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Munich Re (MUV2) investor relations material
Munich Re Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Net result for Q3 2025 reached €1,997m, up 120% year-over-year, with Q1-3 net result at €5.2bn, confirming the annual guidance of €6bn net result for 2025.
Strong performance in property-casualty reinsurance and Global Specialty Insurance (GSI) due to below-average major-loss expenditure and low combined ratios.
Life and health reinsurance faced unfavorable claims experience, but strong new business in the US and UK provided support.
ERGO contributed €304m to net result in Q3, aided by one-off effects and strong international performance, while ERGO Germany was impacted by a negative one-off tax effect.
Operating result for Q3 2025 was €3,036m, a significant increase from the prior year.
Financial highlights
Insurance revenue for Q3 was €14.6bn, down from €15.5bn year-over-year, mainly due to negative currency translation effects; Q1-3 insurance revenue was €45.2bn.
Investment result for Q3 was €2,385m, with a return of 4.1% on average market value.
Solvency II ratio increased to 293% as of 30 September 2025, well above the target corridor.
Combined ratio for property-casualty reinsurance in Q3 2025 was 62.7%, significantly improved from the prior year.
ERGO net result for Q3 2025 was €304m, with international operations boosted by the consolidation of NEXT Insurance.
Outlook and guidance
Annual net result guidance for 2025 remains at €6bn, with group insurance revenue forecast at €61bn, revised down from €62bn due to currency and premium adjustments.
Combined ratio guidance for property-casualty reinsurance improved to around 74% (previously 79%), and for GSI to about 87% (previously 90%).
Optimism to achieve or exceed €6bn net income for 2025, with all other expectations unchanged and guidance subject to macroeconomic and geopolitical uncertainties.
Reserve review in Q4 may lead to further strengthening of reserves, potentially at the cost of a higher normalized combined ratio.
ERGO insurance revenue forecast at ~€22bn, reinsurance at ~€39bn.
Sustainability of low major-loss expenditure?
Address L&H reinsurance claims experience?
ERGO Germany underlying profitability trend?
Q4 reserve strengthening strategy
Business decisions driving revenue decline
GSI underlying earnings power drivers
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Frequently asked questions
Munich Re is a leading global reinsurer with a tradition of setting new standards. It is the world's largest reinsurer, with a superior track record, based on reliable and consistent results for over 150 years. Munich Re has its headquarters in Munich, Germany. The company operates through its subsidiaries in more than 50 countries around the world, but mainly in the Americas, Asia Pacific and Europe.
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