Munich Re has disclosed that it generated a net result of €2.211 billion in the second quarter of 2026 and €3.925 billion in the first half of the year, supported by very low major-loss expenditure in property-casualty reinsurance and a very strong investment result.
The 2026 figures compare with corresponding net results of €2.085bn for Q2 2025 and €3.178bn for H1 2025.
Meanwhile, Munich Re’s Q2 2026 insurance revenue from insurance contracts issued increased marginally year on year to €14.939bn, up from €14.775bn in the corresponding period of 2025.
Adjusted for adverse currency translation effects, insurance revenue also increased in H1 2026 to €30.853bn. Unadjusted for these effects, it declined to €29.957bn, compared with €30.586bn in the first half of 2025.
Looking more closely at Munich Re’s reinsurance business, this segment contributed €1.890bn to its net result in Q2 2026, while the H1 2026 result amounted to €3.369bn. The corresponding figures for Q2 and H1 2025 were €1.834bn and €2.687bn, respectively.
Insurance revenue from insurance contracts issued in this segment amounted to €9.442bn in Q2 2026. The total technical result decreased to €1.965bn, while the operating result fell to €2.386bn.
Within property-casualty reinsurance, the net result amounted to €1.252bn in Q2 2026. Insurance revenue from insurance contracts issued declined to €4.044bn, while the combined ratio was 68.9% of net insurance revenue.
The corresponding Q2 2025 figures were a net result of €1.193bn, insurance revenue of €4.513bn, and a combined ratio of 61%.
In Q2 2026, Munich Re reported major losses amounting to €191m after retrocession and before tax. The figure includes run-off profits and losses from major claims in previous years.
This compares with major-loss recoveries of €87m in Q2 2025, when the company benefited from particularly low major-loss expenditure and reserve releases from prior-year claims to an even greater extent than in Q2 2026.
Major-loss expenditure from natural catastrophes amounted to €54m in Q2 2026, up from €20m in the same period of 2025, while man-made major losses stood at €137m.
Within life and health reinsurance, the total technical result was €528m in Q2 2026, up from €305m in Q2 2025.
The net result in this segment increased to €489m in Q2 2026, compared with €344m in Q2 2025. Insurance revenue from insurance contracts issued amounted to €3.346bn in Q2 2026, compared with €3.094bn in Q2 2025.
This growth was driven in particular by the year-on-year expansion of major transaction business involving in-force life portfolios.
Elsewhere, in its ERGO field of business, Munich Re generated a considerably higher Q2 2026 result year on year of €321m, up from €251m in Q2 2025, while the H1 2026 result amounted to €556m, up from €492m in H1 2025. According to the global reinsurer, this increase was largely driven by a very high investment result.
Insurance revenue from insurance contracts issued in this segment rose substantially to €5.497bn in Q2 2026, compared with €5.146bn in Q2 2025, and to €11.168bn in H1 2026, compared with €10.706bn in H1 2025.
As mentioned, Munich Re’s investment result has been strong so far this year, increasing to €3.159bn in Q2 2026, compared with €2.187bn in Q2 2025. Regular income from investments climbed to €2.315bn in Q2 2026, compared with €2.222bn in Q2 2025.
Looking ahead, the global reinsurer’s annual guidance remains unchanged at €6.3bn. The firm said, “Anticipating sustained advantageous business opportunities in the coming quarters, Munich Re is still aiming to generate a net result of €6.3bn for the 2026 financial year.
“Based on business development, insurance revenue in reinsurance is now expected to total €38bn (previously €40bn). The Group’s insurance revenue is therefore anticipated to be €62bn (previously €64bn). The other expectations communicated for 2026 in Munich Re’s Group Annual Report 2025 remain unchanged.”
Christoph Jurecka, Chair of the Board of Management, commented, “With an excellent half-year result of €3.9bn, Munich Re is well on track to achieve its annual target of €6.3bn.
“Thanks to our strong balance sheet, higher investment income and rising profit contributions from our less volatile business segments, we are able to manage the market cycle in property-casualty reinsurance from a position of strength.
“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.
“These strengths underline our ambition to achieve a return on equity of over 18% and an average annual increase in earnings per share of more than 8% by 2030.”
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