Munich Re stock: Q3 profit falls as 2026 target rises

Published on 11/13/2026 at 12:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Munich Re stock faces a softer third quarter after an exceptional prior-year comparison. The reinsurer still raised its 2026 profit target.

Profit Normalizes, Outlook Improves

Third-quarter net income declined from an exceptionally strong prior-year comparison.
Nine-month net income rose to 5.667 billion euros, supporting the higher full-year target.
Insurance revenue increased in both the quarter and the first nine months.

Munich Re, DE0008430026, Illustration mit AI erstellt.

Munich Re reported a lower third-quarter net result on Thursday, November 12, 2026, but raised its full-year profit target after a strong first nine months. The figures were published in the company's quarterly statement, carried by MarketScreener.

Munich Re generated a net result of 1.742 billion euros in the third quarter, down from 1.997 billion euros a year earlier. The comparison was affected by exceptionally low major-loss expenditure in the third quarter of 2025. Major losses after retrocession and before tax reached 646 million euros, compared with 118 million euros in the prior-year quarter, but remained below the 18% level expected by the company.

Strong Nine-Month Performance

The broader nine-month result was stronger. Net income rose to 5.667 billion euros from 5.176 billion euros in the first nine months of 2025. Insurance revenue from insurance contracts issued increased to 16.626 billion euros in the third quarter from 14.575 billion euros and reached 46.583 billion euros for the first nine months, compared with 45.162 billion euros a year earlier.

Life and health reinsurance provided a notable contribution. Its third-quarter technical result increased to 493 million euros from 314 million euros, while the segment's net result rose to 340 million euros from 286 million euros. The company attributed the development to strong new business and favourable claims experience, particularly in mortality.

Property-casualty reinsurance produced a net result of 938 million euros, below the prior-year 1.187 billion euros. Its combined ratio was 80.0%, compared with 62.7% a year earlier. Global Specialty Insurance posted a combined ratio of 83.9%, while ERGO contributed 263 million euros to group net income.

Higher Target Raises Expectations

Munich Re raised its 2026 net result target to 6.6 billion euros from 6.3 billion euros. The company now expects a net combined ratio below 80% for property-casualty reinsurance and below 90% for Global Specialty Insurance, improving both thresholds from approximately 80% and 90%, respectively. Other expectations in its half-year report remained unchanged.

The revised target leaves execution and claims experience as the main focus for investors through year-end. Management cautioned that the outlook remains subject to geopolitical and macroeconomic developments, major losses staying within normal bounds, currency and capital-market fluctuations, tax changes and other one-off effects.

Munich Re stock traded at 593.20 euros on Lang & Schwarz at 11:56 CET on Friday, November 13, 2026.