Munich Re exceeded its own profit target last year despite a slightly weaker final quarter.
The DAX group confirmed its outlook for 2026, which was published in December.
The day before, Munich Re had already announced an increase in the dividend to 24 euros for 2025 from 20 euros in the previous year as well as new share buybacks of up to 2.25 billion euros.
Profit rose in 2025 to 6.1 billion euros from 5.7 billion in the same period last year, with stable insurance sales. Analysts had expected Munich Re to receive 6.2 billion euros according to Visible Alpha’s consensus. In the fourth quarter, earnings fell by 12 percent to 945 million euros.
Munich Re is still planning a profit of around 6.3 billion euros for the current year. Insurance sales are expected to reach 64 billion euros and the return on investment is expected to be more than 3.5 percent.
The combined ratio in property and casualty reinsurance should be around 80 percent. In the special insurance GSI, around 90 percent is targeted.
Munich Re had already given the outlook for 2026 at its Capital Markets Day, where it presented its strategy up to 2030. The core of the strategy is a broader positioning in order to make the group less dependent on property and casualty reinsurance, which is prone to fluctuations.
Munich Re with falling prices in January renewal
Munich Re also suffered a price decline in the renewal round on January 1, 2026. Overall, the price level for the reinsurer’s portfolio fell by a risk-adjusted 2.5 percent, as the DAX group announced. For the next round of renewals in April, Munich Re expects prices to be at an attractive level despite market pressure.
The business volume fell by 7.8 percent to 13.7 billion euros because the group specifically did not renew or underwrite business that did not meet the expected prices and conditions.
In January, primarily European, US and global business was subscribed.
In XETRA trading, Munich Re shares temporarily lost 2.28 percent to 540 euros.
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