Munich Re reported a internet results of €1.9bn for the third quarter of 2025 (Q3 2025), in contrast with €907m in the identical interval final yr.
The group’s technical end result for the quarter reached €2.8bn, up from €1.69bn, whereas the working end result stood at €3.03bn, greater than double the €1.16bn determine a yr in the past.
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In its monetary reporting, Munich Re has since Q1 of this yr introduced its International Specialty Insurance coverage (GSI) operations as a separate section inside reinsurance.
These actions, beforehand categorised beneath property-casualty reinsurance, have had their comparative figures restated accordingly.
The reinsurance division contributed €1.6bn to the group internet lead to Q3, up from €766m within the corresponding quarter the earlier yr.
Nevertheless, insurance coverage income from issued contracts declined to €9.2bn from €10.2bn.
Inside life and well being reinsurance, the full technical end result decreased to €314m from €507m, primarily as a result of much less beneficial claims expertise – which remained inside regular fluctuation ranges – whereas the section end result fell to €286m from €481m.
The property-casualty reinsurance internet end result for Q3 recorded a rise to €1.18bn (up from €263m), attributed primarily to very low major-loss expenditure.
Insurance coverage income decreased to €4.2bn from €5.05bn; this was attributed primarily to forex results and a discount of enterprise that now not met profitability standards.
A launch of €47m was recorded regarding main pure disaster losses in Q3. This contrasts with prices of €1.13bn registered within the prior-year quarter as a result of a number of giant occasions throughout North America and Europe.
The GSI section posted a internet results of €221m for Q3 2025, as towards €22m for a similar interval final yr.
Insurance coverage income fell barely to €2.15bn from €2.23bn.
Munich Re’s funding actions generated a results of €2.38bn for Q3, up from €2.09bn.
Within the ERGO enterprise subject, the online end result for Q3 2025 reached €304m towards final yr’s €141m – a growth supported by a number of one-off results totalling round €50m.
For the primary 9 months of 2025 (Q1–3), Munich Re posted a internet results of €5.1bn versus €4.6bn a yr in the past.
The reinsurance section’s cumulative contribution for Q1–3 stood at €4.3bn (Q1–3 2024: €3.9bn).
Munich Re chief monetary officer Christoph Jurecka stated: “Munich Re generated a excessive internet results of just below €2bn within the third quarter. We’re subsequently absolutely on observe to realize our goal of €6bn for the complete yr. The principle causes for the excellent quarterly end result have been the superb mixed ratios in property-casualty reinsurance and International Specialty Insurance coverage, along with good working efficiency total. These ratios replicate a below-average major-loss expenditure.
“Along with the superb efficiency at ERGO and a excessive funding end result, we have been thus capable of greater than compensate for a considerably weaker quarter in life reinsurance, and for forex losses. Our diversification technique is working.”
Munich Re left its annual steering unchanged at round $6bn. The group now forecasts full-year insurance coverage income for the group of $61bn (beforehand $62bn).
In reinsurance, it expects insurance coverage income of €39bn (beforehand €40bn) due to premium changes, the impacts of renewals and change charge developments.
