Facts and figures

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.

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OSFI LIFE and LIMAT key figures

		IFRS 17 / 9		IFRS 4 / IAS 39
CAD		2024¹	2023¹	2022	2021	2020
Assets	m	11,627	12,025	7,078	7,116	7,485
Investments in Marketable Securities	m	6,039	6,377	6,839	7,511	7,897
Average Investment Quality (S&P)		AA	AA	AA	AA	AA
Equity (Head Office A/C & AOCI)	m	5,355	5,454	3,918	3,828	3,794
Equity / Liabilities	%	85.4	83.0	124.0	116.5	102.8
LIMAT	%	123	132	115	110	120

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	2024	2023	2022	2021	2020
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 (Stable)	AA- (Positive)	AA- (Stable)	AA- (Stable)	AA- (Stable)

Key figures (IFRS)

		IFRS 17 / 9		IFRS 4 / IAS 39
Euro		2024¹	2023¹	2022	2021	2020
Insurance revenue from insurance contracts issued (2023)	bn	60.8	57.9	n/a	n/a	n/a
Gross Premium Written (2019 to 2022)	bn	n/a	n/a	67.1	59.6	54.9
Consolidated Result	bn	5.7	4.6	3.4	2.9	1.2
Investments	bn	230.7	218.5	219.8	240.3	233
Return on Equity	%	18.2	15.7	13.5	12.6	5.3
Equity	bn	32.7	29.8	21.2	30.9	30.0
Market Capitalisation	bn	65.2	51.2	42.6	36.5	34.0

¹Munich 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.