Earnings Document

The reinsurance field of business contributed €3,876m (4,737m) to the net result in the 2023 financial year, of which €926m (1,123m) was in Q4. Insurance revenue from insurance contracts issued rose to €37,786m (36,489m). The total technical result increased to €5,402m (5,264m); the operating result fell to €4,738m (5,923m), chiefly due to the negative currency result.

Life and health reinsurance generated a total technical result of €1,433m (1,041m) in 2023, thus meeting the adjusted target of €1.4bn. The net result in life and health reinsurance increased to €1,428m (1,314m). Insurance revenue from insurance contracts issued declined to €10,725m (11,164m) due to currency translation effects.

The property-casualty reinsurance segment posted a net result of €2,448m (3,423m) in 2023. Insurance revenue from insurance contracts issued rose to €27,061m (25,325m). The combined ratio was 85.2% (83.2%) of net insurance revenue; the normalised combined ratio was 86.5%.

Major-loss expenditure³ totalled €3,278m (3,741m) in the reporting year, of which €873m (525m) was in Q4. The previous year's figure had been impacted by Hurricane Ian in particular. These figures include gains and losses from the run-off of major losses from previous years. Major-loss expenditure corresponded to 12.6% (15.4%) of net insurance revenue and was thus below the expected value of 14% in the financial year and in Q4 (13.0%). Man-made major losses amounted to €943m (1,623m). Major losses from natural catastrophes rose to €2,335m (2,118m). The major loss figures above take account of the effects from discounting and risk adjustment. The largest individual loss for Munich Re in 2023 was the earthquake in Turkey, with a nominal value of around €0.7bn; in Q4, it was Hurricane Otis in Mexico with losses of €453m.

³The figures are only comparable to a limited extent with the same period last year, as the major-loss threshold was raised to €30m with effect from 1 January 2023 (previous years: €10m).

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Munich Re Group - Münchener Rück AG published this content on 27 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2024 13:20:56 UTC.