Munich Re reveals first-quarter financial results

Munich Re reveals first-quarter financial results | Insurance Business New Zealand

Reinsurance

Munich Re reveals first-quarter financial results

Group reveals how key segments performed

Reinsurance

By
Mia Wallace

Ahead of the scheduled publication of its final Q1 2024 results on May 8, Munich Re has today posted its preliminary results for the quarter, revealing a ‘strong start to the year’.

The reinsurance giant saw a preliminary net profit of approximately €2.1 billion in the quarter, significantly surpassing analysts’ expectations of €1.476 billion. Munich Re also noted that the operational performance of all lines of business surpassed expectations, including in:

Munich Re’s ERGO’s net result stood at approximately €0.3 billion. Meanwhile, the reinsurer achieved a high investment result, yielding an ROI of approximately 3.8%, and a positive currency result – which it highlighted was underscored by a favourable capital market environment.

In a Press release, Munich Re said it still anticipates a net result of €5 billion for the 2024 financial year and that surpassing this target has become more likely due to the Q1 results seen.