Munich Re recorded a strong second quarter 2025. The Group’s preliminary net profit of approximately €2.1bn significantly surpassed analysts’ consensus estimate of €1.624bn for Q2 2025.
This result was buoyed by encouraging operational performance overall and very low major-loss expenditure in property-casualty reinsurance.
In the Global Specialty Insurance division, major losses were likewise far below the average expectation. Munich Re furthermore achieved a strong investment result overall.
ERGO’s Q2 result was in line with expectations. Despite ongoing very good operational performance, the result in life and health reinsurance was impacted by a random accumulation of individual major losses. In addition, further depreciation of the US dollar led to a negative currency result for the Group.
Based on the net result of approximately €3.2bn for the first six months, Munich Re continues to expect a net result of €6bn for the 2025 financial year.
Munich Re will provide final Q2 2025 results on August 2025 as scheduled.
- Combined ratios above target values for property-casualty reinsurance (83.9%) and for Global Specialty Insurance (95.5%) due to LA wildfires
- Life and health reinsurance: Total technical result of €1.2bn surpasses pro-rata guidance
- ERGO: Solid contribution of €400m to result
- Considerable premium growth (+6.1%) and slight decrease in prices (–2.5%)
- Outlook reaffirmed by high operating profitability and sustained advantageous business opportunities in upcoming quarters
Although Munich Re did not emerge unscathed from the devastating wildfires in Los Angeles in January 2025, we nevertheless managed to generate a quarterly profit of €1.1bn. This exemplifies the Munich Re Group’s resilience, boosted once again by the prudent management of our business portfolio.
Christoph Jurecka, Munich Re CFO
“For example, the impressive contributions to the net result from life reinsurance and from ERGO partially offset the higher combined ratios for property-casualty reinsurance and Global Specialty Insurance. We’re sticking with our profit guidance of €6bn for the 2025 financial year – thanks in no small part to ongoing favourable market conditions and the high quality of our portfolio,” Christoph Jurecka said.
Munich Re leverages its strengths to promote its clients’ business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence.
In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024.
