Thanks to consistently good operational performance in all business segments, Munich Re is aiming for a net profit of €5bn in 2024. Group insurance revenue is expected to reach €59bn in 2024, and return on investment to improve noticeably to above 2.8%.
Tag: Munich Re profits
Munich Re Beats 2022 Profit Target with 74% 4Q Leap
Reinsurer Munich Re beat its full-year earnings target with a 16.7% gain despite Ukraine-related claims.
Munich Re Posts 3Q Profit Despite Hurricane Ian Losses
Munich Re reported profits for the third quarter despite an increase in major losses in P&C reinsurance due to Hurricane Ian.
Munich Re Surpasses Profit Target
Munich Re posted a profit of €2,932m (1,211m) in the 2021 financial year, thus exceeding its profit target of €2.8bn. The Group’s profit in Q4 2021 amounted to €871m (212m). Gross premiums written in 2021 increased by 8.5% year on year to €59,567m (54,890m), which is the highest figure in the history of Munich Re.… Continue reading Munich Re Surpasses Profit Target
Munich Re Posts Strong Q2 Result Despite Ongoing Burden of Pandemic
Munich Re generated a profit of €1,106m (579m) in Q2 2021, and a total of €1,695m (800m) for Q1–2. Below-average overall expenditure for major losses, which totaled 6.8% of net earned premiums, contributed to the Q2 result. The impact of COVID-19-related losses on reinsurance business came to €241m (700m) for the quarter and €505m (1,500m)… Continue reading Munich Re Posts Strong Q2 Result Despite Ongoing Burden of Pandemic
Munich Re’s COVID-19 Losses Reach €800M, Q1 Profit Falls
COVID-19 related losses of roughly €800 million in the first-quarter of the year hit reinsurance giant Munich Re, leading to a 65% year-on-year decline in net profit to €221 million. Additionally, Munich Re’s operating profit declined from the €771 million recorded in Q1 2019 to €397 million in Q1 2020, while the other non-operating result… Continue reading Munich Re’s COVID-19 Losses Reach €800M, Q1 Profit Falls
Munich Re On Track with Multi-Year Ambition
Munich Re generated a profit of €993m (728m)1 in the second quarter of 2019. The operating result increased year on year to €1,569m (997m). The other non-operating result amounted to –€204m (–192m); the currency result was €27m (41m). Tax on income totalled €344m (68m). At €29,543m, equity was up on the start of the year… Continue reading Munich Re On Track with Multi-Year Ambition
Munich Re Sees 2Q Profit of About EUR1 Billion
Munich Re AG said Thursday that it expects to report a second-quarter profit of about 1 billion euros ($1.12 billion), citing low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years. “Due to the usual uncertainty concerning developments in major losses and the capital markets during the rest of the… Continue reading Munich Re Sees 2Q Profit of About EUR1 Billion