Munich RE (MUV2) Q1 2026 (Media) earnings summary

Executive summary

• Net result for Q1 2026 reached €1,714m, up from €1,094m in Q1 2025, driven by strong performance across all segments and low major losses.

• Return on equity rose to 19.7% from 13.3% year-over-year, reflecting robust profitability.

• Operating result increased to €2,230m from €1,465m year-over-year.

• Total technical result improved to €2,676m from €2,054m in Q1 2025, mainly due to low major-loss expenditure in reinsurance.

• All business segments contributed positively, with notable improvements in combined ratios and technical results.

Financial highlights

• Group net result was €1,714m, well above the prior year, with operating result at €2,230m and technical result at €2,676m.

• Investment result for Q1 was €1,682m (2.9% return), up from €1,323m (2.2%) year-over-year.

• Solvency II ratio stood at 292%, with equity increasing to €34.6bn as of 31 March 2026.

• Insurance revenue for Q1 2026 was €15.0bn, down 5% year-over-year, mainly due to adverse currency effects.

• Net financial result turned positive at €139m versus a loss of €95m in Q1 2025.

Outlook and guidance

• Full-year 2026 guidance: net result ~€6.3bn, insurance revenue ~€64bn, with reinsurance targeting ~€40bn and ERGO ~€24bn.

• Combined ratios for P&C and GSI expected at 80% and 90%, with L&H technical result at ~€1.9bn.

• Return on investment projected above 3.5%.

• Management anticipates sustained advantageous business opportunities in upcoming quarters, but guidance is subject to uncertainties from geopolitical, macroeconomic, and market volatility.

• Large deal activity expected to accelerate, especially in life and health.