Munich Re generated a net result of EUR 2,211m ($2.55bn) in the second quarter of 2026 and EUR 3,925m 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 Q2 insurance revenue from insurance contracts issued rose marginally y-o-y to EUR 14,939m. Adjusted for adverse currency translation effects, insurance revenue also increased in H1 to EUR 30,853m; unadjusted for these effects, it fell to EUR 29,957m. Following an exceptionally high result in the same quarter of the previous year, the total technical result decreased to EUR 2,545m.
The reinsurance field of business contributed EUR 1,890m to the Group’s net result in Q2 against the H1 result of EUR 3,369m. Insurance revenue from insurance contracts issued amounted to EUR 9,442m in Q2. The total technical result decreased to EUR 1,965m and the operating result to EUR 2,386m.
Munich Re’s investment result increased to EUR 3,159m in Q2 and regular income from investments climbed to EUR 2,315m.
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 EUR 3.9bn, the company is well on track to achieve its annual target of EUR 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,” he said.