Munich Re's Q1 2024 Revenue Hits US$16bn

Munich Re announces robust financial performance for Q1 2024 with a significant rise in insurance revenue

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.


Make sure you check out the latest industry news and insights at InsurTech Digital and also sign up to our global conference series - FinTech LIVE 2024


InsurTech Digital is a BizClik brand 



Featured Articles

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

US congressional hearing learns from UnitedHealth Group CEO Andrew Witty that Change Healthcare cyberattack compromised data of third of the US population

Allianz Announces Partnership With Clearspeed

Emerging scams like moped fraud and shallow fakes pose new challenges to insurers, so more sophisticated detection systems are crucial

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurers face risks and errors with current reserve analysis methods – and Arius provides the answer

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Technology & AI

Comarch Diagnostic Point: Next Gen European Health Insurance


MoneyLIVE Summit 2024: Qover Talks Embedded Insurance