“Now more than ever, Munich Re is a financial powerhouse. We are achieving record-breaking results year after year and expect to exceed all financial and non-financial targets of the nearly complete Ambition 2025. Our net result has become even more stable thanks to the increasing diversification of our earnings drivers. All our stakeholders benefit from our strength, expertise and reliability,” says Joachim Wenning, Chair of the Board of Management.
Under Ambition 2030, Munich Re aims to deepen profitability and growth across its reinsurance portfolios, with a strong emphasis on underwriting excellence, disciplined cycle management and diversification across lines of business. The strategy is structured around three pillars – Outpeak, Outpace and Outperform – each geared toward enhancing reinsurance results and competitive positioning.
Reinsurance at the core of future growth
Munich Re will sustain its profitable growth in reinsurance. The field of business will contribute an RoE of more than 18% to the Ambition 2030 financial targets by 2030. Insurance revenue is expected to reach EUR 48 - 57 billion by 2030.
In P&C reinsurance, Munich Re is well prepared for a more competitive environment and is aiming for the highest profitability over the market cycle compared to its competitors. This is supported by our strong market position with sustained high demand for reinsurance cover, particularly in the area of natural catastrophes, a portfolio that is less price - sensitive and more balanced than those of our competitors, and the correspondingly high degree of flexibility and effectiveness in cycle management. The segment’s insurance revenue is expected to reach EUR 18 - 21 billion by 2030. This corresponds to a CAGR of 0 - 3% compared to 2025. The high profitability is to be maintained with a combined ratio of 79 - 83% by 2030 (original 2025 target: 79%).
In L&H reinsurance, Munich Re plans to increase the new business CSM and the total technical result each year. This will be done in part by strengthening established earnings drivers, such as the assumption of biometric risks and reinsurance solutions for financing and capital relief for our customers, and also by expanding the longevity annuity business internationally and further developing the business with major life portfolio transactions, for example by expanding partnerships with specialized asset managers. The segment’s insurance revenue is expected to reach EUR 18 - 22 billion by 2030. This corresponds to a CAGR of 8 - 12% compared to 2025. The total technical result is expected to rise from EUR 1.7 billion (2025 target) to EUR 2.4 - 2.7 billion by 2030.
In the Global Specialty Insurance segment, Munich Re aims to achieve continuous revenue and earnings growth. To this end, we are entering new markets in continental Europe and Asia, expanding our product range, and tapping potential by gaining market share in attractive submarkets in which we currently have little presence (e.g. in the Excess & Surplus business in North America). The segment’s insurance revenue is expected to amount to EUR 12 - 14 billion by 2030. This corresponds to a CAGR of 5 - 9% compared to 2025. The combined ratio is to be reduced to 87 - 90% by 2030 (original 2025 target: 90%).
Market position and strategic advantage
Munich Re’s strategy underscores the value of its diversified reinsurance platform, combining scale in traditional reinsurance with growth in specialty and life & health segments. This diversified footprint, executives say, enhances the Group’s ability to smooth earnings through changing market conditions and to compete effectively across segments.
Reinsurance markets in 2025 have shown signs of both continued demand for capacity and sporadic softening in pricing, particularly in property catastrophe lines. Munich Re’s focus on underwriting discipline, rigorous pricing, and flexible risk selection is intended to preserve its competitive edge and deliver industry - leading profitability.
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