In Q1 2022, Munich Re recorded a 3.2% increase in its net profit set at 608 million EUR (677.057 million USD) compared to 589 million EUR (655.899 million USD) one year earlier.
The operating result went from 798 million EUR (888.637 million USD) on 31 March 2021 to 780 million EUR (868.592 million USD) one year later, a 2.25% decrease over one year.
During the period under review, the health crisis has cost 150 million EUR (167.037 million USD) to the life and health activity (L&H) of the German group. The strong spread of the Omicron variant in the United States is the main cause of health loss experience.
Losses linked to natural disasters amounted to 481 million EUR (535.632 million USD) against 646 million EUR (719.373 million USD) at the end of March 2021. The most costly claims are the floods in Australia and the winter storms in Europe.
In Q1 2022, Munich Re [4] recorded a 15.7% growth of its written premiums set at 16.833 billion EUR (18.745 billion USD) against 14.551 billion EUR (16.203 billion USD) during the same period of 2021.
The non-life combined ratio gained 7.6 points to stand at 91.3%. The solvency ratio of 231% is within the optimal range (175-220%). Return on equity (ROE) was set at 9.8%.
For the current year as a whole, the reinsurer is expecting a turnover of 64 billion EUR (71.2 billion USD) and a net result of 3.3 billion EUR (3.7 billion EUR).