Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (ETR:MUV2) reported a net result of EUR 1.7 billion for the first quarter of 2026, with Chief Financial Officer Andrew Buchanan saying the reinsurer made “a strong start to the year” despite geopolitical and…
rket uncertainty. Speaking on the company’s media conference call, Buchanan said the result was supported by strong underlying operating performance across all business segments and benign major loss experience
Those positives were partly offset by weaker investment and currency results. He added that the direct underwriting impact from the conflict in the Middle East remained “very manageable,” while capital market volatility weighed on the investment portfolio. Munich Re said it remains on track to achieve its full-year 2026 net result target of EUR 6.3 billion.
Buchanan noted that the first-quarter result was above the company’s proportional earnings expectation for the year, with return on equity reaching 19.7% for the quarter. Capital Position Remains Strong Buchanan said Munich Re’s IFRS equity increased by more than EUR 1 billion during the quarter to EUR 34.6 billion. Net earnings more than offset outflows related to the final tranche of the prior share buyback program, which was completed before the annual general meeting.