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

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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.

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