Munich Re has reported a web results of €2.14bn in Q1 2024, a 68.4% surge as compared with €1.27bn recorded throughout the identical interval of final 12 months.
The corporate attributed this progress to a number of elements together with a lower-than-average major-loss expenditure, a sturdy return on funding and powerful operational efficiency throughout all enterprise segments.
Throughout the quarter, the corporate’s insurance coverage income from contracts issued was €15.06bn, up from €14.27bn a 12 months in the past.
The reinsurance sector’s web end result was €1.88bn, and insurance coverage income from contracts issued on this section reached €9.85bn.
The life and well being reinsurance division reported a web results of €552m, whereas the property and casualty reinsurance section delivered a web results of €1.33bn.
Losses throughout each divisions totalled €650m, a lower from the earlier 12 months’s €1.03bn.
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Man-made main losses, nevertheless, elevated to €418m from €165m final 12 months, with probably the most vital particular person loss being the collapse of the Francis Scott Key Bridge in Baltimore.
Munich Re’s ERGO enterprise reported a web results of €252m for Q1.
The insurance coverage income from contracts issued on this section elevated to €5.20bn from €5.04bn within the year-ago interval, with the worldwide enterprise driving this progress.
The corporate’s funding end result for Q1 rose to €2.16bn from €1.61bn a 12 months earlier.
Trying forward, Munich Re is concentrating on a web results of €5bn for FY24.
Munich Re CFO Christoph Jurecka mentioned: “Munich Re kicked off the brand new monetary 12 months with nice momentum. Our Q1 web end result this 12 months is almost 70% larger than in 2023. Each line of enterprise performed a task on this spectacular efficiency.
“As well as, we acquired a lift from the treaty renewals at 1 April, the place we tapped into engaging progress alternatives towards a backdrop of constant excessive charges. We nonetheless count on to generate a revenue of €5bn in 2024. In actual fact, it has change into extra doubtless that we’ll surpass that concentrate on.”