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Munich Re has reported a profit of €1.15bn ($1.26bn) in the second quarter (Q2) of 2023, down by 27.2% from €1.58bn in Q2 last year.

The earnings per share (EPS) was €8.45 during the reported quarter, which ended on 30 June 2023, versus €11.32 a year ago.

The net profit during the first half (H1) also declined by 20.9% to €2.42bn from €3.06bn in H1 2022.

The company said its previous year’s H1 results were higher due to lower major-loss expenditure and unwinding-of-discount effects.

The net result during the latest quarter for the reinsurance segment was €904m, a year-on-year (YoY) decline of 37.2% while that of ERGO was €250m, a rise of 70% YoY.

The company’s operating result amounted to €1.57bn in Q2 2023, down by 30.1% from €2.25bn a year ago.

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By GlobalData

Insurance revenue from insurance contracts issued grew to €14.17bn in Q2 2023 as against €13.77bn a year ago.

Munich Re’s total technical result in the reported period stood at €2.15bn, representing a decline of 16.1% from €2.57bn in the previous year’s Q2.

The investment result from this quarter totalled €596m versus €317m in the prior year’s quarter.

In Q2, the currency result dropped to €44m from €634m in the same period 2022. The company said it was due to the currency gains against the US dollar in the same quarter last year.

The annualised return on equity (RoE) during the reported period was 15.5%, compared with 24.2% in the year-ago period.

The company stated that its annual guidance is unchanged at €4.0bn due to sustained profitability.

Munich Re board of management chair Joachim Wenning said: “Munich Re posted a profit of €2.4bn during the first six months of 2023 – considerably greater than half of our full-year forecast. All areas of our operation are contributing to our success.

“Munich Re continues to grow profitably because our clients value our strength, consistency and expertise.

“In addition, we’re systematically making progress on decarbonisation in investments and insurance business and on fostering women leaders. Halfway through our Ambition 2025 strategy programme, it’s clear that Munich Re is fully on track to meet its targets.”