Munich Re Holds €6.3 Billion Profit Target, Cuts 2026 Revenue Forecast
Key Facts
Munich Re kept its 2026 net result target at €6.3 billion, according to the company’s announcement on 7 August, while lowering its forecast for insurance revenue for the year. The company recorded a net result of €3.925 billion in the first half, compared with €3.178 billion in the corresponding period of 2025. It set 12 November as the date for publishing its quarterly statement for the period ended 30 September. The statement will provide an official update on performance in the first nine months and full-year guidance.
The profit target was kept unchanged alongside a downward revision to revenue forecasts. Expected insurance revenue in the reinsurance business is now €38 billion, down from €40 billion, while the group’s insurance revenue forecast was cut to €62 billion from €64 billion. This points to diverging paths for the net result target and revenue, with Munich Re keeping its annual profit target steady despite lowering its revenue estimates. The information available here did not include new guidance for the net result. The €6.3 billion figure remains the official target it confirmed in its first-half results announcement.
Munich Re attributed the strength of its first-half result to lower large-loss expenses in property and casualty reinsurance, alongside a strong investment result. In the second quarter, large-loss expenses were 4.9% of net insurance revenue, compared with an expected value of 18%. The company said the expenses were “well below the expected value,” supporting performance for the period. It also said all business segments delivered good operating performance, with the continued impact of lower large losses and strong investment performance supporting the second-quarter result. The comparison shows that first-half results benefited from underwriting and investment factors, while the sustainability of that support will depend on figures the company reports later.
In its July reinsurance renewals, Munich Re said prices in its portfolio fell 5.5% on a risk-adjusted basis, while the volume of business written declined 9.1% to €2.9 billion. These indicators put pressure on pricing and volume in the reinsurance business, alongside the company’s cut to its annual revenue forecast. The company did not say in this data that the declines in prices or business volume had prompted a change to its net result target, which remained at €6.3 billion. Munich Re recorded a net result of €6.1 billion in 2025, exceeding its guidance for that year by €0.1 billion. The next official update on results for the period ended 30 September is due on 12 November 2026.