Magazine date:
Jun 2021 
Fitch Ratings [4] has affirmed the "AA" (very strong) financial strength and "AA-" long-term issuer default ratings of Munich Re and its major operating subsidiaries. The outlook for both ratings is stable.
The rating reflects the German reinsurer's strong capitalization, solid financial performance and favorable business profile.
According to the rating agency [5], Munich Re has been strongly impacted by the Covid-19 crisis, notably due to the cancellation or postponement of major events and Covid-19 related deaths.
In 2020, the group has achieved a non-life combined ratio of 106%, against the 100% recorded in 2019. The return on equity (ROE) as calculated by the Fitch agency is 4%, a 5.6 point decrease compared to 2019.