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Muenchener Rueckversicherungs-Gesellschaft AG
Quarterly Report • May 13, 2025
6208_rns_2025-05-13_751b9b55-e05a-449d-a2e9-ca3df71cf290.pdf
Quarterly Report
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13 May 2025
Quarterly Statement: Munich Re posts net result of €1.1bn in Q1 despite high major-loss expenditure
- − Combined ratios above target values for property-casualty reinsurance (83.9%) and for Global Specialty Insurance (95.5%) due to LA wildfires
- − Life and health reinsurance: Total technical result of €608m surpasses pro-rata guidance
- − ERGO: Solid contribution of €241m to result
- − April renewals: Considerable premium growth (+6.1%) and slight decrease in prices (–2.5%)
- − Outlook reaffirmed by high operating profitability and sustained advantageous business opportunities in upcoming quarters
"Although Munich Re did not emerge unscathed from the devastating wildfires in Los Angeles in January 2025, we nevertheless managed to generate a quarterly profit of €1.1bn. This exemplifies the Munich Re Group's resilience, boosted once again by the prudent management of our business portfolio. For example, the impressive contributions to the net result from life reinsurance and from ERGO partially offset the higher combined ratios for property-casualty reinsurance and Global Specialty Insurance. We're sticking with our profit guidance of €6bn for the 2025 financial year – thanks in no small part to ongoing favourable market conditions and the high quality of our portfolio."
Christoph Jurecka, CFO
Summary of Q1 figures1,2
In Q1 2025, Munich Re generated a net result of €1,094m (2,115m). Insurance revenue from insurance contracts issued rose to €15,811m (15,061m). The total technical result fell to €2,054m (2,646m), which was primarily attributable to high majorloss expenditure in reinsurance. The currency result totalled –€506m (277m), due particularly to foreign exchange losses in connection with the US dollar. The operating result decreased to €1,465m (2,891m) and the effective tax rate was 22.3% (25.8%).
Equity was slightly higher at the reporting date (€33,310m) than at the start of the year (€32,901m). The solvency ratio3 was 285% (31 December 2024: 287%), which is above the optimum range (175–220%). The new share buy-back programme totalling €2.0bn has already been factored into the solvency ratio of 285%.
The annualised return on equity (RoE) for Q1 2025 was 13.3% (27.2%).
Reinsurance: Result of €853m1
Munich Re will present Global Specialty Insurance (GSI) as a separate reinsurance segment from the first quarter of 2025. Previously part of the property-casualty reinsurance segment, GSI now globally bundles those primary specialty insurance activities that are managed by the reinsurance organisation. The comparative information has been restated accordingly.
The reinsurance field of business contributed €853m (1,888m) to the net result in Q1. Insurance revenue from insurance contracts issued rose to €10,251m (9,858m). The total technical result decreased to €1,505m (2,101m) and the operating result to €1,142m (2,592m).
Life and health reinsurance generated a higher Q1 total technical result of €608m (484m), with the segment's net result rising to €501m (487m). Insurance revenue from insurance contracts issued increased to €3,071m (3,027m).
1 Previous year's figures adjusted due to a reclassification of currency translation differences on insurance-related financial instruments to the currency result.
2 Previous year's figures adjusted due to a modified accounting method of recognising acquisition costs in the ERGO Germany segment.
3 Does not include any transitional measures or, as at 31 March 2025, any deduction for dividends for the 2025 financial year to be paid in 2026.
The property-casualty reinsurance segment posted a net result of €343m (1,239m); insurance revenue from insurance contracts issued rose to €4,892m (4,696m). The combined ratio was 83.9% (69.7%) of net insurance revenue and the normalised combined ratio was 78.8%.
Overall claims expenditure resulting from major losses totalled €1,008m (450m) in the property-casualty reinsurance segment. These figures include gains and losses from the run-off of major losses from previous years. Major-loss expenditure corresponded to 21.3% (10.0%) of net insurance revenue, exceeding our expectation of 17%. Manmade major losses amounted to €251m (262m), while major losses from natural catastrophes increased to €757m (189m). The major-loss figures above take account of the effects from discounting and risk adjustment. The devastating wildfires in Los Angeles resulted in this segment's largest single claims event, totalling approximately €0.8bn (nominal).
The Global Specialty Insurance segment posted a net result of €8m (163m); insurance revenue from insurance contracts issued rose to €2,289m (2,135m). The combined ratio was 95.5% (87.6%) of net insurance revenue. Again, the LA wildfires constituted GSI's largest single claims event (about €0.2bn).
Munich Re currently anticipates all claims attributable to the wildfires in Los Angeles to total around €1.1bn.
In the reinsurance renewals as at 1 April 2025, Munich Re managed to increase the volume of business written to €2.8bn (+6.1%). Growing market challenges notwithstanding, the environment has remained favourable. Munich Re was thus able to leverage both its close relationships with clients and its expertise to tap into attractive business opportunities arising from the expansion of existing client relationships as well as new business – particularly in India, Latin America and Europe.
It was possible to maintain the portfolio's high quality thanks to stable contractual terms and conditions. Munich Re consistently discontinued business that did not meet expectations with regard to prices or terms and conditions.
Although prices fell overall, they mostly compensated for the higher loss estimates in some areas, which were primarily attributable to inflation and other loss trends. Primary insurance prices also increased in many markets, with Munich Re benefiting as regards proportional reinsurance contracts. Despite a 2.5% drop, the high price level of Munich Re's portfolio changed little overall. When adjusted for portfolio diversification effects, rates dropped by 1.7%. These figures are, as always, risk-adjusted. In other words,
price increases are offset if they are associated with increased risk and, consequently, elevated loss expectations.
Despite market pressure increasing, Munich Re expects the environment to remain positive in the upcoming July renewal round.
ERGO: Result of €241m2
From Q1 2025, regular reporting on ERGO will focus on the segments ERGO Germany and ERGO International.
In the ERGO field of business, Munich Re posted a net result of €241m (226m) in Q1. Insurance revenue from insurance contracts issued grew to €5,560m (5,204m), with particularly strong growth in international business.
ERGO Germany generated a result of €140m (161m); the minor decline was attributable to a lower investment result. Conversely, the segment's insurance service result was somewhat higher year on year. Property-casualty business in Germany profited in Q1 2025 from lower costs and from major-loss expenditure that was slightly higher than the very good Q1 2024 figure but lower than anticipated. At Life and Health Germany, the release of the contractual service margin was similar year on year; the insurance service result from short-term health and travel business improved.
The ERGO International segment generated a higher net result of €100m (65m) – primarily underpinned by property-casualty business in Poland and Greece, by health business in Spain, and by higher result contributions from joint ventures in Asia. This segment's insurance service result was good thanks to ongoing profitable growth and favourable claims development.
The total technical result for the ERGO field of business amounted to €549m (545m) and the operating result rose to €323m (299m). The combined ratio was 88.8% (87.6%) at Property-casualty Germany and 89.0% (89.5%) in the ERGO International segment.
Investments: Investment result of €1,323m
Munich Re's investment result decreased to €1,323m (2,163m) in Q1, while regular income from investments increased to €2,090m (1,807m) – owing in part to sustained high interest rates. The balance from write-ups and write-downs was –€39m (–48m); the balance from gains and losses on the disposal of investments came to –€40m (–55m). The fair-value change was –€527m (586m).
Negative fair value changes of fixed-interest securities were the main reason behind the lower investment result compared with Q1 2024. Fixed-interest securities namely depreciated on account of higher European interest rates in Q1.
Overall, the Q1 investment result represents a return of 2.2% (3.8%) on the average market value of the portfolio. The running yield was 3.5% (3.2%) and the reinvestment yield was 4.6%. As at 31 March 2025, the equity-backing ratio including equity-linked derivatives amounted to 3.5% (2.9% as at 31 December 2024). The carrying amount of the investment portfolio as at 31 March 2025 was €227,921m (230,716m).
Outlook for 2025: Annual guidance unchanged at €6bn
Anticipating sustained advantageous business opportunities in coming quarters, Munich Re is aiming to generate a net result of €6.0bn for the 2025 financial year. The targets communicated for 2025 in Munich Re's Group Annual Report 2024 remain unchanged.
Please note that all figures are rounded values. As usual, all forecasts and targets are subject to increased uncertainties stemming from geopolitical and macroeconomic developments, to major losses remaining within normal bounds, and to the income statement not being impacted by severe fluctuations in the currency or capital markets, significant changes in the tax environment, or other one-off effects.
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München Group Media Relations Königinstrasse 107, 80802 Munich, Germany
www.munichre.com LinkedIn: https://de.linkedin.com/company/munich-re
For Media inquiries please contact
Group Media Relations Stefan Straub Tel.: +49 89 3891 9896 Mobile: +49 151 64 93 30 48 [email protected]
Media Relations Asia-Pacific Faith Thoms Tel.: +65 63180762 Mobile: +65 83390125 [email protected]
Financial Communications Axel Rakette Tel.: +49 89 3891 3141 Mobile: +49 151 20 46 21 32 [email protected]
Media Relations North America Ashleigh Lockhart Tel.: +1 609 275-2110 Mobile: +1 980 395 2979 [email protected]
Group Media Relations Irmgard Joas Tel.: +49 89 3891 6188 Mobile: +49 151 52 81 70 24 [email protected]
Media Relations London Market Lillian Ng Tel.: +44 207 8863952 Mobile: +44 7809 495299 [email protected]
Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024.
Disclaimer
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.
Key figures
Munich Re at a glance1
| Q1 2025 | Q1 2024 | Change | ||
|---|---|---|---|---|
| % | ||||
| Net result | €m | 1,094 | 2,115 | -48.3 |
| Thereof attributable to non-controlling interests | €m | 1 | 0 | 183.1 |
| Earnings per share | € | 8.34 | 15.77 | -47.1 |
| Return on equity (RoE) | % | 13.3 | 27.2 | |
| Return on investment (Rol) | % | 2.2 | 3.8 |
| 31.3.2025 | 31.12.2024 | Change | ||
|---|---|---|---|---|
| % | ||||
| Share price | € | 582.40 | 487.10 | 19.6 |
| Munich Reinsurance Company's market capitalisation | €bn | 77.9 | 65.2 | 19.6 |
| Carrying amount per share | € | 253.57 | 249.58 | 1.6 |
| Investments | €m | 227,921 | 230,716 | -1.2 |
| Investments for unit-linked life insurance | €m | 9,129 | 9,186 | -0.6 |
| Equity | €m | 33,310 | 32,901 | 1.2 |
| Insurance contracts issued and reinsurance contracts held (net) | €m | 207,656 | 211,461 | -1.8 |
| Balance sheet total | €m | 282,616 | 286,442 | -1.3 |
| Number of staff | 43,615 | 43,584 | 0.1 |
Reinsurance2,3
| Q1 2025 | Q1 2024 | Change | ||
|---|---|---|---|---|
| % | ||||
| Insurance revenue from insurance contracts issued | €m | 10,251 | 9,858 | 4.0 |
| Total technical result Life and health | €m | 608 | 484 | 25.6 |
| Combined ratio – Property-casualty | % | 83.9 | 69.7 | |
| Combined ratio – Global Specialty Insurance | % | 95.5 | 87.6 | |
| Investment result | €m | 765 | 1,071 | -28.5 |
| Net result | €m | 853 | 1,888 | -54.8 |
| Thereof: Reinsurance – Life and health | €m | 501 | 487 | 3.0 |
| Thereof: Reinsurance – Property-casualty | €m | 343 | 1,239 | -72.3 |
| Thereof: Global Specialty Insurance | €m | 8 | 163 | -95.0 |
| Return on equity (RoE) | % | 12.1 | 28.9 |
ERGO1,3
| Q1 2025 | Q1 2024 | Change % |
||
|---|---|---|---|---|
| Insurance revenue from insurance contracts issued | €m | 5,560 | 5,204 | 6.8 |
| Combined ratio – Property-casualty Germany | % | 88.8 | 87.6 | |
| Combined ratio – International | % | 89.0 | 89.5 | |
| Investment result | €m | 558 | 1,092 | -48.9 |
| Net result | €m | 241 | 226 | 6.4 |
| Thereof: ERGO Germany | €m | 140 | 161 | -12.7 |
| Thereof: ERGO International | €m | 100 | 65 | 53.5 |
| Return on equity (RoE) | % | 20.5 | 18.4 |
1 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
2 Previous year's figures adjusted due to a reclassification of currency translation differences on insurance-related financial instruments to the currency result.
3 Previous year's figures adjusted due to change in segment reporting.
Outlook Munich Re (Group) 2025
| As at | From Annual | ||
|---|---|---|---|
| 31.03.2025 | Report 2024 | ||
| Insurance revenue from insurance contracts issued | €bn | 64 | 64 |
| Total technical result – Life and health reinsurance | €bn | 1.7 | 1.7 |
| Combined ratio – Property-casualty reinsurance | % | 79 | 79 |
| Combined ratio – Global Specialty Insurance | % | 90 | 90 |
| Combined ratio – ERGO Property-casualty Germany | % | 89 | 89 |
| Combined ratio – ERGO International | % | 90 | 90 |
| Return on investment | % | over 3.0 | over 3.0 |
| Net result | €bn | 6.0 | 6.0 |
| Economic Earnings | €bn | over 6.0 | over 6.0 |
Investment result
| Q1 2025 | RoI1 | Q1 2024 | RoI1 | |
|---|---|---|---|---|
| €m | % | €m | % | |
| Regular income | 2,090 | 3.5 | 1,807 | 3.2 |
| Write-ups/write-downs | -39 | -0.1 | -48 | -0.1 |
| Change in expected credit losses | 4 | 0.0 | 25 | 0.0 |
| Gains/losses on disposal | -40 | -0.1 | -55 | -0.1 |
| Fair value changes | -527 | -0.9 | 586 | 1.0 |
| Other income/expenses | -165 | -0.3 | -152 | -0.3 |
| Total | 1,323 | 2.2 | 2,163 | 3.8 |
1 Annualised return in % p.a. on the average fair value of the investment portfolio at the quarterly reporting dates.
Consolidated balance sheet1
Assets
| 31.3.2025 | 31.12.2024 | Change | ||||
|---|---|---|---|---|---|---|
| €m | €m | €m | €m | €m | % | |
| A. Intangible assets | ||||||
| I. Goodwill | 3,351 | 3,443 | -92 | -2.7 | ||
| II. Other intangible assets | 798 | 819 | -21 | -2.5 | ||
| 4,149 | 4,262 | -113 | -2.7 | |||
| B. Reinsurance contracts held that are assets | 4,067 | 4,123 | -56 | -1.4 | ||
| C. Insurance contracts issued that are assets | 7,398 | 7,208 | 189 | 2.6 | ||
| D. Investments | ||||||
| I. Non-financial investments | ||||||
| 1. Investment property |
10,060 | 10,189 | -130 | -1.3 | ||
| 2. Property, plant and equipment |
814 | 405 | 409 | 100.9 | ||
| 3. Intangible assets |
71 | 74 | -2 | -3.2 | ||
| 4. Biological assets |
1,182 | 1,202 | -20 | -1.6 | ||
| 5. Inventories |
10 | 12 | -1 | – | ||
| 6. Investments in affiliated companies, associates and joint ventures |
||||||
| 4,990 | 5,266 | -275 | -5.2 | |||
| Thereof: Associates and joint ventures accounted for using the equity | ||||||
| method | 4,531 | 4,701 | -170 | -3.6 | ||
| 17,127 | 17,147 | -20 | -0.1 | |||
| II. Financial investments | 210,793 | 213,569 | -2,776 | -1.3 | ||
| 227,921 | 230,716 | -2,796 | -1.2 | |||
| E. Investments for unit-linked life insurance | 9,129 | 9,186 | -57 | -0.6 | ||
| F. Insurance-related financial instruments | 8,949 | 9,563 | -614 | -6.4 | ||
| G. Receivables | ||||||
| I. Current tax receivables | 733 | 690 | 43 | 6.2 | ||
| II. Financial receivables | 4,339 | 4,204 | 135 | 3.2 | ||
| III.Other receivables | 1,625 | 1,703 | -78 | -4.6 | ||
| 6,697 | 6,597 | 100 | 1.5 | |||
| H. Cash and cash equivalents | 5,493 | 6,116 | -623 | -10.2 | ||
| I. Deferred tax assets |
2,521 | 2,591 | -70 | -2.7 | ||
| J. Other assets | 5,414 | 5,304 | 109 | 2.1 | ||
| K. Non-current assets held for sale | 878 | 774 | 104 | 13.4 | ||
| Total assets | 282,616 | 286,442 | -3,826 | -1.3 | ||
Equity and liabilities
| 31.3.2025 | 31.12.2024 | Change | ||||
|---|---|---|---|---|---|---|
| €m | €m | €m | €m | €m | % | |
| A. Equity | ||||||
| I. Issued capital and capital reserve | 7,419 | 7,422 | -3 | 0.0 | ||
| II. Retained earnings | 24,619 | 19,274 | 5,345 | 27.7 | ||
| III.Other reserves | 7 | 397 | -390 | -98.3 | ||
| IV.Net result attributable to Munich Reinsurance Company equity holders | 1,093 | 5,704 | -4,611 | -80.8 | ||
| V. Non-controlling interests | 173 | 104 | 68 | 65.5 | ||
| 33,310 | 32,901 | 409 | 1.2 | |||
| B. Subordinated liabilities | 6,320 | 6,321 | -1 | 0.0 | ||
| C. Reinsurance contracts held that are liabilities | 316 | 523 | -207 | -39.6 | ||
| D. Insurance contracts issued that are liabilities | ||||||
| I. Liability for remaining coverage | 131,298 | 132,560 | -1,262 | -1.0 | ||
| II. Liability for incurred claims | 87,499 | 89,702 | -2,204 | -2.5 | ||
| III.Other technical liabilities | 7 | 7 | 0 | -3.7 | ||
| 218,804 | 222,269 | -3,465 | -1.6 | |||
| E. Other provisions | 2,717 | 2,760 | -43 | -1.6 | ||
| F. Liabilities | ||||||
| I. Derivatives | 934 | 1,274 | -340 | -26.7 | ||
| II. Non derivative financial liabilities | 4,258 | 4,099 | 159 | 3.9 | ||
| III.Current tax liabilities | 2,283 | 2,179 | 104 | 4.8 | ||
| IV.Other liabilities | 11,840 | 12,120 | -279 | -2.3 | ||
| 19,316 | 19,671 | -355 | -1.8 | |||
| G. Deferred tax liabilities | 1,753 | 1,973 | -220 | -11.2 | ||
| H. Liabilities related to non-current assets held for sale | 80 | 23 | 57 | 243.3 | ||
| Total equity and liabilities | 282,616 | 286,442 | -3,826 | -1.3 |
1 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
Consolidated income statement1,2
| Q1 2025 | Q1 2024 | Change | |||||
|---|---|---|---|---|---|---|---|
| €m | €m | €m | €m | €m | % | ||
| 1. | Insurance revenue from insurance contracts issued | 15,811 | 15,061 | 750 | 5.0 | ||
| 2. | Insurance service expenses from insurance contracts issued | -13,775 | -12,323 | -1,452 | -11.8 | ||
| Claims expenses | -11,580 | -10,208 | -1,372 | -13.4 | |||
| Changes from underlying items | 100 | 56 | 44 | 78.8 | |||
| Administration and acquisition costs | -2,296 | -2,172 | -124 | -5.7 | |||
| Other insurance service expenses | 0 | 0 | 0 | – | |||
| 3. | Insurance service result from insurance contracts issued (1+2) | 2,036 | 2,738 | -702 | -25.6 | ||
| 4. | Insurance revenue ceded from reinsurance contracts held | -391 | -407 | 16 | 3.8 | ||
| 5. | Income from reinsurance contracts held | 250 | 201 | 50 | 24.9 | ||
| 6. | Insurance service result from reinsurance contracts held (4+5) | -141 | -206 | 65 | 31.8 | ||
| 7. | Insurance service result (3+6) | 1,895 | 2,532 | -636 | -25.1 | ||
| 8. | Result from insurance-related financial instruments | 158 | 114 | 44 | 38.5 | ||
| 9. | Total technical result (7+8) | 2,054 | 2,646 | -592 | -22.4 | ||
| 10. | Investment result | 1,323 | 2,163 | -840 | -38.8 | ||
| 11. | Currency result | -506 | 277 | -783 | – | ||
| 12. | Investment result for unit-linked life insurance | -42 | 541 | -583 | – | ||
| 13. | Insurance finance income or expenses from insurance contracts issued | -894 | -2,198 | 1,304 | 59.3 | ||
| 14. | Insurance finance income or expenses from reinsurance contracts held | 24 | 26 | -2 | -9.1 | ||
| 15. | Insurance finance income or expenses (13+14) | -871 | -2,173 | 1,302 | 59.9 | ||
| 16. | Net financial result (10+11+12+15) | -95 | 808 | -904 | – | ||
| 17. | Other operating income | 333 | 306 | 27 | 8.8 | ||
| 18. | Other operating expenses | -827 | -870 | 43 | 4.9 | ||
| 19. | Operating result (9+16+17+18) | 1,465 | 2,891 | -1,426 | -49.3 | ||
| 20. | Net finance costs | -57 | -42 | -16 | -37.3 | ||
| 21. | Taxes on income | -313 | -734 | 421 | 57.3 | ||
| 22. | Net result (19+20+21) | 1,094 | 2,115 | -1,021 | -48.3 | ||
| Thereof: | |||||||
| Attributable to Munich Reinsurance Company equity holders | 1,093 | 2,114 | -1,021 | -48.3 | |||
| Attributable to non-controlling interests | 1 | 0 | 0 | 183.1 | |||
| Earnings per share | 8.34 | 15.77 | -7.43 | -47.1 |
1 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
2 Previous year's figures adjusted due to a reclassification of currency translation differences on insurance-related financial instruments to the currency result.
Segment balance sheet1,2
Segment assets
| Reinsurance | ERGO | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Specialty | |||||||||||||
| Life and health | Property-casualty | Insurance | Germany | International | |||||||||
| €m | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | |
| A. Intangible assets | 274 | 286 | 1,153 | 1,205 | 1,004 | 1,046 | 1,331 | 1,337 | 386 | 387 | 4,149 | 4,262 | |
| B. Reinsurance contracts held that are assets | 557 | 722 | 1,918 | 1,793 | 730 | 686 | 409 | 428 | 453 | 493 | 4,067 | 4,123 | |
| C. Insurance contracts issued that are assets | 6,528 | 6,261 | 56 | 103 | 221 | 204 | 506 | 561 | 87 | 79 | 7,398 | 7,208 | |
| D. Investments | 17,802 | 19,077 | 66,440 | 67,485 | 16,548 | 15,208 | 110,637 | 112,424 | 16,495 | 16,523 | 227,921 | 230,716 | |
| E. Investments for unit-linked life insurance | 0 | 0 | 0 | 0 | 0 | 0 | 6,371 | 6,430 | 2,759 | 2,756 | 9,129 | 9,186 | |
| F. Insurance-related financial instruments | 8,257 | 8,426 | 350 | 785 | 0 | 0 | 342 | 353 | 0 | 0 | 8,949 | 9,563 | |
| G. Non-current assets held for sale | 13 | 12 | 264 | 147 | 97 | 2 | 504 | 613 | 0 | 0 | 878 | 774 | |
| H. Other segment assets | 3,070 | 3,350 | 7,431 | 7,693 | 2,136 | 2,091 | 6,099 | 6,133 | 1,389 | 1,341 | 20,125 | 20,609 | |
| Total segment assets | 36,502 | 38,134 | 77,611 | 79,212 | 20,735 | 19,238 | 126,198 | 128,280 | 21,569 | 21,579 | 282,616 | 286,442 |
Segment equity and liabilities
| Reinsurance | ERGO | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Specialty | ||||||||||||
| Life and health | Property-casualty | Insurance | Germany | International | ||||||||
| €m | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 |
| A. Subordinated liabilities | 762 | 837 | 5,323 | 5,272 | 221 | 198 | 0 | 0 | 13 | 13 | 6,320 | 6,321 |
| B. Reinsurance contracts held that are liabilities | 48 | 188 | 18 | 57 | 43 | 36 | 112 | 112 | 95 | 130 | 316 | 523 |
| C. Insurance contracts issued that are liabilities | 15,987 | 16,499 | 55,026 | 55,935 | 12,027 | 11,956 | 119,923 | 121,930 | 15,841 | 15,949 | 218,804 | 222,269 |
| I. Liability for remaining coverage | 9,622 | 8,483 | -4,488 | -4,228 | 2,116 | 2,256 | 111,552 | 113,401 | 12,496 | 12,648 | 131,298 | 132,560 |
| III. Liability for incurred claims | 6,365 | 8,016 | 59,514 | 60,163 | 9,911 | 9,701 | 8,371 | 8,529 | 3,338 | 3,294 | 87,499 | 89,702 |
| II. Other technical Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 7 | 7 | 7 |
| D. Other provisions | 158 | 147 | 420 | 457 | 197 | 194 | 1,575 | 1,589 | 366 | 373 | 2,717 | 2,760 |
| E. Liabilities related to non-current assets held for sale |
3 | 2 | 57 | 21 | 20 | 0 | 0 | 0 | 0 | 0 | 80 | 23 |
| F. Other segment liabilities | 6,479 | 6,282 | 5,993 | 6,690 | 2,310 | 2,044 | 3,758 | 4,273 | 2,529 | 2,356 | 21,069 | 21,644 |
| Total segment liabilities | 23,438 | 23,955 | 66,838 | 68,431 | 14,818 | 14,429 | 125,368 | 127,904 | 18,844 | 18,822 | 249,306 | 253,541 |
| Equity | 33,310 | 32,901 | ||||||||||
| Total equity and liabilities | 282,616 | 286,442 | ||||||||||
| Selected balance sheet items: | ||||||||||||
| Risk adjustment for non-financial risk (total)3 | 3,527 | 3,605 | 351 | 361 | 46 | 47 | 787 | 731 | 190 | 146 | 4,902 | 4,891 |
| Contractual service margin (total)3 | 14,721 | 14,455 | 341 | 272 | 0 | 0 | 10,201 | 9,944 | 2,797 | 2,884 | 28,060 | 27,556 |
| Loss component by segment (total) | 230 | 243 | 510 | 480 | 94 | 108 | 140 | 136 | 261 | 266 | 1,236 | 1,232 |
1 Previous year's figures adjusted due to change in segment reporting.
2 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
3 Risk adjustment for non-financial risk and contractual service margin include ceded parts.
Segment income statement1,2,3
| Reinsurance | ERGO | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Specialty | |||||||||||||
| Life and health | Property-casualty Insurance |
Germany | International | ||||||||||
| €m | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | |
| 1. Insurance revenue from insurance contracts issued | 3,071 | 3,027 | 4,892 | 4,696 | 2,289 | 2,135 | 3,903 | 3,681 | 1,656 | 1,523 | 15,811 | 15,061 | |
| 2. Insurance service expenses from insurance contracts issued | -2,584 | -2,647 | -4,104 | -3,230 | -2,124 | -1,829 | -3,500 | -3,302 | -1,463 | -1,316 | -13,775 | -12,323 | |
| Claims expenses | -2,475 | -2,545 | -3,708 | -2,852 | -1,419 | -1,210 | -2,948 | -2,685 | -1,030 | -916 | -11,580 | -10,208 | |
| Changes from underlying items | 0 | 0 | 0 | 0 | 0 | 0 | 105 | 56 | -4 | 0 | 100 | 56 | |
| Admin and acquisition cost | -109 | -102 | -396 | -378 | -705 | -618 | -658 | -674 | -429 | -400 | -2,296 | -2,172 | |
| Other insurance service expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 3. Insurance service result from insurance contracts issued (1+2) | 486 | 380 | 788 | 1,465 | 165 | 307 | 403 | 379 | 194 | 207 | 2,036 | 2,738 | |
| 4. Insurance revenue ceded from reinsurance contracts held | -39 | -42 | -166 | -200 | -106 | -87 | -25 | -17 | -55 | -61 | -391 | -407 | |
| 5. Income from reinsurance contracts held | 40 | 29 | 138 | 95 | 38 | 33 | -1 | 10 | 35 | 34 | 250 | 201 | |
| 6. Insurance service result from reinsurance contracts held (4+5) | 1 | -13 | -28 | -105 | -68 | -53 | -26 | -7 | -20 | -27 | -141 | -206 | |
| 7. Insurance service result (3+6) | 487 | 367 | 760 | 1,361 | 97 | 253 | 377 | 372 | 174 | 179 | 1,895 | 2,532 | |
| 8. Result from insurance-related financial instruments | 121 | 117 | 40 | 5 | 0 | -1 | -2 | -6 | 0 | 0 | 158 | 114 | |
| 9. Total technical result (7+8) | 608 | 484 | 800 | 1,365 | 97 | 252 | 375 | 366 | 173 | 179 | 2,054 | 2,646 | |
| 10. Investment result | 141 | 172 | 498 | 792 | 127 | 107 | 445 | 1,009 | 113 | 83 | 1,323 | 2,163 | |
| 11. Currency result | 2 | 31 | -240 | 223 | -22 | 11 | -242 | 24 | -4 | -12 | -506 | 277 | |
| 12. Investment result for unit-linked life insurance | 0 | 0 | 0 | 0 | 0 | 0 | -30 | 370 | -12 | 171 | -42 | 541 | |
| 13. Insurance finance income or expenses from insurance contracts issued | -45 | -41 | -481 | -455 | -123 | -110 | -174 | -1,339 | -71 | -253 | -894 | -2,198 | |
| 14. Insurance finance income or expenses from reinsurance contracts held | 1 | 0 | 14 | 17 | 5 | 5 | 1 | 0 | 3 | 3 | 24 | 26 | |
| 15. Insurance finance income or expenses (13+14) | -45 | -40 | -467 | -437 | -118 | -105 | -174 | -1,339 | -68 | -251 | -871 | -2,173 | |
| 16. Net financial result (10+11+12+15) | 98 | 163 | -209 | 578 | -13 | 12 | 0 | 63 | 29 | -9 | -95 | 808 | |
| 17. Other operating income | 82 | 79 | 67 | 61 | 85 | 66 | 52 | 57 | 47 | 43 | 333 | 306 | |
| 18. Other operating expenses | -117 | -114 | -196 | -226 | -160 | -129 | -238 | -279 | -116 | -122 | -827 | -870 | |
| 19. Operating result (9+16+17+18) | 671 | 612 | 461 | 1,779 | 10 | 201 | 190 | 208 | 133 | 91 | 1,465 | 2,891 | |
| 20. Net finance costs | -5 | 3 | -39 | -32 | -6 | -5 | 5 | 3 | -12 | -11 | -57 | -42 | |
| 21. Taxes on income | -165 | -129 | -79 | -508 | 4 | -33 | -54 | -50 | -20 | -14 | -313 | -734 | |
| 22. Net result (19+20+21) | 501 | 487 | 343 | 1,239 | 8 | 163 | 140 | 161 | 100 | 65 | 1,094 | 2,115 |
1 Previous year's figures adjusted due to change in segment reporting.
2 Previous year's figures adjusted due to a reclassification of currency translation differences on insurance-related financial instruments to the currency result.
3 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
Notes on determining the combined ratio1
| Reinsurance | ERGO | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Global Specialty | Property-casualty | ||||||||
| Property-casualty | Insurance | Germany2 | International3 | ||||||
| €m | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | |
| Insurance revenue from insurance contracts issued | 4,892 | 4,696 | 2,289 | 2,135 | 1,176 | 1,149 | 1,336 | 1,219 | |
| Insurance revenue ceded from reinsurance contracts held | -166 | -200 | -106 | -87 | -21 | -15 | -52 | -58 | |
| Insurance revenue (net) | 4,726 | 4,496 | 2,183 | 2,049 | 1,155 | 1,134 | 1,284 | 1,161 | |
| Insurance service expenses from insurance contracts issued | -4,104 | -3,230 | -2,124 | -1,829 | -1,022 | -1,002 | -1,177 | -1,072 | |
| Income from reinsurance contracts held | 138 | 95 | 38 | 33 | -3 | 9 | 33 | 33 | |
| Insurance service expenses (net) | -3,966 | -3,135 | -2,086 | -1,796 | -1,025 | -994 | -1,144 | -1,039 | |
| Combined ratio | % | 83.9 | 69.7 | 95.5 | 87.6 | 88.8 | 87.6 | 89.0 | 89.5 |
1 Previous year's figures adjusted due to change in segment reporting.
2 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
3 Property-casualty business, travel insurance business and short-term health insurance business (excluding health insurance conducted like life insurance).
Total technical result1
| Reinsurance | ERGO | |||||
|---|---|---|---|---|---|---|
| Life and Health2 | Germany3,4 | International4 | ||||
| €m | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 |
| Release of CSM | 279 | 251 | 211 | 211 | 63 | 61 |
| Release of risk adjustment (non-PAA) | 75 | 71 | 10 | 8 | 2 | 3 |
| Experience adjustments not adjusted against CSM (non-PAA) | 143 | 54 | -9 | -1 | -2 | 3 |
| Onerous contracts and changes not affecting CSM (non-PAA) | -10 | -9 | -2 | -9 | -3 | 7 |
| Insurance service result from PAA business | 0 | 0 | 38 | 23 | 3 | 5 |
| Insurance service result | 487 | 367 | 248 | 232 | 63 | 78 |
| Result from insurance-related financial instruments | 121 | 117 | -2 | -6 | 0 | 0 |
| Total technical result | 608 | 484 | 246 | 225 | 63 | 78 |
1 Previous year's figures adjusted due to change in segment reporting.
2 Previous year's figures adjusted due to a reclassification of currency translation differences on insurance-related financial instruments to the currency result.
3 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
4 Life & Health business
CSM/RA Development1
| Reinsurance | ERGO | |||||
|---|---|---|---|---|---|---|
| €m | Life and health | Germany2 | International2 | |||
| CSM | RA | CSM | RA | CSM | RA | |
| 31.12.2024 | 14,455 | 3,605 | 9,562 | 647 | 2,654 | 111 |
| New contracts added | 803 | 108 | 52 | 2 | 135 | 4 |
| Accretion of interest | 95 | 24 | 0 | 0 | 9 | 0 |
| Operating changes | 165 | -75 | 377 | 51 | -155 | 46 |
| Change in financial effects | -519 | -59 | 0 | 0 | 3 | -6 |
| Other | 1 | 1 | 0 | 0 | 0 | 0 |
| Release (through P&L) | -279 | -75 | -211 | -10 | -63 | -2 |
| 31.3.2025 | 14,721 | 3,527 | 9,781 | 689 | 2,583 | 153 |
1 Net of reinsurance.
2 Life & Health business
Notes on determining the annualised return on equity (RoE)1
| Reinsurance | ERGO | Total | |||||
|---|---|---|---|---|---|---|---|
| €m | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | 31.3.2025 | 31.12.2024 | |
| Segment assets | 136,797 | 136,583 | 147,767 | 149,859 | 284,564 | 286,442 | |
| Segment liabilites | 107,043 | 106,815 | 144,212 | 146,726 | 251,254 | 253,541 | |
| Adjustments used in the calculation of equity | |||||||
| Other reserves - Fair value measurement, measurement of insurance contracts, currency translation, hedge relationships |
677 | 1,087 | -670 | -690 | 7 | 397 | |
| Adjustment item for material asset transfers | |||||||
| between reinsurance and ERGO | 279 | 1,094 | -279 | -1,094 | 0 | 0 | |
| Adjusted equity | 28,799 | 27,587 | 4,504 | 4,917 | 33,303 | 32,504 | |
| Q1 2025 | Q1 2025 | Q1 2025 | |||||
| Average adjusted equity | 28,193 | 4,711 | 32,904 | ||||
| Net result | 853 | 241 | 1,094 | ||||
| Return on equity (RoE) | % | 12.1 | 20.5 | 13.3 |
1 Previous year´s figures adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.
Notes on determining the annualised return on equity (RoE)1
| Reinsurance | ERGO | Total | |||||
|---|---|---|---|---|---|---|---|
| €m | 31.3.2024 | 31.12.2023 | 31.3.2024 | 31.12.2023 | 31.3.2024 | 31.12.2023 | |
| Segment assets | 127,810 | 125,994 | 147,842 | 147,735 | 275,651 | 273,729 | |
| Segment liabilites | 99,676 | 99,634 | 144,638 | 144,186 | 244,314 | 243,821 | |
| Adjustments used in the calculation of equity | |||||||
| Other reserves - Fair value measurement, measurement of insurance contracts, currency translation, hedge relationships |
50 | 189 | -737 | -475 | -687 | -286 | |
| Adjustment item for material asset transfers | |||||||
| between reinsurance and ERGO | 1,054 | 940 | -1,054 | -940 | 0 | 0 | |
| Adjusted equity | 27,030 | 25,231 | 4,995 | 4,963 | 32,025 | 30,195 | |
| Q1 2024 | Q1 2024 | Q1 2024 | |||||
| Average adjusted equity | 26,131 | 4,979 | 31,110 | ||||
| Net result | 1,888 | 226 | 2,115 | ||||
| Return on equity (RoE) | % | 28.9 | 18.2 | 27.2 |
1 Figures as at 31 December 2023 and 31 March 2024 adjusted due to an accounting policy change for recognition of acquisition costs in the segment ERGO Germany.