Munich Re reported a net result of €1.9bn for the third quarter of 2025 (Q3 2025), compared with €907m in the same period last year.  

The group’s technical result for the quarter reached €2.8bn, up from €1.69bn, while the operating result stood at €3.03bn, more than double the €1.16bn figure a year ago.  

In its financial reporting, Munich Re has since Q1 of this year presented its Global Specialty Insurance (GSI) operations as a separate segment within reinsurance.  

These activities, previously categorised under property-casualty reinsurance, have had their comparative figures restated accordingly. 

The reinsurance division contributed €1.6bn to the group net result in Q3, up from €766m in the corresponding quarter the previous year.   

However, insurance revenue from issued contracts declined to €9.2bn from €10.2bn.

Within life and health reinsurance, the total technical result decreased to €314m from €507m, mainly due to less favourable claims experience – which remained within normal fluctuation levels – while the segment result fell to €286m from €481m. 

The property-casualty reinsurance net result for Q3 recorded an increase to €1.18bn (up from €263m), attributed mainly to very low major-loss expenditure.  

Insurance revenue decreased to €4.2bn from €5.05bn; this was attributed primarily to currency effects and a reduction of business that no longer met profitability criteria.  

A release of €47m was recorded relating to major natural catastrophe losses in Q3. This contrasts with costs of €1.13bn registered in the prior-year quarter due to several large events across North America and Europe. 

The GSI segment posted a net result of €221m for Q3 2025, as against €22m for the same period last year.  

Insurance revenue fell slightly to €2.15bn from €2.23bn.  

Munich Re’s investment activities generated a result of €2.38bn for Q3, up from €2.09bn. 

In the ERGO business field, the net result for Q3 2025 reached €304m against last year’s €141m – a development supported by several one-off effects totalling around €50m.  

For the first nine months of 2025 (Q1–3), Munich Re posted a net result of €5.1bn versus €4.6bn a year ago.  

The reinsurance segment’s cumulative contribution for Q1–3 stood at €4.3bn (Q1–3 2024: €3.9bn). 

Munich Re chief financial officer Christoph Jurecka said: “Munich Re generated a high net result of just under €2bn in the third quarter. We are therefore fully on track to achieve our target of €6bn 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.” 

Munich Re left its annual guidance unchanged at around $6bn. The group now forecasts full-year insurance revenue for the group of $61bn (previously $62bn).

In reinsurance, it expects insurance revenue of €39bn (previously €40bn) because of premium adjustments, the impacts of renewals and exchange rate developments.