Munich Re ‘more likely’ to exceed 2024 profit target after €2.1bn gain in Q1

Munich Re has posted a preliminary net profit of €2.1bn for the first quarter of 2024, significantly outrunning analysts’ expectations of €1.48bn. Munich Re said the “strong start” to 2024 followed better-than-expected performances across all lines of business.

The reinsurer, which will report final Q1 2024 results on 8 May, said its net profit result for the first quarter has made it “more likely” that it will exceed its full year target, which remains at €5bn. Munich Re has broken its own target guidance for the previous three years.

Primary carrier ERGO added €300m to the Q1 result, against a full-year profit target of €800m.

Munich Re’s property/casualty reinsurance strengthened its underwriting result, reporting a preliminary combined ratio of 75%, in part because of below-average major-losses. Life and health reinsurance booked a technical result of €600m for Q1 2024, while the group also saw a high investment result add to its bottom line.