Munich Re generated a net result of EUR 2,211 million (2,085 million) in the second quarter of 2026 and EUR 3,925 million (3,178 million) in the first half of the year, bolstered by very low major-loss expenditure in property-casualty reinsurance together with a very strong investment result, according to the company.

2Q2026 insurance revenue from insurance contracts issued rose marginally year on year to EUR 14,939 million (14,775 million). Adjusted for adverse currency translation effects, insurance revenue also increased in H1 to EUR 30,853 million; unadjusted for these effects, it fell to EUR 29,957 million (30,586 million).

Following an exceptionally high result in the same quarter of the previous year, the total technical result decreased to EUR 2,545 million (3,035 million). The currency result improved to −EUR 2 million (−602 million). Currency losses resulting from the weak US dollar had particularly impacted the previous year’s figure. The operating result was EUR 2,795 million (2,917 million) and the effective tax rate was 19.0% (27.2%).

Equity was slightly higher at the reporting date (EUR 33,727 million) than at the start of the year (EUR 33,421 million). The solvency ratio stood at 304% (31 December 2025: 298%), well above the Solvency II minimum level of 200%.

The annualised return on equity (RoE) amounted to 25.5% (25.5%) in 2Q2026 and to 23.0% (19.7%) in H1.

Key takeaways of the report:

• Q2 net result of EUR 2.2 billion; annual guidance unchanged at EUR 6.3 billion
• Result drivers in Q2: good operating performance by all business segments, very low major-loss expenditure in property-casualty reinsurance (combined ratio: 68.9%) and a very strong investment result (return on investment: 5.5%)
• Life and health reinsurance posts a total technical result of EUR 528 million in Q2; largest ever longevity transaction completed in H1
• Global Specialty Insurance reports good combined ratio (88.9%), with growth opportunities in the US real estate and professional liability sectors and in surety insurance in Europe
• ERGO contributes profit of EUR 321 million in Q2 – far outperforming pro rata guidance
• July renewals focus on profitability and portfolio optimisation: decrease of 5.5% in risk-adjusted pricing and 9.1% in volume with largely stable terms and conditions.

“With an excellent half-year result of EUR 3.9 billion, Munich Re is well on track to achieve its annual target of EUR 6.3 billion. Thanks to our strong balance sheet, higher investment income and rising profit contributions from our less volatile business segments, we are able to manage the market cycle in property-casualty reinsurance from a position of strength. We deliberately opt not to take on business where prices would not be risk-commensurate, while remaining a reliable long-term partner to our clients, even after the largest of loss events. These strengths underline our ambition to achieve a return on equity of over 18% and an average annual increase in earnings per share of more than 8% by 2030”, commented Christoph Jurecka, Chair of the Board of Management.

Full report can be found here.