Munchener Ruckversicherungs-Gesellschaft AG (CHIX:MUV2d)
€ 576.1 +5.2 (+0.91%) Market Cap: 75.37 Bil Enterprise Value: 76.37 Bil PE Ratio: 16.36 PB Ratio: 2.27 GF Score: 75/100
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Q1 2025 Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG Earnings Call Transcript

May 13, 2025 / 09:30AM GMT
Release Date Price: €590.1

Key Points

Positve
  • Munchener Ruckversicherungs-Gesellschaft AG (MURGF) reported a resilient Q1 result with net earnings of EUR1.1 billion, demonstrating strong diversification of earnings drivers.
  • The life and health total technical result significantly exceeded expectations, driven by positive experience in the US portfolio.
  • The reinvestment yield increased to 4.6%, providing further support for an uptrend in the running yield.
  • ERGO delivered a pleasing net result of EUR241 million, slightly ahead of expectations, with strong performance in Life and Health segments.
  • The Solvency II ratio remained stable at 285%, reflecting a strong economic position despite a EUR2 billion share buyback.
Negative
  • High large losses, fair value changes in investment results, and significant currency movements negatively impacted net earnings.
  • The ROI was burdened by negative fair value changes of fixed income instruments, particularly affecting ERGO with an ROI of 1.7%.
  • Currency losses amounted to around EUR500 million due to the devaluation of the US dollar.
  • The combined ratio for Global Specialty Insurance (GSI) was elevated at 95.5% due to major losses, including LA wildfire claims.
  • The business mix effects and an increase in the loss component negatively impacted the basic loss ratio.
Operator

Ladies and gentlemen, welcome to the quarterly statement as of March 31, 2025, of Munich Re. I'm Moritz, the Chorus call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Christian Becker-Hussong. Please go ahead, sir.

Christian Becker;Hussong
Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG - Head of Investor & Rating Agency Relations

Yeah. Thank you, Moritz, and welcome to everyone joining us this morning for our Q1 earnings call with our CFO, Christoph Jurecka. Same procedure as every quarter. Christoph will start with a short statement. Then we will go right into Q&A as always. Christoph, please go ahead.

Christoph Jurecka
Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG - CFO & Member of Management Board

Thank you, Christian. Good morning, everybody, also from my side. A big pleasure to be able to talk

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