Munich Re's Q1 2024 Revenue Hits US$16bn
Munich Re has demonstrated a strong financial performance in the first quarter of 2024, reporting a substantial increase in insurance revenue to US$16 billion. This growth can be primarily attributed to its reinsurance business and the ERGO International segment. The company also boasted a net profit of $2.2 billion, with an impressive combined ratio of 75.3% in property and casualty (P&C) insurance. The total technical result was up by 77% to US$3.3 billion, marking a significant increase from $1.9 billion in Q1 2023.
According to a report by Reuters, Munich Re posted a 68% rise in the first quarter net profit, a level that was in line with preliminary figures published last month. Net profit in the quarter of €2.14bn ($2.30 billion) compares with €1.271bn a year ago.
Analysts originally had expected net profit of €1.476bn euros before the publication of the preliminary figures in April.
Expansion and Positive Outlook for 2024
The reinsurance giant capitalised on favourable market conditions, particularly in regions like India, Latin America, and Europe, expanding business through both new and existing client relationships. Key performance indicators also reflect a substantial rise in major losses managed, with significant decreases in losses from natural catastrophes compared to the previous year.
Munich Re has an optimistic outlook for the coming year, projecting a potential surpassing of their US$5 billion net result target due to robust treaty renewals and stable price developments.
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