Munich Re generated a result of €284 mn in its ERGO field of business in Q2 and €535 mn in H1. Insurance revenue from insurance contracts issued in Q2 rose year on year to €5,078 mn; the H1 figure increased to €10,282 mn.
The result at ERGO International was up, at €146mn in Q2. This very positive trend was underpinned by a good total technical result in international property & casualty insurance business – particularly in Poland, Greece and the Baltic states.
International life and health business made yet another substantial contribution to the total technical result, boosted in part by a one-off effect in the investment result relating to the full acquisition of Storebrand Helseforsikring AS, a Norwegian health insurer.
ERGO Life and Health Germany generated a result of €119 mn in Q2, principally driven by the amounts – in line with expectations – released from the contractual service margin in long-term life and health business.
Short-term health and travel insurance business also contributed to this segment’s result, which was also aided by positive one-off tax effects, the above-mentioned full acquisition of Storebrand Helseforsikring AS, and temporarily lower project costs.
The ERGO Property-Casualty Germany segment contributed €19 mn (€62 mn) to the Q2 result. Flooding in southern Germany in late May and early June led to higher-than-expected claims for major losses.
However, this was partially offset by lower man-made major losses. The segment’s operational performance in the first half of the year met expectations, despite ongoing pressure in the motor business.
Realized losses on fixed-interest securities and a higher effective tax rate also affected the segment’s result.
ERGO’s total technical result for Q2 was €532 mn (€599 mn), with the operating result rising to €364 mn (€350 mn).
The Q2 combined ratio for the Property-Casualty Germany segment was 88.4% (88.1%), nearly unchanged year on year. The combined ratio for the first half of the year was 86.4% (84.7%), with H1 2023 benefiting from exceptionally low major-loss expenditure.
In the ERGO International segment, the Q2 combined ratio was 91.7% (88.1%) due to higher claims expenses in Spanish health, Austrian property-casualty, and international legal-protection businesses. The H1 combined ratio decreased to 90.6% (91.6%).
