Munich RE (MUV2) Q1 2026 earnings summary

Executive summary

• Net result for Q1 2026 reached €1.714bn, up from €1.094bn year-over-year, reflecting strong operating performance across all business segments and low major-loss expenditure, with return on equity at 19.7%.

• Operating result increased to €2.23bn, supported by improved technical results and investment income.

• Underlying business performed well, with benign major loss experience offset by weaker investment and currency results.

• Direct impact from Middle East conflict was manageable; claims from the Iran war totaled €90m, mainly impacting Global Specialty Insurance and property-casualty reinsurance.

Financial highlights

• Total technical result reached €2.676bn, up from €2.054bn year-over-year.

• Return on investment was 2.9%, below full-year guidance, with investment portfolio totaling €238bn.

• Solvency II ratio stood at 292%, reflecting share buyback deduction and strong operating performance.

• ERGO delivered a net result of €235m, with strong technical performance in Germany and international business.

• Equity increased to €34.6bn as of 31 March 2026.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: group insurance revenue ~€64bn, net result ~€6.3bn, with reinsurance net result expected at ~€5.4bn and ERGO at ~€0.9bn.

• Combined ratios expected: P&C ~80%, GSI ~90%, ERGO Germany and International both ~89%.

• Achieving €40bn reinsurance revenue is more challenging but remains within reach, supported by a healthy deal pipeline.

• Five-year EPS CAGR target of 8% by 2030 remains, though recovery may be more U- or V-shaped rather than linear.

• Return on investment projected above 3.5%.