Munich Re Reports €2.1 Billion Q2 Profit Amid Low Major-Loss Costs
Global reinsurer Munich Re has announced a strong preliminary net profit of €2.1 billion for the second quarter of 2025—up €500 million year-on-year—driven by low major-loss expenditures in its property and casualty (P&C) reinsurance segment.
The German reinsurer also posted a €3.2 billion net profit for the first half of 2025. While this marks a decline from H1 2024’s €3.8 billion, the drop is largely attributed to the impact of the January 2025 Los Angeles wildfires on Q1 performance.
The company’s Q2 earnings exceeded analysts’ consensus estimate of €1.624 billion. Munich Re cited “encouraging operational performance” and a “strong investment result” as key contributors. In its Global Specialty Insurance division, major losses remained well below average expectations.
ERGO, Munich Re’s primary insurance arm, performed in line with forecasts. However, the reinsurer noted a negative currency result due to continued depreciation of the US dollar.
Despite mixed H1 results, Munich Re remains on track to meet its full-year net profit target of €6 billion. Full Q2 and H1 results will be officially released on August 8, 2025.