In 3Q2025, Munich Re generated a net result of EUR 1,997 million (EUR 907 million), and EUR 5,176 million (EUR 4,623 million) in Q1–3. Insurance revenue from insurance contracts issued fell to EUR 14,575 million (EUR 15,496 million) and to EUR 45,162 million (EUR 45,510 million) in Q1–3, due primarily to negative currency translation effects.

According to the press release, in Q3, the total technical result increased to EUR 2,822 million (EUR 1,696 million). Owing mainly to foreign exchange losses against the US dollar, the currency result amounted to –EUR 189 million (–EUR 462 million). The operating result rose significantly to EUR 3,036 million (EUR 1,161 million), while the effective tax rate was 32.9% (17.8%).

Equity was slightly lower at the reporting date (EUR 32,414 million) than at the start of the year (EUR 32,901 million). This was due primarily to dividends and share buy-backs as well as currency translation effects. Munich Re’s solvency ratio increased slightly to 293% (31 December 2024: 287%), thus remaining above the target corridor of 175–220%.

In 3Q2025, the annualised return on equity (RoE) amounted to 24.2% (11.5%), and to 20.8% (19.9%) in Q1–3.

Munich Re is well positioned to achieve its guidance of EUR 6 billion for the year. In reinsurance, insurance revenue of EUR 39 billion (previously EUR 40 billion) is now expected due to premium adjustments, the effects of renewals, and exchange rate developments. The insurance revenue forecast for the Group is therefore EUR 61 billion (previously EUR 62 billion). Mainly due to low major-loss expenditures, a combined ratio of around 74% (previously around 79%) is now expected in the property-casualty reinsurance segment, while a combined ratio of about 87% (previously approximately 90%) is now forecast for the GSI segment. All other expectations for 2025 remain unchanged compared to the information in the 2025 half-year financial report published in August, the report said.

The key takeaways of the report:

• Net result rises to EUR 5.2 billion for Q1–3 
• Property-casualty reinsurance & Global Specialty Insurance: Below-average major-loss expenditure ensures low combined ratios in Q3: 62.7% & 82.8%
• Life and health reinsurance: Unfavourable claims experience in Q3 dampens total technical result (EUR 314 million); strong new business particularly in the US and UK
• ERGO: High contribution of EUR 304 million to net result
• Outlook confirmed: Munich Re expects net result of EUR 6.0 billion in 2025 

“Munich Re generated a high net result of just under EUR 2 billion in the third quarter. We are therefore fully on track to achieve our target of EUR 6 billion for the full year. The main reasons for the outstanding quarterly result were the excellent combined ratios in property-casualty reinsurance and Global Specialty Insurance, in addition to good operating performance overall. These ratios reflect a below-average major-loss expenditure. Together with the excellent performance at ERGO and a high investment result, we were thus able to more than compensate for a somewhat weaker quarter in life reinsurance, and for currency losses. Our diversification strategy is working”, said Christoph Jurecka, Chief Financial Officer.

The full report can be found here.