With a preliminary net profit of approximately EUR 2.1 billion in the first quarter of 2024, the Munich Re Group has made a strong start to the year, significantly surpassing analysts’ expectations of EUR 1,476 million, the Group announced.

The operational performance of all lines of business was better than expected for the full year:

• In property-casualty reinsurance, the combined ratio was approximately 75%, attributable in particular to below-average major-loss expenditure.
• Life and health reinsurance recorded a total technical result of around EUR 0.6 billion.
• ERGO’s net result stood at approximately EUR 0.3 billion.
• Buoyed by a favorable capital market environment, Munich Re achieved a high investment result, with an ROI of approximately 3.8%, and a positive currency result.

Munich Re still anticipates a net result of EUR 5 billion for the 2024 financial year. Surpassing this target has become more likely due to the Q1 result.

Munich Re will provide final Q1 2024 results on 8 May as scheduled.