Q1 2026 Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG Earnings Call Transcript
Key Points
- Munchener Ruckversicherungs-Gesellschaft AG (MURGF) reported a strong net result of EUR1.7 billion in Q1 2026, demonstrating resilience amid geopolitical and macroeconomic uncertainties.
- The company achieved a return on investment of 2.9%, with positive revaluations in alternative investments and commodities offsetting negative fair value changes in fixed income and equity portfolios.
- Life and health reinsurance delivered a technical result of EUR500 million, slightly above the pro rata annual ambition, supported by favorable insurance-related financial instruments.
- The P&C reinsurance segment posted a strong Q1 result with a combined ratio of 66.8%, benefiting from very low major losses.
- Ergo Germany reported a strong segment result of EUR157 million, with significant improvements in technical performance in life and health, driven by profitable growth and favorable claims and cost development.
- Heightened volatility in capital markets negatively impacted the performance of Munchener Ruckversicherungs-Gesellschaft AG (MURGF)'s investment portfolio.
- The return on investment of 2.9% was below the full-year guidance, affected by rising oil and gas prices and renewed inflation concerns.
- The running yield came in slightly below expectations in Q1, with typical quarterly volatility in private equity distributions and temporary effects from inflation-linked bonds.
- The normalized combined ratio of 80.3% in P&C reinsurance reflects upward pressure due to higher expected levels of major losses and outcomes of recent renewals.
- The Solvency II ratio decreased to 292% due to the full deduction of the new share buyback program, despite good operating performance.
Ladies and gentlemen, welcome to the Muni Hui quarterly statement as at 31st March 2026 conference call and live webcast.
I am Sergen, the course call operator.
I would like to remind you that all participants will be in listen-only mode and the conference being recorded.
The presentation will be followed by a Q&A session.
You can register for questions at any time by pressing star and then one on your telephone.
For operator assistance, please press star zero.
The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Christian Becker-Hussong, Head of Investor and Rating Agency Relations. Please go ahead, sir.
Thank you very much and hello, everyone. A warm welcome to Muni Gri's Q1 earnings call.
Thanks for joining this morning. I'm here with Andrew Buchanan, our CFO, and Andrew
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