Munich RE (MUV2) Q2 2026 (Media) earnings summary

Executive summary

• Net result for H1 2026 reached €3.9bn, with Q2 net result at €2.2bn, driven by strong operating performance, low major losses, and robust equity market returns.

• Return on equity for H1 2026 was 23%, exceeding Ambition 2030 targets and confirming progress toward FY 2026 and mid-term goals.

• Diversified business model and increased contributions from less cyclical segments underpin resilience and sustainable earnings.

• All business segments contributed to robust results, with flexibility to manage reinsurance cycles and maintain profitability.

• ERGO segment outperformed guidance, contributing €321m profit in Q2, supported by high investment returns and organic growth.

Financial highlights

• H1 2026 net result: €3.9bn, up from €3.2bn in H1 2025; Q2 net result: €2.2bn.

• Return on equity: 23% for H1 2026, up from 19.7% in H1 2025.

• Investment result for H1 2026: €4.8bn, with Q2 return on investment at 5.5%, running yield 4%, and reinvestment yield 4.3%.

• Solvency II ratio at 304% as of 30 June 2026, reflecting strong capital position.

• Operating result in Q2: €2,795m; annualised ROE: 25.5% in Q2.

Outlook and guidance

• Full-year net income target for 2026 remains at €6.3bn, with insurance revenue guidance revised to €62bn and reinsurance revenue to €38bn.

• Ambition 2030 targets: ROE above 18%, EPS growth over 8% annually, payout ratio above 80%, Solvency II ratio above 200%.

• Combined ratios expected at ~80% for P&C, ~89% for Germany and International, and ~90% for GSI.

• Management expects continued robust performance if the hurricane season is normal.