Insurance giant Munich Re sees surge in Q1 profits [Yahoo! Finance]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Yahoo! Finance
The group has also reaffirmed its outlook for annual earnings in the current year. Christoph Jurecka, chief financial officer 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 April 1, where we tapped into attractive growth opportunities against a backdrop of continuing high rates." For the three-month period, the company recorded a net profit of €2.140 billion ($2.300 billion), higher than €1.271 billion registered for the same period last year. The reinsurance business recorded a net result of €1.888 billion, compared with €1.051 billion in 2023. The ERGO group of insurance firms owned by Munich Re contributed a net profit of €252 million, up from last year's €219 million. Munich Re's investment profit rose to €2.163 billion from €1.612 billion a y
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