Munich Re reveals first-quarter financial results

Group reveals how key segments performed

Munich Re reveals first-quarter financial results


By Mia Wallace

Ahead of the scheduled publication of its final Q1 2024 results on May 8, Munich Re has today posted its preliminary results for the quarter, revealing a ‘strong start to the year’.

The reinsurance giant saw a preliminary net profit of approximately €2.1 billion in the quarter, significantly surpassing analysts’ expectations of €1.476 billion. Munich Re also noted that the operational performance of all lines of business surpassed expectations, including in:

  • Property-casualty reinsurance, where its combined ratio was approximately 75%, largely attributable to below-average major-loss expenditure
  • And life and health reinsurance, which recorded a total technical result of around €0.6 billion

Get the latest reinsurance news direct to your inbox twice a week. Sign up here

Munich Re’s ERGO’s net result stood at approximately €0.3 billion. Meanwhile, the reinsurer achieved a high investment result, yielding an ROI of approximately 3.8%, and a positive currency result – which it highlighted was underscored by a favourable capital market environment.

In a Press release, Munich Re said it still anticipates a net result of €5 billion for the 2024 financial year and that surpassing this target has become more likely due to the Q1 results seen.

Keep up with the latest news and events

Join our mailing list, it’s free!