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Munich Re Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Net income for H1 2025 was €3.2bn, with return on equity at 19.7%, reflecting strong performance across all business lines despite Q1 catastrophe losses and currency headwinds.
Insurance revenue rose 1.9% year-over-year to €30.6bn, driven by organic growth in life and health reinsurance and ERGO International, despite negative currency effects.
All segments—P&C Reinsurance, Global Specialty Insurance, Life Reinsurance, and ERGO—contributed positively, with diversification reducing earnings volatility.
Group equity fell to €30.8bn at 30 June 2025, mainly due to dividend payout and share buybacks.
Capital position remains robust, supporting organic growth, acquisitions, and shareholder returns.
Financial highlights
H1 2025 net result: €3.18bn, down 14.4% year-over-year; Q2 net result: €2.09bn, up 30.2% year-over-year.
H1 2025 insurance revenue: €30.6bn (+1.9% year-over-year); Q2: €14.8bn (-1.2% year-over-year).
Return on equity for H1 2025: 19.7%; investment result: €3.51bn, return on investment 3.0%.
Solvency II ratio stable at 287%.
Debt leverage at 10.8% as of 30 June 2025.
Outlook and guidance
Net result target for 2025 unchanged at €6.0bn; insurance revenue guidance lowered to €62bn due to currency and business developments.
Combined ratio targets for 2025: P&C reinsurance 79%, Global Specialty Insurance 90%, ERGO Germany 89%, ERGO International 90%.
Life and health total technical result expected at €1.7bn.
Management remains confident for H2 2025 but notes increased uncertainty from macroeconomic and geopolitical factors.
New financial ambition to be communicated at Investor Day in December.
How did US trade policy impact global markets?
Why did Life/Health reinsurance technical result fall?
What drove ERGO International revenue growth?
What fuels P&C Re market stabilization?
Why Q2 Life Re large loss volatility?
GSI growth drivers beyond FX impact?
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Q3 202511 Nov, 2025
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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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