Munich Re projects $2b net profit in Q1’24

It forecasts a net profit of €5b for the year, 9% higher than 2023.

Munich Re anticipates its preliminary net profit to reach $2.3b (€2.1b) in the first quarter of 2024, which could surpass analysts’ projections of $1.6b (€1.5b).

Across all business lines, operational performance exceeded forecasts, said the reinsurer in a media release.

Property-casualty reinsurance achieved a combined ratio of about 75%, mainly due to lower major-loss expenses. Life and health reinsurance generated a technical result of around $0.6b (€0.6b).

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ERGO posted a net result of approximately $0.3b (€0.3b).

Benefiting from a favourable capital market environment, Munich Re said it maintained strong investment results with an ROI of about 3.8% and a positive currency result. 

The company maintains its outlook for a $5.4b (€5b) net profit for the year – which could be 8.8% higher than 2023’s net result – with the Q1 performance enhancing the likelihood of surpassing this target. 

Final Q1 2024 results will be disclosed on 8 May as planned.

($1.00 = €0.93)