Munich Re has reported a web results of €1.63bn in Q2 2024, marking a 40.6% surge from €1.15bn throughout the identical interval in 2023.
In Q2 2024, insurance coverage income from issued contracts grew to €14.95bn, up from €14.17bn a yr in the past.
For the primary six months in 2024, the German reinsurer’s web end result stood at €3.76bn and income from insurance coverage contracts was €30.01bn.
Munich Re mentioned the expansion was primarily pushed by each life and property and casualty (P&C) insurance coverage companies.
Through the April–June 2024 interval, the reinsurance line of enterprise’ contribution to the corporate’s web end result was €1.33bn, up from €904m.
Life and well being reinsurance produced a technical results of €617m in Q2 2024, up from €325m in Q2 2023, whereas P&C reinsurance achieved a results of €786m.
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Main losses exceeding €30m amounted to €957m, which incorporates positive aspects and losses from the runoff of main losses from prior years.
The most costly pure catastrophe for Munich Re within the quarter was the flooding in southern Germany, leading to €200m in reinsurance losses and €44m in ERGO losses.
Munich Re achieved a €284m end in its ERGO unit and ERGO Worldwide’s end result elevated to €146m in Q2 2024, up from €116m a yr in the past.
The corporate maintained its 2024 goal of a €5bn web end result, and the sturdy half-year efficiency is anticipated to help in assembly or exceeding this purpose.
Munich Re chair of the board of administration Joachim Wenning mentioned: “Due to a revenue of almost €3.8bn within the first half-year, Munich Re has carried out effectively as soon as once more. What’s extra, we have now by no means earned extra within the first six months of any yr. This end result demonstrates our operational power in reinsurance and first insurance coverage – each of which delivered better-than-expected income.
“Encouraging July renewals plus the continued excessive yield on reinvestment add as much as an optimistic outlook for the remainder of 2024. Though our revenue goal for 2024 stays unchanged at €5bn, our spectacular half-year end result does make it extra possible that we will obtain and even outperform our full-year steerage.”