In addition, the other non-operating result amounted to EUR -31 million (9M2019: -10). Compared with Q3 2019, gross premiums written increased by 3.0% to EUR 14,150 million (9M2019: 13,743), and by 6.0% to EUR 41,261 million (9M2019: 38,917) in Q1-3.
The reinsurance field of business contributed EUR 63 million (9M2019: 746) to the consolidated result in Q3 and EUR 619 million (9M2019: 2,151) in Q1-3. The operating result amounted to EUR 55 million (9M2019: 690), while gross premiums written rose to just under EUR 10 billion.
Major reinsurance losses of over EUR 10 million each totalled EUR 1,518 million (9M2019: 981). These figures include gains and losses from the settlement of major losses from previous years. Major-loss expenditure corresponds to 26.7% (9M2019: 18.4%) of net earned premiums, and was thus more than double the long-term average (9M2019: 12%).
Munich Re generated a profit of EUR 136 million (9M2019: 119) in its ERGO field of business in Q3 and EUR 381 million (9M2019: 339) in Q1-3. ERGO Group's operating result amounted to EUR 297 million (9M2019: 154).
The Group's investment result (excluding insurance-related investments) decreased to EUR 1,691 million (9M2019: 2,150) in Q3. Overall, the Q3 investment result represents a return of 2.7% on the average market value of the portfolio. The running yield was 2.4% and the yield on reinvestment was 1.3%. The equity-backing ratio was 4.8% as at 30 September 2020 (31 December 2019: 6.4%).
Equity was only slightly lower at the reporting date (EUR 29,641 million) than at the start of the year (EUR 30,576 million). Thanks in part to the green bond with a volume of EUR 1.25 billion issued in September, the solvency ratio improved to 216% in Q3 (30 June 2020: 211%). In Q3 2020, annualised return on equity (RoE) amounted to 3.6%.
Christoph Jurecka, CFO of Munich Re, commented on the results
"In reinsurance, the third quarter is often characterised by above-average losses - and that was again the case this year. On top of manmade major losses and natural catastrophes in the USA, ongoing high COVID-19 claims affected the result. A gratifying aspect is that ERGO once again delivered a strong quarter. Given Munich Re's dynamic growth and the recent considerable price increases for reinsurance cover, we can look to the future with confidence."