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Moody’s has upgraded Munich Re’s Financial Strength Rating to Aa2 from Aa3. The rating agency also raised the group’s Subordinated Debt rating to A1(hyb) from A2(hyb).
Munich Re America’s Financial Strength Rating has likewise been upgraded to Aa2 from Aa3. Meanwhile, the outlook has been revised from positive to stable.
The upgrade reflects the German reinsurer’s strong balance sheet and the continued improvement of its diversification strategy.
According to Moody’s, Munich Re benefits from diversification across both geographic regions and business lines, with a well-balanced mix of life and health, and property and casualty activities. This diversified business model enhances the group’s resilience to market volatility and reduces its reliance on property and casualty reinsurance.
In 2025, ERGO, Munich Re’s primary insurance subsidiary, was the group’s largest business segment, contributing 36% of total revenue. Property and casualty reinsurance accounted for 30%, followed by life and health reinsurance at 20%, and global specialty insurance at 14%.
