Munich Re is aiming for an IFRS net profit of EUR 6 billion in 2025 thanks to good operational performance in all business segments. Group insurance revenue is expected to reach EUR 64 billion in 2025, and return on investment to improve to above 3.0%, the Group said.

According to the press release, in its reinsurance field of business, Munich Re anticipates an expansion of insurance revenue to EUR 42 billion and a net profit of EUR 5.1 billion in 2025. The combined ratio is expected to remain at an attractive profitability level, with a combined ratio of 79% in P&C reinsurance and 90% in Global Specialty Insurance (GSI), the latter of which will become a separate IFRS reporting segment from 2025. Due to expected strong business growth in GSI and a lower discounting effect compared to 2024, this corresponds to a combined ratio of 83% for P&C reinsurance according to the current segmentation. In life and health reinsurance, Munich Re projects a total technical result of EUR 1.7 billion in 2025.

The ERGO field of business is expected to generate insurance revenue of EUR 22 billion in 2025, continuing its strong development in recent years with a profit contribution of EUR 0.9 billion. A combined ratio of 89% is envisaged at ERGO Germany, and 90% at ERGO International. From 2025 onwards, Munich Re will disclose ERGO Germany as a single reporting unit, combining the German life and health and property-casualty businesses, the Group added.