Munich Re has reported a net result of €1.63bn in Q2 2024, marking a 40.6% surge from €1.15bn during the same period in 2023.
In Q2 2024, insurance revenue from issued contracts grew to €14.95bn, up from €14.17bn a year ago.
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For the first six months in 2024, the German reinsurer’s net result stood at €3.76bn and revenue from insurance contracts was €30.01bn.
Munich Re said the growth was primarily driven by both life and property and casualty (P&C) insurance businesses.
During the April–June 2024 period, the reinsurance line of business’ contribution to the company’s net result was €1.33bn, up from €904m.
Life and health reinsurance produced a technical result of €617m in Q2 2024, up from €325m in Q2 2023, while P&C reinsurance achieved a result of €786m.
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By GlobalDataMajor losses exceeding €30m amounted to €957m, which includes gains and losses from the runoff of major losses from prior years.
The most expensive natural disaster for Munich Re in the quarter was the flooding in southern Germany, resulting in €200m in reinsurance losses and €44m in ERGO losses.
Munich Re achieved a €284m result in its ERGO unit and ERGO International’s result increased to €146m in Q2 2024, up from €116m a year ago.
The company maintained its 2024 target of a €5bn net result, and the strong half-year performance is expected to aid in meeting or exceeding this goal.
Munich Re chair of the board of management Joachim Wenning said: “Thanks to a profit of nearly €3.8bn in the first half-year, Munich Re has performed well once again. What is more, we have never earned more in the first six months of any year. This result demonstrates our operational strength in reinsurance and primary insurance – both of which delivered better-than-expected profits.
“Encouraging July renewals plus the continued high yield on reinvestment add up to an optimistic outlook for the rest of 2024. Although our profit target for 2024 remains unchanged at €5bn, our impressive half-year result does make it more likely that we can achieve or even outperform our full-year guidance.”
