Munich Re’s 2025 Solvency and Financial Condition Report (published April) shows continued strong capitalisation, with the group’s Solvency II ratio rising modestly from 289% at year-end 2024 to 300% in 2025.
Eligible own funds available to meet the Solvency Capital Requirement (SCR) increased slightly over the reporting period. Notably, the proportion of tier 2 capital grew to its highest level since the firm began publishing Solvency II disclosures in 2016, reflecting a shift in the capital mix rather than a large change in total capital resources.
The SFCR provides a detailed reconciliation of the main drivers behind the change in own funds, including movements in retained earnings, valuation changes, and capital management actions.
