Munich Re Q1 net result rises 56.7% on lower catastrophe claims

Munich Re posted a 56.7% summation successful its nett effect for the archetypal 4th of 2026 (Q1 2026), supported by importantly little major-loss expenditure successful its reinsurance and planetary specialty security operations.

The German reinsurer reported a nett effect of €1.71bn for the quarter.

Operating nett roseate to €2.23bn from €1.46bn a twelvemonth earlier, portion the full method effect accrued to €2.67bn from €2.05bn.

Insurance gross from security contracts issued fell to €15.01bn from €15.81bn, which Munich Re attributed chiefly to adverse currency translation effects.

Annualised instrumentality connected equity improved to 19.7%, compared to 13.3% successful the prior-year period.

The group’s reinsurance concern generated a quarterly nett effect of €1.48bn, up from €853m a twelvemonth earlier.

Within property-casualty reinsurance, the nett effect accrued to €841m from €343m.

The combined ratio improved to 66.8% from 83.9%, reflecting little major-loss expenditure.

Major-loss expenditure successful the part declined to €130m from €1.01bn successful the corresponding 4th past year, erstwhile results were affected by the wildfires successful Los Angeles, US.

Global Specialty Insurance recorded a nett effect of €202m, compared with €8m a twelvemonth earlier. Its combined ratio improved to 83.7% from 95.5%.

Life and wellness reinsurance reported a full method effect of €500m, down from €608m successful the erstwhile year, portion the nett effect fell to €436m from €501m.

Munich Re said claims linked to the Iran struggle amounted to astir €90m, including astir €60m successful planetary specialty security and astir €30m successful property-casualty reinsurance.

ERGO, the group’s superior security business, contributed €235m to Munich Re’s nett result, compared with €241m a twelvemonth earlier.

Insurance gross from security contracts issued astatine ERGO roseate to €5.67bn from €5.56bn, driven chiefly by planetary concern growth.

Within ERGO, the Germany conception posted a nett effect of €157m, up from €140m.

ERGO International reported €78m, down from €100m, reflecting higher weather-related claims successful the Baltic states and Poland, arsenic good arsenic little contributions from planetary associated ventures.

Munich Re CFO Andrew Buchanan said: “All concern fields and segments person reported encouraging development, successful crook contributing to the Group’s beardown nett result.

“Slightly little prices successful the April property-casualty reinsurance renewals bash not obscure the affirmative wide picture: prices stay favourable and the prime of our portfolio is high.”

Munich Re reaffirmed its 2026 fiscal twelvemonth (FY26) nett effect people of €6.3bn, portion noting that the outlook remains exposed to geopolitical and macroeconomic uncertainty, major-loss developments, currency volatility and fluctuations successful superior markets.