In this article, Nicolas SCHULZ-SEMBTEN (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025) shares his professional experience as an apprentice and working student in Infrastructure Investment Inhouse Consulting at Munich Re.
About the company
Munich Re is one of the world’s leading reinsurance groups, headquartered in Munich, Germany. With around 44,000 employees and annual revenues of approximately EUR 60–70 billion, Munich Re is comparable in size to other major global reinsurers, including Swiss Re, Hannover Re, SCOR and Everest Re. Munich Re operates worldwide in the fields of reinsurance, primary insurance (mainly through its ERGO brand), and asset management.
The core of Munich Re’s business model is reinsurance: primary insurers transfer part of their risks and premiums to Munich Re, enabling them to increase their capacity and protect themselves against large or catastrophic losses. Premiums are received upfront, while claims are often paid out years later. The resulting ‘float’ is invested in financial markets by the group’s asset management division, which manages a diversified, multi-billion-euro portfolio including bonds, equities, and alternative assets such as real estate and infrastructure. In this way, Munich Re combines underwriting profit from insurance and reinsurance with investment income from its global portfolio.
Logo of Munich Re.
Source: the company.
Within the group, I worked in the Infrastructure Investment Inhouse Consulting team. The team’s remit includes supporting Munich Re and its asset management arm MEAG (Munich Re’s asset management company) in analysing, structuring and monitoring infrastructure investments. These investments span a range of sectors, including renewable energy (solar and wind), digital infrastructure (data centers and fiber networks) and real estate-related projects, among many others. Acting as strategic advisors within the investment process, the team combines financial modelling, risk analysis, due diligence and ESG (Environmental, Social and Governance) assessments into a unified investment framework for MEAG and Munich Re.
My internship
I first joined Munich Re as an Insurance and Finance apprentice, later continuing as a working student within the Infrastructure Investment Inhouse Consulting team. Over the course of two years, I was involved in various infrastructure transactions and portfolio projects. While my role mainly involved ESG analysis, I also supported the financial and risk analysis of new investments.
My missions
A central part of my role involved conducting ESG analysis. For each potential or existing infrastructure investment, our team assessed the environmental, social and governance risks and opportunities involved. I was responsible for maintaining and developing an ESG questionnaire in Excel, which we sent to project sponsors, operators and asset managers. They provided detailed information on topics such as carbon footprint, energy efficiency, biodiversity, health and safety, community impact, governance structures, and compliance.
Once the questionnaire had been completed, I consolidated and verified the data, clarified any outstanding issues with the counterparties, and converted the qualitative responses into quantitative ESG scores. These scores were then linked to frameworks such as the EU Taxonomy (the European Union’s classification system for environmentally sustainable economic activities). I supported the preparation of ESG scorecards and summaries that fed into the overall investment recommendation. Although I did not make any decisions independently, my analyses were an important input for the team.
Required skills and knowledge
This position required a combination of hard and soft skills. In terms of technical skills, a solid grasp of Excel was essential for handling large datasets, building financial models, and automating parts of the ESG questionnaire. A good grasp of fundamental corporate finance principles such as discounted cash flow, IRR, WACC and leverage was necessary to comprehend and contribute to the valuation process. Knowledge of sustainability regulations (EU Taxonomy, SFDR) and ESG ratings helped me interpret data and understand the importance of certain indicators.
On the soft skills side, attention to detail and a structured approach to work were crucial, particularly when validating ESG data or checking models. Strong communication skills were also important: I often had to coordinate with colleagues from different departments and clarify queries with external partners. Finally, a proactive and curious approach helped me quickly learn about new sectors, such as how a data centre operates or how the revenue of a wind farm depends on weather conditions and power prices.
What I learned
Through this experience, I learned how institutional investors evaluate infrastructure assets from financial and ESG perspectives. I gained practical insight into modelling long-term cash flows, identifying and quantifying risks, and structuring the decision-making process of investment committees. I also realised how central ESG has become to investment decisions, with topics such as carbon emissions, biodiversity and social impact now being systematically integrated into risk-return analysis.
Personally, I became more confident when working with complex Excel models and presenting my results to senior colleagues. I learned how to balance recurring tasks, such as updating ESG questionnaires, with project-based work. Ultimately, this internship has confirmed my interest in finance, infrastructure, and sustainable investing, motivating me to pursue a career in investment-related roles, such as in infrastructure or private equity.
Financial and economic concepts related to my internship
Below, I present two financial and economic concepts related to my internship: risk-return profile of investments and portfolio diversification, and ESG integration in investment decisions.
Risk-return profile of investments and portfolio diversification
Institutional investors such as Munich Re consider infrastructure not only as individual projects, but also as part of a wider portfolio. Infrastructure typically offers long-term, relatively predictable cash flows and may provide an illiquidity premium — an additional return for locking in capital over many years. However, these assets also carry specific risks, such as regulatory, political, construction or technology risks.
In our team, we analysed how new investments fit into the existing portfolio in terms of sector, geography, and risk profile. For instance, adding a fibre network investment to a portfolio heavily exposed to renewable energy can enhance diversification, as the cash flows depend on different drivers. I learnt how the correlation between assets and the effects of diversification are considered when building an infrastructure portfolio that balances risk and return.
ESG integration and EU Taxonomy alignment.
ESG integration means that environmental, social and governance factors are systematically included in the investment process alongside traditional financial metrics. In Europe, the EU Taxonomy provides a classification system that defines which economic activities can be considered environmentally sustainable. For infrastructure investors, this involves assessing whether a renewable energy project, for example, contributes to climate change mitigation and meets specific technical screening criteria.
Why should I be interested in this post?
If you are a business or finance student interested in investment careers, infrastructure investment provides a thrilling blend of finance, strategy, and sustainability. You will work with tangible assets that have a real impact on the economy, such as renewable energy projects that support the energy transition and digital infrastructure that enables data and connectivity.
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Useful resources
MEAG – Asset management of Munich Re and ERGO
EU Taxonomy for sustainable activities
GRESB – ESG benchmarks for real assets
About the author
The article was written in November 2025 by Nicolas SCHULZ-SEMBTEN (ESSEC Business School, Global Bachelor in Business Administration (GBBA), Exchange semester 2025).