Reinsurer Munich Re reported a preliminary net profit of €2.1 bn for Q2 2025 and a net result of approximately €3.2 bn for H1 2025, supported by very low major loss expenditure in its property and casualty reinsurance business.
Munich Re plans to publish its full Q2 and H1 2025 results on August 8, 2025, but released preliminary figures today, showing a strong second quarter.
Q2 2025 net profit rose by €500 mn year-on-year to about €2.1 bn, while the H1 2025 net result decreased by roughly €600 mn compared to H1 2024’s €3.8 bn. The decline reflects a stronger first quarter last year, as the January 2025 Los Angeles wildfires affected Q1 2025 performance.
Despite this, both periods in 2025 show solid results, and Munich Re continues to expect a net result of €6 bn for the full year 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.”
In life and health reinsurance, the company cited the impact of a random accumulation of individual major losses but confirmed that operational performance remained strong.
The Q2 2025 result at ERGO, the primary insurance business, aligned with expectations, according to Munich Re.
The company also noted that further depreciation of the US $ resulted in a negative currency impact for the Group during the quarter.
