Munich Re Group delivered a strong full-year performance in 2025, surpassing profit expectations and successfully completing its Ambition 2025 strategic program. The Group reported a net result of EUR 6.1 billion, exceeding its original target and marking the fifth consecutive year of beating guidance.

Insurance revenue remained resilient, while solid investment returns and disciplined underwriting supported overall earnings. Return on equity stood at 18.3%, and the solvency ratio improved further, reflecting robust capitalization and financial strength. Management has proposed a dividend of EUR 24 per share and approved a share buy-back program of up to EUR 2.25 billion, underlining Munich Re’s commitment to attractive shareholder returns.

Reinsurance continued to be the cornerstone of Munich Re’s performance in 2025, contributing EUR 5.2 billion to the Group’s net result and surpassing its full-year target. The reinsurance field delivered robust profitability, supported by strong underwriting results, prudent reserving and disciplined portfolio management. While insurance revenue in reinsurance saw some decline due to strategic portfolio adjustments and currency effects, the segment maintained high technical results, driven by favorable conditions in life & health reinsurance and resilient performance in property-casualty. Munich Re also continued to prioritize balanced risk selection and reserve strength, ensuring resilience against evolving market and catastrophe dynamics.

Outlook and strategic focus

The reinsurance outlook for 2026 remains constructive. The Group expects continued earnings momentum, with growth prospects in both life & health and property-casualty reinsurance, underpinned by disciplined underwriting and market leadership. Munich Re’s diversified global footprint and technical expertise position it well to navigate evolving risk landscapes and capitalize on favorable pricing and demand trends where they emerge.

Looking ahead to 2026, at Group level, Munich Re has set an earnings target of around EUR 6.3 billion, signaling confidence in its diversified business model and operational momentum. The Group will continue to focus on underwriting discipline, capital efficiency and return optimization as it transitions into its next strategic phase under Ambition 2030, with an emphasis on sustainable profit growth and enhanced shareholder value.

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