Munich Re net result surges more than 68% to €2.14bn in Q1 2024 [Yahoo! Finance]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Yahoo! Finance
The company attributed this growth to several factors including a lower-than-average major-loss expenditure, a robust return on investment and strong operational performance across all business segments. During the quarter, the company's insurance revenue from contracts issued was €15.06bn, up from €14.27bn a year ago. The reinsurance sector's net result was €1.88bn, and insurance revenue from contracts issued in this segment reached €9.85bn. The life and health reinsurance division reported a net result of €552m, while the property and casualty reinsurance segment delivered a net result of €1.33bn. Losses across both divisions totalled €650m, a decrease from the previous year's €1.03bn. Man-made major losses, however, increased to €418m from €165m last year, with the most significant individual loss being the collapse of the Francis Scott Key Bridge in Baltimore. Munich Re's ERGO business reported a net result of €252m for Q1. The insurance revenue from contracts issue
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