Munich RE (MUV2) Q3 2024 earnings summary

Executive summary

• Q3 net result was €930 million, with nine-month net result at €4.7 billion, reflecting strong diversified performance despite above-average natural catastrophe losses.

• Group ROE reached 20.1% after nine months, well above target, supported by robust technical and investment results.

• Full-year net profit is expected to exceed €5 billion, driven by profitable growth across all segments.

Financial highlights

• Q3 investment result was €2.09 billion, with a 3.6% annualized return; nine-month investment result at €5.72 billion.

• Q3 insurance revenue increased to €15.5 billion; nine-month insurance revenue rose to €45.5 billion.

• Solvency II ratio stood at 292% at Q3, reflecting a strong capital position.

• Life and health reinsurance surpassed full-year technical result guidance by €200 million after nine months.

• Property & casualty reinsurance combined ratio was 90.5% in Q3, with normalized combined ratio at 81.3% for the quarter.

Outlook and guidance

• Full-year group net profit expected to exceed €5 billion, with insurance revenue forecast at €61 billion.

• Reinsurance net profit expected above €4.2 billion; ERGO net result expected at €0.8 billion.

• Combined ratio guidance for property-casualty reinsurance at 83%, ERGO P&C Germany at 89%, and ERGO International at 92%.

• Life and health reinsurance full-year technical result guidance lifted to €2 billion.

• All projections subject to uncertainties from geopolitical, macroeconomic, and market factors.