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%.
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.
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.
