Munich Re, the global reinsurer, reported a net result of €2.211 bn for the second quarter of 2026, up from €2.085 bn a year earlier, supported by low major-loss expenditure in property-casualty reinsurance and a strong investment result. The first-half net result rose to €3.925 bn from €3.178 bn in H1 2025.
Insurance revenue from insurance contracts issued increased to €14.939 bn in Q2 from €14.775 bn a year earlier. In the first half, insurance revenue rose to €30.853 bn after adjustment for adverse currency translation effects. Unadjusted, it declined to €29.957 bn from €30.586 bn.
Munich Re’s reinsurance business contributed €1.890 bn to the Q2 net result, compared with €1.834 bn in Q2 2025. The first-half result increased to €3.369 bn from €2.687 bn.
Reinsurance insurance revenue amounted to €9.442 bn in Q2. The total technical result decreased to €1.965 bn, while the operating result fell to €2.386 bn.
Property-casualty reinsurance generated a net result of €1.252 bn in Q2, up from €1.193 bn a year earlier. Insurance revenue declined to €4.044 bn from €4.513 bn, while the combined ratio increased to 68.9% of net insurance revenue from 61%.
Major losses amounted to €191 mn after retrocession and before tax, including run-off profits and losses from major claims in previous years. Munich Re recorded major-loss recoveries of €87 mn in Q2 2025, when particularly low major-loss expenditure and reserve releases from prior-year claims provided a greater benefit than in Q2 2026.
Natural catastrophe major losses increased to €54 mn from €20 mn a year earlier, while man-made major losses amounted to €137 mn.
Life and health reinsurance recorded a total technical result of €528 mn in Q2, up from €305 mn. The segment’s net result increased to €489 mn from €344 mn, while insurance revenue rose to €3.346 bn from €3.094 bn.
The growth was driven in particular by the year-on-year expansion of major transaction business involving in-force life portfolios.
ERGO reported a Q2 result of €321 mn, up from €251 mn, while its first-half result increased to €556 mn from €492 mn. Munich Re said the increase was largely driven by a very high investment result.
ERGO insurance revenue rose to €5.497 bn in Q2 from €5.146 bn and to €11.168 bn in H1 from €10.706 bn.
Munich Re’s investment result increased to €3.159 bn in Q2 from €2.187 bn a year earlier. Regular investment income rose to €2.315 bn from €2.222 bn.
Munich Re maintained its 2026 net-result target at €6.3 bn, although it lowered its insurance revenue expectations. Reinsurance insurance revenue is now expected to total €38 bn, down from the previous forecast of €40 bn, while Group insurance revenue is expected at €62 bn instead of €64 bn. Its other expectations for 2026 remain unchanged.
The company said it continues to expect favourable business opportunities in the coming quarters and is “still aiming to generate a net result of €6.3bn for the 2026 financial year.”
Christoph Jurecka, Chair of the Board of Management, said the €3.9 bn half-year result leaves Munich Re on track for its annual target. He cited the group’s balance sheet, higher investment income and rising profit contributions from less volatile businesses as factors allowing it to manage the P&C reinsurance market cycle from a strong position.
We deliberately opt not to take on business where prices would not be risk-commensurate, while remaining a reliable long-term partner to our clients, even after the largest of loss events.
Jurecka said Munich Re
Munich Re is targeting a return on equity of more than 18% and average annual earnings-per-share growth of more than 8% by 2030.
