In Q1 2026, Munich Re generated a net result of EUR 1,714 million (EUR 1,094 million). The total technical result rose to EUR 2,676 million (EUR 2,054 million), which was attributable in particular to low major-loss expenditure in reinsurance, Munich Re said.

Insurance revenue from insurance contracts issued fell to EUR 15,018 million (EUR 15,811 million), mainly due to adverse currency translation effects. The currency result came to –EUR 162 million (–EUR 506 million). The high currency losses in the same quarter of the previous year were primarily attributable to the significantly higher exposure to the US dollar at that time and its depreciation. The operating result rose to EUR 2,230 million (EUR 1,465 million) and the effective tax rate was 20.9% (22.3%).

Equity was higher at the reporting date (EUR 34,616 million) than at the beginning of the year (EUR 33,421 million). The solvency ratio stood at 292% (31 December 2025: 298%), well above the Solvency II target of >200%. The planned share buy-back of EUR 2.25 billion is already reflected in the reported solvency ratio.

The annualised return on equity (RoE) for Q1 2026 was 19.7% (13.3%).

The key takeaways are:

• Property-casualty reinsurance and Global Specialty Insurance: Excellent combined ratios of 66.8% and 83.7% thanks to low major-loss expenditure
• Life and health reinsurance: Total technical result of EUR 500 million slightly above pro-rata guidance
• ERGO: EUR 235 million contribution to net result
• April renewals: Deliberate reduction in business volume (–18.5%) together with lower prices (–3.1%)
• Outlook reaffirmed by high operating profitability and sustained advantageous business opportunities in upcoming quarters

“Munich Re has made an excellent start to 2026 with a Q1 result of EUR 1.7 billion. We are therefore fully on track to achieve our target of EUR 6.3 billion for the full year. All business fields and segments have reported encouraging development, in turn contributing to the Group’s strong net result. Slightly lower prices in the April property-casualty reinsurance renewals do not obscure the positive overall picture: Prices remain favourable and the quality of our portfolio is high”, commented Andrew Buchanan, Chief Financial Officer.

The full report can be found here.