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Munich Re sales rise on health reinsurance growth; lifts profit outlook

By Reuters News


Overview

  • Germany reinsurance group's Q3 net result rose yr/yr, driven by strong operating performance

  • Q3 insurance revenue increased yr/yr, supported by growth in life and health reinsurance

  • Company raised 2026 profit target to €6.6bln, citing broad-based operating strength


Outlook

  • Munich Re raises 2026 profit target to €6.6bn from €6.3bn

  • Company now expects property-casualty reinsurance net combined ratio below 80% for 2026

  • Munich Re sees Global Specialty Insurance net combined ratio below 90% for 2026


Result Drivers

  • LIFE & HEALTH REINSURANCE - High technical result driven by strong new business and favorable claims experience, particularly in mortality

  • LOW MAJOR-LOSS EXPENDITURE - Property-casualty reinsurance and Global Specialty Insurance benefited from major-loss expenditure below average expectations

  • ERGO SEGMENT GROWTH - Positive contribution from ERGO, with growth in Germany and international markets, including first-time consolidation of ERGO China Life Insurance and ADB Gjensidige


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Gross Premiums

EUR 16.63 bln

Q3 Operating Result

EUR 2.47 bln

Q3 ROE

20.20%

Q3 Solvency Ratio

301.00%


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 10 "hold" and 4 "sell" or "strong sell"

  • The average consensus recommendation for the reinsurance peer group is "buy."

  • Wall Street's median 12-month price target for Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG is €550.00, about 3.4% below its November 11 closing price of €569.40

  • The stock recently traded at 543 times the next 12-month earnings vs. a P/E of 506 three months ago


Reuters Recommended Reads

  • Nov 11 - Germany's Allianz upgrades 2026 profit outlook

  • Nov 12 - Germany's Allianz Q3 operating profit rises on asset management growth

  • Nov 11 - Netherlands' ABN Amro Q3 net profit jumps, lifts 2026 commercial NII forecast


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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