MUNICH (dpa-AFX) - Munich Re Group or Munich Reinsurance Company (0KFE.L), a German insurance major, on Wednesday registered a surge in net result for the first-quarter. In addition, the Group has reaffirmed its annual earnings outlook.
Christoph Jurecka, CFO of Munich Re, said: 'Munich Re kicked off the new financial year with great momentum. Our Q1 net result this year is nearly 70% higher than in 2023. Every line of business played a role in this impressive performance. In addition, we got a boost from the treaty renewals at 1 April, where we tapped into attractive growth opportunities against a backdrop of continuing high rates.'
For the three-month period, the company recorded net result of 2.140 billion euros, higher than 1.271 billion euros, registered for the same period last year.
Reinsurance business recorded net result of 1.888 billion euros, compared with 1.051 billion euros in 2023.
ERGO business contributed net result of 252 million euros, up from last year's 219 million euros.
Munich Re's investment result rose to 2.163 billion euros from 1.612 billion euros a year ago.
Operating result stood at 2.928 billion euros as against 1.768 billion euros in 2023.
Total technical result was at 2.785 billion euros, compared with last year's 1.809 billion euros.
Insurance revenue from insurance contracts rose to 15.061 billion euros from previous year's 14.273 billion euros.
Looking ahead, for the full year, the Group still expects to post net result of 5 billion euros.
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