €m 47,979 46,019 1,960
    Solvency capital requirement €m 17,974 17,693 281
    Solvency ratio under Solvency II % 267 260

    The eligible own funds as at the reporting date take into account a deduction for the dividend of €2.0bn agreed by the Board of Management and proposed to the Annual General Meeting for the 2023 financial year.

    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 €52.5bn (51.1bn); Solvency II ratio: 292% (289%). 2 Driven by economic earnings of €5.6bn, the eligible own funds increased as at the reporting date. The following factors had a reducing effect on eligible own funds: the dividend of €2.0bn agreed by the Board of Management and to be proposed to the Annual General Meeting for the 2023 financial year; the share buy-back programme with a volume of €1.0bn; the adjustment to the opening balance amounting to –€0.1bn; and other measures totalling €0.5bn.

    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.

    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.
    Source: Bloomberg, Datastream
    Status: 29.3.2024

    Further Information

    Detailed information on the rating of individual Munich Re (Group) companies as well as general rating categories can be found on the websites of the rating agencies: