ERGO, 1Q2020: GWP rose slightly to over EUR 5.0 billion

7 May 2020 — press.release
For January - March 2020, ERGO posted a profit of EUR 72 million (1Q2019: 85) for Munich Re. ERGO's operating result amounted to EUR 99 million (1Q2019: 138m).

ERGO 1Q2020 preliminary figures, y-o-y changes

  • Gross written premiums: EUR 5,050 million (+1.1%), of which:
    • Germany L&H: EUR 2,315 million (-1.3%)
    • Germany P&C: EUR 1,439 million (+6.7%)
    • International: EUR 1,295 million (-0.4%)
  • Net earned premiums: EUR 4,281 million (+1.8%)
  • Technical result: EUR 179 million (+23.9%)
  • Investment result: EUR 991 million (-11.2%)
  • P&C combined ratio:
    • Germany: 93.4% (-4.7 pp.)
    • International: 95.2% (-0.2 pp.)
  • Operating result: EUR 99 million (-27.9%)
  • Net result: EUR 72 million (-14.7%)

The ERGO Property-casualty Germany segment generated a profit of EUR 21 million (+50%). Operative improvements more than offset losses from volatile equity markets in Q1. ERGO International increased its result to EUR 46 million (+487%), thanks to ongoing good operational performance and the fact that portfolio optimization is no longer a burden. ERGO Life and Health Germany reported a result of EUR 5 million (-92%). Charges from write-downs on equities were not wholly compensated for by gains from hedging derivatives.

The combined ratios are at a very pleasing level. The Property-casualty Germany segment improved significantly year on year to 93.4% (-4.7 pp.). This is attributable to an encouraging rise in earned premiums and positive loss experience with lower major-loss expenditure. ERGO International's combined ratio remained at a good level of 95.2% (-0.2 pp.). COVID-19 did not have any appreciable effects on underwriting in the first quarter.

Overall ERGO premium income across all lines rose by 1.7% to EUR 5,253 million. Gross premiums written likewise rose slightly, to EUR 5,050 million (+1%).

More financial information about ERGO, part of Munich Re Group, can be found at


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