Munich Re generated a net result of EUR2,211m ($2.55bn) in the second quarter of 2026 and EUR3,925m in the first half of the year, bolstered by very low major-loss expenditure in property-casualty reinsurance together with a very strong investment result.
The reinsurance major’s 2Q2026 insurance revenue from insurance contracts issued rose marginally y-o-y to EUR14,939m. Adjusted for adverse currency translation effects, insurance revenue also increased in 1H2026 to EUR30,853m; unadjusted for these effects, it fell to EUR29,957m. Following an exceptionally high result in the same quarter of the previous year, the total technical result decreased to EUR2,545m.
The reinsurance field of business contributed EUR1,890m to the Group’s net result in 2Q2026 against the 1H result of EUR3,369m. Insurance revenue from insurance contracts issued amounted to EUR9,442m in 2Q2026. The total technical result decreased to EUR1,965m and the operating result to EUR2,386m.
Munich Re’s investment result increased to EUR3,159m in 2Q2026 and regular income from investments climbed to EUR2,315m.
Looking ahead to the upcoming round of renewals in January, Munich Re expects a market environment in which the sustained favourable price levels as well as improved terms and conditions can be largely upheld despite the high level of competition. As a broadly diversified insurance group, and owing to the steady expansion of less cyclical and less volatile business segments in recent years, Munich Re is also strategically very well positioned for softer market phases in property-casualty reinsurance.
Munich Re’s Chair of the Board of Management Christoph Jurecka said that with an excellent half-year result of EUR3.9bn, the company is well on track to achieve its annual target of EUR6.3bn. “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,” he said.