Insurance
Home›Insurance›Reinsurance›Munich Re expects more favourable terms at Jan 2027 re…
Munich Re expects more favourable terms at Jan 2027 renewals
The reinsurer reported almost EUR 4 billion of first-half 2026 profit and kept its full-year guidance for EUR 6.3 billion.
Munich Re said it systematically opted not to renew certain reinsurance business at the mid-year renewals, particularly in property excess-of-loss, but it expects favourable pricing and that terms and conditions can be largely upheld at the next significant renewal round on January 1, 2027.
Announcing its first-half 2026 results, the company reported record profit of EUR 3.925 billion, compared with EUR 3.178 billion in the prior year, and a second-quarter net result of EUR 2.2 billion.
Munich Re maintained its full-year guidance for a EUR 6.3 billion profit for 2026, attributing stronger performance to good operating results across segments and particularly low major losses in property and casualty reinsurance.
In property and casualty reinsurance, the combined ratio was 68.9%, and Munich Re said its stronger balance sheet, higher investment income, and contributions from less volatile segments position it to manage the market cycle while aiming for an ROE above 18% and average annual earnings per share growth of more than 8% by 2030.