Munich Re’s P&C reinsurance sees decline in Q3, while net result rises to €5.7bn for 9M’26

Global reinsurer Munich Re has posted a lower net result of €1.742 billion for the third quarter of 2026, and a higher result of €5.667 billion for the first nine months of the year, while the firm’s P&C reinsurance arm saw a notable year-on-year decline as a result of currency and renewal effects.

Back in October, Munich Re posted preliminary results for both the third quarter and nine-month period, which revealed a notable uplift to its full-year net profit guidance from €6.3 billion to €6.6 billion following the strong performance the reinsurance giant has delivered so far in the year.

Today, Munich Re has posted its full financial results for both periods, reporting a net result of €1.742 billion in Q3’26, slightly down on the prior year’s €1.997 billion, and €5.667 billion for 9M’26, much higher than the previous year’s €5.176 billion.

The reinsurer explained that the result was driven by a very pleasing operating performance across all business segments, and below-average major losses in property & casualty reinsurance

At the same time, the reinsurer reported Group insurance revenue from insurance contracts issued of €16.626 billion in Q3’26, compared with €14.575 billion in Q3’25, and €46.583 billion for 9M’26 compared with €45.162 billion in 9M’25.

All in all, for Q3, the total technical result amounted to €2.375 billion from €2.822 billion last year, while the operating result fell to €2.472 billion from €3.036 billion.

Turning towards the reinsurance segment, the net result decreased to €1.479 billion in Q3’26 from €1.693 billion in the prior year quarter. However, the nine-month period saw a notable increase to €4.849 billion from €4.380 billion in 2025.

In addition, Munich Re’s P&C reinsurance business generated a net result of €938 million in the third quarter of 2026, compared with €1.187 billion in the prior year period, as insurance revenue from insurance contracts issued increased to €4.446 billion from €4.241 billion in Q3’25.

The firm’s P&C reinsurance combined ratio was 80% this quarter, up on the prior year’s 62.7% as a result of higher major losses year-on-year.

As mentioned, Munich Re says that the year-on-year revenue decline in P&C reinsurance to €12.4 billion for 9M’26 is a result of currency and renewal effects.

Munich Re also reported that major losses amounted to €646 million in third quarter of 2026 after retrocession and before tax, including run-off profits and losses for major claims from previous years. This compares to Q3’25, where reported major losses were just €118 million.

The reinsurer announced that natural disaster losses totalled €514 million in Q3’26, with the costliest event being the El Choco earthquake in Colombia at a cost of €300 million. Overall, major-loss expenditure amounted to 14.9% of net insurance revenue, below the expected 18% but higher than the 2.9% recorded last year.

“Munich Re achieved profitable growth in the first nine months of the year. The Group’s net result and insurance revenue rose significantly year on year. In the third quarter, we benefited from low major-loss expenditure and expanded our business, particularly in less volatile segments such as life and health reinsurance. The increase in our profit target to €6.6bn reflects the very pleasing operating performance across all business segments. This broad diversification of our earnings drivers is a core component of our Ambition 2030 strategy and ensures Munich Re’s continued success,” commented Andrew Buchanan, Chief Financial Officer.

As highlighted, Munich Re’s strong 9M’26 performance has led the reinsurer to lift its full year net result guidance by €300 million to €6.6 billion, while the company also anticipates that the net combined ratio in P&C reinsurance will amount to less than 80%.