Munich Re’s primary insurance business ERGO increased nine-month net profit to €819 mn from €796 mn in the corresponding period of 2025.
Insurance revenue rose to €17.36 bn from €16.02 bn, supported by growth in Germany and international markets.
Third-quarter net income declined to €263 mn from €304 mn, reflecting a less favorable comparison with one-off gains recorded in the previous year. Quarterly insurance revenue nevertheless increased to €6.19 bn from €5.31 bn.
International expansion contributed to the growth, particularly ERGO NEXT Insurance and the first-time consolidation of ADB Gjensidige and ERGO China Life Insurance.
ERGO’s quarterly insurance revenue increased approximately 16.5% year over year, despite lower reported net income caused partly by prior-year one-off effects.
ERGO Germany returns to profitability
ERGO Germany generated a third-quarter net result of €118 mn, compared with a €21 mn loss in Q3 2025.
The previous year’s earnings had been negatively affected by a one-off adjustment associated with Germany’s scheduled corporate tax reduction from 2028.
The insurance service result declined slightly but remained within management expectations.
Life and health performance benefited from higher contractual service margin releases and stronger short-term health insurance earnings.
In property-casualty insurance, ERGO continued strengthening technical provisions while maintaining profitable underwriting.
The German property-casualty combined ratio was 89.8%, compared with 88.7% a year earlier. For the first nine months, it remained unchanged at 88.8%.
International insurance revenue benefits from acquisitions
ERGO International reported quarterly net income of €145 mn, down from €324 mn in Q3 2025. The prior-year result included a significant one-off gain associated with the full acquisition of NEXT Insurance.
The latest quarter benefited from strong European operations and the initial consolidation of ERGO China Life Insurance, partly offset by smaller negative one-off items.
International life and health insurance recorded higher contractual service margin releases, particularly in Spain and Belgium.
Property-casualty insurance also delivered stronger insurance service earnings across most major markets.
ERGO International’s combined ratio stood at 89.0% in Q3 and 89.4% for the first nine months, both consistent with its full-year profitability target.
ERGO’s total third-quarter technical result increased to €648 mn from €632 mn, while operating profit declined to €359 mn from €560 mn.
