Munich Re has raised its 2026 net profit target to EUR6.6bn ($7.31bn) from EUR6.3bn following profitable growth across its business segments in the first nine months of the year. The reinsurer also reported a net result of EUR5.7bn for January to September 2026, up from EUR5.2bn in the same period last year, while insurance revenue increased to EUR46.6bn from EUR45.2bn. Third-quarter net profit reached EUR1.7bn, compared with EUR2bn a year earlier, reflecting lower major-loss expenditure in the comparative period.
Reinsurance contributed EUR4.8bn to the nine-month net result, up from EUR4.4bn in 2025. Life and health reinsurance recorded a third-quarter technical result of EUR493m, compared with EUR314m a year earlier, supported by strong new business growth and favourable mortality experience. Insurance revenue for the segment rose to EUR3.8bn, with expansion across key regions, particularly North America, the UK and Asia. Property-casualty reinsurance generated a third-quarter net result of EUR938m, while its combined ratio stood at 80%, against 62.7% in the corresponding period last year.
Global Specialty Insurance reported a third-quarter net result of EUR201m, with a combined ratio of 83.9%. Major-loss expenditure in property-casualty reinsurance reached EUR646m after retrocession and before tax, equivalent to 14.9% of net insurance revenue, below the expected level of 18%. Meanwhile, ERGO contributed EUR819m to Munich Re's net result in the first nine months, compared with EUR796m a year earlier, supported by growth in Germany and international markets.
Munich Re CFO Andrew Buchanan said the group benefited from low major-loss expenditure and expanded its business, particularly in less volatile segments such as life and health reinsurance. The company now expects its property-casualty reinsurance combined ratio to be below 80%, compared with its previous guidance of approximately 80%, while the Global Specialty Insurance ratio is expected to be below 90%, against an earlier target of approximately 90%. The reinsurer said its other 2026 financial expectations remain unchanged.