Facts and figures
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Munich Re’s Life and Health business in Canada is written by a well-established, full-service branch within the Munich Re Group. All reinsurance arrangements are supported by the financial strength of the OSFI regulated branch and the BaFin regulated company. This ensures we can deliver our value proposition to our clients, shareholders, and staff for the long term.
Munich Re, Canada (Life)
Munich Re, Canada (Life) is a leading reinsurer in Canada, with a significant market position in all lines of Life and Health reinsurance. We service clients across Canada, as well as the Caribbean and surrounding regions, from offices in Toronto and Montreal.
Download the key facts and figures brochure
OSFI LIFE and LIMAT key figures
| IFRS 17 / 9 | IFRS 4 / IAS 39 | |||||
|---|---|---|---|---|---|---|
| CAD | 2023¹ | 2022 | 2021 | 2020 | 2019 | |
| Assets | m | 12,025 | 7,078 | 7,116 | 7,485 | 6,734 |
| Investments in Marketable Securities | m | 6,377 | 6,839 | 7,511 | 7,897 | 7,154 |
| Average Investment Quality (S&P) | AA | AA | AA | AA | AA | |
| Equity (Head Office A/C & AOCI) | m | 5,454 | 3,918 | 3,828 | 3,794 | 3,848 |
| Equity / Liabilities | % | 83.0 | 124.0 | 116.5 | 102.8 | 133.4 |
| LIMAT | % | 132 | 115 | 110 | 120 | 110 |
1 Munich Re Group and Munich Re, Canada (Life) adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), effective January 1, 2023, which replaced IFRS 4 (Insurance Contracts) and IAS 39 (Financial Instruments), respectively.
LIMAT disclosures
In accordance with the Office of the Superintendent of Financial Institutions (OSFI), view our LIMAT Ratios for the previous years below. Branches are required, at minimum, to maintain a Total Ratio of 90%. OSFI has established a supervisory target level of 100% for Total margin. Definition of terms can be found in Guideline A at LICAT – Life Insurance Capital Adequacy Test.
Munich Re Group Worldwide operations
Our Canadian business is written by a well-established, full-service branch within the Munich Re Group and supported by the financial strength of the OSFI regulated branch and the BaFin regulated company. Figures are reported by Munich Re's Annual Report.
Find out more about the Munich Re Group's ratings and solvency
Ratings | Outlook
| Rating Agency | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| A. M. Best | A+ (Stable) | A+ (Stable) | A+ (Stable) | A+ (Stable) | A+ (Stable) |
| Fitch | AA (Stable) | AA (Stable) | AA (Stable) | AA (Stable) | AA (Stable) |
| Standard & Poor's | AA- (Positive) | AA- (Stable) | AA- (Stable) | AA- (Stable) | AA- (Stable) |
Key figures (IFRS)
| IFRS 17 / 9 | IFRS 4 / IAS 39 | |||||
|---|---|---|---|---|---|---|
| Euro | 2023¹ | 2022 | 2021 | 2020 | 2019 | |
| Insurance revenue from insurance contracts issued (2023) Gross Premium Written (2019 to 2022) | bn | 57.9 | 67.1 | 59.6 | 54.9 | 51.5 |
| Consolidated Result | bn | 4.6 | 3.4 | 2.9 | 1.2 | 2.7 |
| Investments | bn | 218.5 | 219.8 | 240.3 | 233.0 | 228.8 |
| Return on Equity² | % | 15.7 | 13.5 | 12.6 | 5.3 | 11.7 |
| Equity | bn | 29.8 | 21.2 | 30.9 | 30.0 | 30.6 |
| Market Capitalisation | bn | 51.2 | 42.6 | 36.5 | 34.0 | 38.0 |
1 Munich Re Group and Munich Re, Canada (Life) adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), effective January 1, 2023, which replaced IFRS 4 (Insurance Contracts) and IAS 39 (Financial Instruments), respectively.
2 2019 figures adjusted owing to IAS 1
Annual report 2023
Learn more about the Munich Re Group in our annual report