Munich Re posted a 56.7% increase in its net result for the first quarter of 2026 (Q1 2026), supported by significantly lower major-loss expenditure in its reinsurance and global specialty insurance operations.
The German reinsurer reported a net result of €1.71bn for the quarter
Operating profit rose to €2.23bn from €1.46bn a year earlier, while the total technical result increased to €2.67bn from €2.05bn. Insurance revenue from insurance contracts issued fell to €15.01bn from €15.81bn, which Munich Re attributed mainly to adverse currency translation effects. Annualised return on equity improved to 19.7%, compared to 13.3% in the prior-year period.
The group’s reinsurance business generated a quarterly net result of €1.48bn, up from €853m a year earlier. Within property-casualty reinsurance, the net result increased to €841m from €343m. The combined ratio improved to 66.8% from 83.9%, reflecting lower major-loss expenditure.