Munich Re generated a result of €250m (147m) in its ERGO field of insurance business in Q2 and €470m (303m) in 1H2023. ERGO grew considerably, with insurance revenue from insurance contracts issued climbing to €4,875m (4,752m) in Q2; in Q1–2, it rose to €9,916m (9,357m).
ERGO International generated a very good net result of €116m (27m) in Q2.
The main drivers of this result were favourable basic loss experience; a lack of major losses in Poland, Greece and elsewhere; and the contribution made by the health business in Belgium.
ERGO Life and Health Germany generated a net result of €72m (–30m) in Q2, largely driven by the anticipated amounts released from the contractual service margin in life insurance and long-term health business.
In addition, short-term health business likewise boosted the result thanks to strong growth and favourable claims development.
The ERGO Property-casualty Germany segment made a good contribution of €62m (149m) to the Q2 net result.
Q2 2023 was underpinned by low major losses, strong operational performance, a good investment result and seasonally low expenses in acquisition cash flows.
One-off effects in Q2 2022 had positively influenced the result. The segment’s net result of €229m for the first half-year was significantly higher than the forecast net result for the second half-year of 2023.
The result in Q4 will be considerably impacted by the seasonally high expenses in acquisition cash flows.
The total technical result for the ERGO field of business in Q2 increased to €599m (560m) and the operating result rose substantially to €350m (243m).
In Property-casualty Germany, the combined ratio was 88.1% (77.5%) in Q2 and decreased to 84.7% (90.5%) in Q1–2. The same half-year in 2022 had been impacted by major losses.
In the ERGO International segment, the ratio fell to 88.1% (93.3%) in Q2 thanks to favourable claims development and low major losses. The ratio for Q1–2 was 91.6% (91.0%).