Munich Re: results as at 31/03/2024

Munich Re has ended the first quarter of 2024 with a net profit of 2.14 billion EUR (2.3 billion USD), compared with 1.271 billion EUR (1.4 billion USD) in the same period of 2023.

The German group's quarterly income amounted to 15.061 billion EUR (16.3 billion USD) against 14.273 billion EUR (15.5 billion USD) at the end of March 2023, representing a 5.5% increase.

The underwriting result has shown a sharp 54% increase to 2.785 billion EUR (3 billion USD). The operating result stood at 2.928 billion EUR (3.2 billion USD), up by 66% over one year.

The company's shareholders' equity totalled 31.226 billion EUR (33.7 billion USD) as at 31 March 2024. The solvency ratio of 273% was above the optimum range (175-220%). The return on equity (ROE) was 27.3%.

During the reporting period, human-made disasters resulted in losses totalling 418 million EUR (451.1 million USD) for the company. The most dramatic event was the collapse of the Francis Scott Key Bridge in Baltimore.

Natural catastrophe claims reached 232 million EUR (250.4 million USD), against 870 million EUR (946.2 million USD) in the first quarter of 2023.

For the full year 2024, Munich Re is expecting a net profit of 5 billion EUR (5.4 billion USD).