Munich Re posts record first-half profit

Munich Re  reported a first-half net result of €3.9 billion, up from €3.2 billion a year earlier, after generating €2.2 billion in the second quarter. The reinsurer maintained its full-year profit target of €6.3 billion.

The reinsurance business contributed €1.9 billion in Q2, including €1.3 billion from property and casualty reinsurance, where the combined ratio was 68.9%. Major-loss spending totaled €191 million, representing 4.9% of net insurance revenue and remaining well below the expected 18%.

At the July renewals, Munich Re reduced business volume by 9.1% to €2.9 billion as risk-adjusted prices declined 5.5%. The company said it declined business that failed to meet its pricing or terms requirements.

Life and health reinsurance generated a technical result of €528 million and completed its largest longevity transaction to date, covering €4 billion in pension liabilities. Global Specialty Insurance recorded an 88.9% combined ratio, while ERGO contributed €321 million in quarterly profit.

Munich Re’s investment result increased to €3.2 billion from €2.2 billion, producing a 5.5% return on investment. The company lowered its expected 2026 insurance revenue to €62 billion from €64 billion but left its profit guidance unchanged.