The operating result increased year on year to EUR 952 million (vs. EUR 726 million), while the value of GWP were up by 3.3% to EUR 12,925 million.
"We are very pleased with the profit for the first quarter of €557m. The development of business was particularly positive in life and health reinsurance. ERGO saw improved results in all segments", said Jorg SCHNEIDER, CFO at MUNICH Re
The reinsurance field of business contributed EUR 466 million (vs. EUR 449 million) to the consolidated result, with the operating result up by EUR 164 million to EUR 683 million. Gross premiums written increased by 5.5% y-o-y to EUR 8,046 million.
Life and health reinsurance made a particularly high contribution of EUR 126 million (EUR 24 million in Q1 2016), while the value of GWP income increased to EUR 3,488 million (vs. EUR 3,096 million).
Property-casualty reinsurance contributed EUR 340 million (vs. EUR 425 million) to the result, while the value of GWP was EUR 4,558 million (EUR 31 million more y-o-y). "At 97.1% (88.4%) of net earned premiums, the combined ratio was good, and on track to achieve the MUNICH Re target level of 97% for the full year", the reinsurer representatives pointed out in a press release .
In the first quarter, the ERGO field of business generated a result of EUR 91 million (vs. a negative result of EUR-12 million in Q1 2016), while the value of GWP decreased by EUR 8 million to EUR 4,879 million.
Click here to read the MUNICH Re - Key figures (IFRS) for the Group in the first quarter of 2017.