Munich Re profit climbs to €2.2 billion

German reinsurer Munich Re reported higher second-quarter profit on Friday, helped by exceptionally low major-loss expenditure in its property and casualty reinsurance business and a strong investment result.

The company maintained its full-year 2026 profit target but lowered its insurance revenue outlook.

Net profit rose to €2.21 billion ($2.54 billion) from €2.09 billion in the same period last year, while insurance revenue edged up to €14.94 billion from €14.78 billion.

Operating profit declined to €2.80 billion from €2.92 billion. 

Munich Re's reinsurance business contributed €1.89 billion to group net profit.

Within the segment, property and casualty reinsurance generated net profit of €1.25 billion, up from €1.19 billion, supported by exceptionally low expenditure on major losses. The combined ratio rose to 68.9% from 61.0%.

Global Speciality Insurance posted net profit of €149 million, down from €296 million.

For 2026, Munich Re reaffirmed its net profit target of €6.3 billion but lowered its forecast for group insurance revenue to €62 billion from €64 billion.

It also cut its insurance revenue outlook for the reinsurance business to €38 billion from €40 billion.