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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)
    Moody's Aa3 (Excellent) stable 17.03.2005 Download (PDF, 1.3 MB)
    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 Moody's 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 America A+ AA Aa3 AA-
    Munich Re America Corporation (counterparty credit rating)   a A2 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 Moody's S&P
    D.A.S. Legal Expenses Insurance Company Limited (Great Britain) A+
    DKV Deutsche Krankenversicherung AG AA
    ERGO Insurance Pte. Ltd.  (Singapore) B++
    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
    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

    31.12.2022 Prev. Year Change
    Eligible own funds² €m 46,019 46,626 –607
    Solvency capital requirement €m 17,693 20,540 –2,847
    Solvency II ratio % 260 227

    The eligible own funds as at the balance sheet date take into account deductions for the dividend of €1.6bn agreed by the Board of Management and proposed to the Annual General Meeting for the 2022 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 €51.1bn (52.2bn); Solvency  II  ratio: 289% (254%). 2 Despite positive economic earnings of €2.8bn, the eligible own funds decreased as at the reporting date on account of the following: the dividend of €1.6bn, agreed by the Board of Management and to be proposed to the Annual General Meeting for the 2022 financial year; the planned share buy-back programme with a volume of €1.0bn; the adjustment to the opening balance amounting to €0.2bn; and other measures totalling €0.4bn. The repayment and issue of a subordinated bond similarly led to a slight overall reduction in the eligible own funds.

    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: 30.6.2023

    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: