Munich Re has outlined a new multi-year strategy, Ambition 2030, setting higher financial targets for profitability, capital strength and shareholder distributions.

The group is aiming for a return on equity of more than 18% by the end of 2030, with earnings per share expected to increase by over 8% per year on average.

Under Ambition 2030, Munich Re is also targeting a total payout ratio of more than 80% annually and intends to keep its solvency ratio above 200%. The company said the plan is intended to link long-term profit growth with ongoing capital returns to shareholders.

For 2026, Munich Re is pursuing IFRS net profit of €6.3 billion, close to the current consensus estimate of €6.35 billion, supported by what it describes as consistently solid operational performance across all business segments.

Group insurance revenue is expected to reach €64 billion in 2026, compared with consensus of €62 billion, while the return on investment is projected to improve to above 3.5%.

Read more: Munich Re reports massive net result surge in Q3, beats 2024 figures

Recent quarterly figures offer some context for the new targets, with Munich Re reporting a Q3 2025 net result of €1.997 billion, more than double the €907 million recorded in the same period of 2024.

In its reinsurance business, Munich Re forecasts net profit of €5.4 billion in 2026, slightly ahead of the consensus estimate of €5.2 billion. The company said it expects to continue to use what it views as a favorable market environment and its existing market position to support results.

Within property-casualty reinsurance, which is central to those ambitions, Munich Re’s Q3 net result increased to €1.187 billion as major-loss expenditure remained very low. At the same time, insurance revenue from contracts issued declined to €4.241 billion, which the group linked to a weaker US dollar and the discontinuation of business that did not meet its return requirements.

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Profitability metrics in reinsurance are expected to remain within the group’s target range. Munich Re is guiding to a combined ratio of 80% in property-casualty reinsurance, in line with consensus, and 90% in Global Specialty Insurance, compared with a consensus of 89%.

In life and health reinsurance, the group is projecting a total technical result of €1.9 billion in 2026, matching current analyst expectations. Munich Re indicated that this segment remains a core contributor under its Ambition 2030 plan.

The ERGO business field is expected to add a segment result of €0.9 billion in 2026, versus a consensus estimate of €1.0 billion. ERGO Germany is targeting a combined ratio of 89%, the same as market consensus, and ERGO International is working toward the same 89% combined ratio.