Munich Re posts quarterly result of €2.1bn

Munich Re has made a strong start to the year. With a preliminary net profit of approximately €2.1bn in the first quarter of 2024, the Group significantly surpassed analysts’ expectations of €1,476m*.

The operational performance of all lines of business was better than expected for the full year:

• In property-casualty reinsurance, the combined ratio was approximately 75%, attributable in particular to below-average major-loss expenditure.
  
• Life and health reinsurance recorded a total technical result of around €0.6bn.
  
• ERGO’s net result stood at approximately €0.3bn.
  
• Buoyed by a favourable capital market environment, Munich Re achieved a high investment result, with an ROI of approximately 3.8%, and a positive currency result.

Munich Re still anticipates a net result of €5bn for the 2024 financial year. Surpassing this target has become more likely due to the Q1 result.

Munich Re will provide final Q1 2024 results on 8 May as scheduled.