Munich Re bags $2.3b net result in Q3 2025

The company said it remains on track to meet its full-year target of $6.90b.

Munich Re reported a net result of $2.29b (€1.99b) in the third quarter of 2025 (Q3 2025), bringing its total for the first nine months to $5.96b (€5.18b).

The company said it remains on track to meet its full-year target of $6.90b (€6b), supported by strong underwriting results in property-casualty reinsurance and Global Specialty Insurance, along with a solid contribution from ERGO.

Insurance revenue fell to $16.77b (€14.58b) in the quarter from $17.83b (€15.50b) a year earlier, mainly due to currency translation effects.

Reinsurance delivered a Q3 net result of $1.94b (€1.69b), supported by low major-loss claims.
Property-casualty reinsurance posted $1.37b (€1.19b) in quarterly profit, helped by a very low major-loss expenditure of $136m (€118m), or 2.9% of net insurance revenue, far below the expected 17%.

Life and health reinsurance recorded a weaker quarter, with the technical result falling to $361m (€314m) following less favourable claims experience. The segment’s result dropped to $329m (€286m).

Global Specialty Insurance reported a Q3 net result of $254m (€221m), as its combined ratio improved to 82.8% from 92.6% due to lower major-loss claims.

Munich Re’s investment result increased to $2.75b (€2.39b), driven by higher regular income and gains from disposals, particularly linked to the NEXT Insurance acquisition.

The company confirmed its guidance for 2025, including a $6.90b (€6b) net result. It now expects insurance revenue of $44.85b (€39b) in reinsurance and $70.15b (€61b) for the group, with improved combined ratio expectations of around 74% in property-casualty reinsurance and 87% for GSI, reflecting lower major-loss spending.

($1.00 = €0.87)