Munich Re: H1 2023 results

In the first half of 2023, Munich Re recorded a 5.2% increase in its insurance revenue, the new turnover equivalent under the new IFRS 17 standards. The figure went up from 27.033 billion EUR (28.4 billion USD) as at 30 June 2022 to 28.448 billion EUR (31 million USD) a year later.

The half-year net profit amounting to 2.425 billion EUR (2.6 billion USD) was down by 20.9% compared with the 3.066 billion EUR (3.2 billion USD) posted on 30 June 2022.

The technical result stood at 3.969 billion EUR (4.3 billion USD), dropping by 10.6% over one year.

The German group's accounts were negatively impacted by natural catastrophe losses worth 1.315 billion EUR (1.4 billion USD). The 6 February 2023 earthquake in Turkey and Syria alone was estimated to have cost 600 million EUR (653.4 million USD).

For the July 2023 renewals, Munich Re has increased its reinsurance rates by an average of 5.1%.