Munich Re says it expects return on equity to exceed 18% and earnings per share to grow by more than 8% a year on average through to 2030. The group also set an IFRS net profit target of €6.3 bn for 2026.
The reinsurer outlined those goals alongside its Ambition 2030 strategy, which lays out financial direction for the rest of the decade.
The plan also assumes a total payout ratio above 80% per year and a solvency ratio staying north of 200%.
Back in November, when Munich Re reported its nine-month results, it confirmed guidance of €6 bn for 2025. The €6.3 bn target for 2026 implies growth of about 5% year on year, although it comes in just under the €6.35 bn consensus.
Munich Re said the 2026 target reflects solid operational delivery across all business segments. No single division carries the story on its own, at least on paper.
For 2026, the group expects insurance revenue of €64 bn, ahead of the €62 bn consensus, and a return on investment above 3.5%.
According to Beinsure, those assumptions point to steady underwriting discipline rather than a push for volume.
In reinsurance, Munich Re forecasts net profit of €5.4 bn, above the €5.2 bn consensus. Management said the market environment remains supportive and that the group plans to build on its current positioning rather than chase riskier growth.
- Property and casualty reinsurance is expected to deliver a combined ratio of 80%, in line with market expectations.
- Global Specialty Insurance is projected at a 90% combined ratio in 2026, slightly higher than the 89% consensus.
- In life and health reinsurance, Munich Re sees a technical result of €1.9 bn, broadly matching forecasts.
At ERGO, the primary insurance arm, Munich Re expects performance to stay strong. The division is projected to post a result of €900 mn, just below the €1 bn consensus.
ERGO Germany is targeting a combined ratio of 89%, with ERGO International aiming for the same level. Both sit in line with expectations.
The group added a familiar caveat. All targets depend on geopolitical and macroeconomic conditions, major losses staying within normal ranges, and the absence of sharp swings in currency or capital markets.
Tax changes and one-off effects also sit in the risk mix. In other words, the numbers assume a reasonably calm run.
