Munich Re posts €2.1bn Q2’25 net profit amid ‘very low’ major-loss costs in P&C reinsurance
- October 14, 2025
- Posted by: Luke Gallin
- Category: Insurance
Global reinsurer Munich Re has reported a preliminary net profit of €2.1 billion for the second quarter of 2025 and a net result of approximately €3.2 billion for the first half of 2025, as the firm benefited from “very low” major loss expenditure in its property and casualty reinsurance operation.
The German reinsurer is scheduled to release its full Q2 and H1 2025 results on August 8th, 2025, but has announced some preliminary figures today, revealing a strong second quarter for the firm.
At roughly €2.1 billion, Q2 2025 net profit has increased by €500 million year-on-year, although the net result for H1 2025 is down on H1 2024’s €3.8 billion by around €600 million, driven by a more profitable first quarter last year as the January 2025 Los Angeles wildfires dented the Q1 2025 performance.
Still, it’s a strong result for both periods in 2025, and Munich Re still expects a net result of €6 billion for the 2025 financial year.
Commenting on the Q2 2025 performance, which exceeded analysts’ consensus estimate of €1.624 billion, Munich Re said: “This result was buoyed by encouraging operational performance overall and very low major-loss expenditure in property-casualty reinsurance. In the Global Specialty Insurance division, major losses were likewise far below the average expectation. Munich Re furthermore achieved a strong investment result overall.”
In life and health reinsurance, the company notes the impact of a random accumulation of individual major losses but adds that the business maintains very good operational performance.
The Q2 2025 result at ERGO, the reinsurer’s primary insurance business, was in line with expectations, according to Munich Re.
Additionally, Munich Re warns that further depreciation of the US dollar led to a negative currency result for the Group in the quarter.
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