Earnings Document

Munich Re announces profit target of €5bn for 2024

Thanks to consistently good operational performance in all business segments, Munich Re is aiming for a net profit of €5bn in 2024. Group insurance revenue is expected to reach €59bn in 2024, and retuon investment to improve noticeably to above 2.8%.

In its reinsurance field of business, Munich Re anticipates an expansion of insurance revenue to €39bn and a net profit of €4.2bn in 2024. In an ongoing favourable market environment, Munich Re will continue to leverage its strong position to spur profitable growth. In property-casualty reinsurance, the combined ratio is likely to improve to 82%, reflecting operating improvements from the earn-through of the 2023 renewals and from the expected outcome of the 2024 renewals. Moreover, on the basis of Munich Re's very strong reserving position, it is not planned to build up reserve prudency any further by offsetting part of the discounting impact, as was the case in 2023. In life and health reinsurance, Munich Re projects a total technical result of €1.45bn in 2024, owing to annual releases of CSM and risk adjustment, and an ongoing strong contribution from business with non-significant risk transfer.

The ERGO field of business is expected to generate insurance revenue of €20bn in 2024, continuing its strong development in recent years with a profit contribution of €0.8bn. A combined ratio of 87% is envisaged in the ERGO Property-casualty Germany segment, and 90% at ERGO International.

Please note that all figures are rounded values. As usual, all forecasts and targets are subject to increased uncertainties stemming from geopolitical and macroeconomic developments, to major losses remaining within normal bounds, and to the income statement not being impacted by severe fluctuations in the currency or capital markets, significant changes in the tax environment, or other one-off effects.

Munich Re will present its full-year 2023 financial figures on 27 February 2024 as scheduled.