Ethifinance Rating assigns to Muniche Re Group a credit rating of "AA-" with Stable trend. Munich Re Group (hereinafter Munich Re) is the world's largest reinsurance group in terms of premiums earned. The group has various lines of business, including the P&C (Property & Casualty) reinsurance line, as well as an excellent market position in the L&H (Life & Health) reinsurance line and in the insurance business through its subsidiary ERGO. Our credit rating reflects the group's growing profitability, which continued to be impacted by COVID-19 and natural disaster claims, but was driven by higher P&C reinsurance pricing.