(Reuters) – German reinsurer Munich Re on Wednesday reported a sharp rise in first-quarter profit and reaffirmed its earnings outlook for the year.
“Munich Re started the new financial year with great momentum. Our Q1 net result this year is almost 70% higher than 2023. Every line of the business played a role in this impressive performance,” said Chief Financial Officer Christoph Jurecka.
“In addition, we were boosted by the treaty renewal on April 1, where we took advantage of attractive growth opportunities against the backdrop of continued high rates.”
Munich Re reported first-quarter net profit of €2.140 billion ($2.3 billion), up from €1.271 billion in the year-ago period.
The reinsurance business recorded a net result of €1.888 billion, up from €1.051 billion in the year-ago period. The ERGO group of insurance companies owned by Munich Re posted a net profit of €252 million, up from €219 million.
Munich Re’s investment profits rose from €1.612 billion to €2.163 billion.
Operating profit increased from €1.768 billion to €2.928 billion.
Looking ahead, Munich Re said it still expected net profit of €5 billion for the year.
