Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MURGY) Q2 2026 Earnings Call Prepared Remarks Transcript

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München ( MURGY ) Q2 2026 Earnings Call August 7, 2026 2:30 AM EDT Company Participants Christoph Jurecka - CEO & Chairman of Management Board Andrew Buchanan - CFO & Member of Management Board Presentation Operator Ladies and gentlemen, a very warm welcome to the media conference of Munich Re for the financial figures in Q2 and for the half year 2026. Munich Re's CEO, Christoph Jurecka; and CFO, Andrew Buchanan will present and explain the results to you. And afterwards, we are happy to get your questions. The conference call will be streamed live on our web page, munichre.com, and the recording of the presentation can be found there later today. Conference language today is English. With this, I hand over to Mr. Jurecka. Christoph Jurecka CEO & Chairman of Management Board Well, thank you very much, Stefan, and yes, good morning. It's a pleasure to present such excellent results today. Let's start immediately at Page 4. And as you can see on that slide, we deliver on our promises. Munich Re is firmly on track to achieve its full year targets as it has consistently done in recent years. With a net result of EUR 3.9 billion in the first half of the year, we have already achieved more than 60% of the full year net income guidance. To be fair, we benefited from low major losses and a strong equity market performance. However, these results at the same time, reflect the continued strength of the underlying performance across our business segments, which I will discuss in more detail later. This performance translates into a return on equity of 23%, comfortably above our Ambition 2030 target of more than 18%. After only 6 months into the new financial ambition, I'm fully confident that we will deliver on our medium-term targets despite the current headwinds in