Munich Re posted a 56.7% enhance in its internet consequence for the primary quarter of 2026 (Q1 2026), supported by considerably decrease major-loss expenditure in its reinsurance and world specialty insurance coverage operations.
The German reinsurer reported a internet results of €1.71bn for the quarter.
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Working revenue rose to €2.23bn from €1.46bn a 12 months earlier, whereas the full technical consequence elevated to €2.67bn from €2.05bn.
Insurance coverage income from insurance coverage contracts issued fell to €15.01bn from €15.81bn, which Munich Re attributed primarily to antagonistic forex translation results.
Annualised return on fairness improved to 19.7%, in comparison with 13.3% within the prior-year interval.
The group’s reinsurance enterprise generated a quarterly internet results of €1.48bn, up from €853m a 12 months earlier.
Inside property-casualty reinsurance, the web consequence elevated to €841m from €343m.
The mixed ratio improved to 66.8% from 83.9%, reflecting decrease major-loss expenditure.
Main-loss expenditure within the division declined to €130m from €1.01bn within the corresponding quarter final 12 months, when outcomes have been affected by the wildfires in Los Angeles, US.
International Specialty Insurance coverage recorded a internet results of €202m, in contrast with €8m a 12 months earlier. Its mixed ratio improved to 83.7% from 95.5%.
Life and well being reinsurance reported a complete technical results of €500m, down from €608m within the earlier 12 months, whereas the web consequence fell to €436m from €501m.
Munich Re mentioned claims linked to the Iran battle amounted to round €90m, together with roughly €60m in world specialty insurance coverage and roughly €30m in property-casualty reinsurance.
ERGO, the group’s main insurance coverage enterprise, contributed €235m to Munich Re’s internet consequence, in contrast with €241m a 12 months earlier.
Insurance coverage income from insurance coverage contracts issued at ERGO rose to €5.67bn from €5.56bn, pushed primarily by worldwide enterprise progress.
Inside ERGO, the Germany phase posted a internet results of €157m, up from €140m.
ERGO Worldwide reported €78m, down from €100m, reflecting larger weather-related claims within the Baltic states and Poland, in addition to decrease contributions from worldwide joint ventures.
Munich Re CFO Andrew Buchanan mentioned: “All enterprise fields and segments have reported encouraging improvement, in flip contributing to the Group’s robust internet consequence.
“Barely decrease costs within the April property-casualty reinsurance renewals don’t obscure the constructive general image: costs stay beneficial and the standard of our portfolio is excessive.”
Munich Re reaffirmed its 2026 monetary 12 months (FY26) internet consequence goal of €6.3bn, whereas noting that the outlook stays uncovered to geopolitical and macroeconomic uncertainty, major-loss developments, forex volatility and fluctuations in capital markets.
