Ratings and Solvency
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Ratings of group and Subsidiaries
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 (A.M. Best, 7/2024, PDF, 280 KB) |
| Fitch | AA (Very strong) | stable | 21.07.2015 | Download (Fitch, 7/2024, PDF, 500 KB) |
| S&P Global Ratings | AA (Very strong) | stable | 26.07.2024 | Download (S&P, 7/2024, 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 America | A+ | AA | AA |
| Munich Re America Corporation (counterparty credit rating) | a | AA- | 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 | AA- | ||
| 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+ | AA- |
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 |
Solvency Ratios
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
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.
Status: 30.9.2024
