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Munich Re posts record H1 2026 earnings on strong investments
Net result rose to €3.925 billion in the first half of 2026 as major-loss expenditure stayed exceptionally low, helping lift property-casualty reinsurance combined ratio to 68.9% in Q2.
Munich Re said it delivered record financial results in the first half of 2026, supported by very strong investment performance and exceptionally low major-loss expenditure in its property-casualty reinsurance business, according to Reinsurance News.
The reinsurer reported a net result of €2.211 billion in Q2 2026 and €3.925 billion for H1 2026. Those compare with net results of €2.085 billion for Q2 2025 and €3.178 billion for H1 2025, while Q2 insurance revenue from contracts issued edged up year over year to €14.939 billion.
In property-casualty reinsurance, the segment contributed €1.890 billion to the Q2 2026 net result and €3.369 billion for H1 2026. Munich Re reported that Q2 major losses totaled €191 million after retrocession and before tax, and that natural catastrophes accounted for €54 million while man-made major losses were €137 million.
Looking at profitability in property-casualty reinsurance, the company said the net result was €1.252 billion in Q2 2026, with insurance revenue from contracts issued of €4.044 billion. The combined ratio was 68.9% of net insurance revenue in Q2, versus 61% in the comparable quarter of 2025.