Munich Re has announced its financial targets for 2026, with a focus on achieving an IFRS (International Financial Reporting Standards) net profit of €6.3bn, reflecting “consistently” good operational performance across all business segments.
The company’s Ambition 2030 strategy sets a total payout ratio greater than 80% per year and a targeted solvency ratio above 200%.
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For 2026, insurance revenue is forecast to reach €64bn, with return on investment projected to exceed 3.5%.
Munich Re expects return on equity to be above 18% by 2030, with annual growth in earnings per share averaging more than 8%.
In reinsurance, Munich Re projects net profit of €5.4bn for 2026.
For specific business areas, the combined ratio in property-casualty reinsurance is estimated at 80%, with Global Specialty Insurance targeting a combined ratio of 90%.
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By GlobalDataIn life and health reinsurance, the group expects a technical result of €1.9bn in 2026.
Within ERGO, forecasts indicate a segment result of €900m for 2026.
The expected combined ratios are 89% for both ERGO Germany and ERGO International.
Munich Re reported a net result of €1.9bn in the third quarter of 2025, compared to €907m one year earlier.
The technical result rose to €2.8bn from €1.69bn, while the operating result was €3.03bn, up from €1.16bn in the prior year.
Over the first nine months of 2025 (9M 2025), net profit was €5.1bn, compared to €4.6bn in the same period the year before.
Cumulative contribution from the reinsurance segment reached €4.3bn for 9M 2025, compared to €3.9bn in the previous year.
