Munich RE (MUV2) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record net earnings of €6.1 billion in 2025, surpassing guidance and all Ambition 2025 targets for the fifth consecutive year, with strong performance across all business segments.

• Highly diversified business model with increasing contributions from less cyclical segments, reducing reliance on P&C reinsurance and supporting resilience.

• Shareholders benefit from a 20% dividend increase to €24 per share and a €2.25 billion share buyback program.

• Strategic flexibility maintained with robust capitalization and Solvency II ratio at 298%.

• Ambition 2030 strategy launched to focus on further diversification and expansion across reinsurance, specialty, and primary insurance.

Financial highlights

• Net earnings rose to €6.1 billion (up from €5.7 billion), with return on equity at 18.3% and investment return at 3.2%.

• Solvency II ratio at 298%, reflecting strong operating performance and capitalisation.

• Dividend per share proposed at €24 for 2025, with total payout ratio at 87%.

• Share buy-back and dividend payout totaled €5.3 billion.

• Insurance revenue stable at €60.4 billion, with investment result benefiting from higher interest rates and active management.

Outlook and guidance

• 2026 net income projected at €6.3 billion, with group insurance revenue forecasted at €64 billion and return on investment to exceed 3.5%.

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

• Ambition 2030 targets: RoE >18%, EPS growth >8% CAGR, total payout ratio >80%, Solvency II ratio >200%.

• Dividend per share proposed to increase by 20% for 2025, continuing robust capital returns.