Munich Re ahead of full-year target in Q1 despite cat losses

Munich Re said a net result of €1.3bn in Q1 has made it “more likely” that the company will exceed its full-year target of €4bn.

Primary unit ERGO recorded a net result of €200m for the first quarter, more than 25% of its full-year €700m target.

But natural catastrophe losses were higher than expected for the quarter at the group’s P&C reinsurance unit, which closed Q1 with a combined ratio of 86.5%. This is slightly higher than Munich Re’s full-year target of 86%.

The technical result in life and health reinsurance was about €300m for Q1, which is also greater than 25% of the full-year €1bn forecast.