Munich Reinsurance earnings date
Munich Reinsurance (MUV2) Q3 2026 Earnings Report
CH:MUV2 Q3 2026 EPS Results
- Actual EPS
- CHF 9.20
- Consensus EPS
- CHF 10.41
- Beat/Miss
- Missed by -CHF 1.21
- One Year Ago EPS
- CHF 14.28
CH:MUV2 Q3 2026 Revenue Results
- Actual Revenue
- CHF 2.04B
- Expected Revenue
- CHF 14.94B
- Beat/Miss
- Missed by -CHF 12.89B
- YoY Revenue Growth
- -87.61%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
Munich Reinsurance's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Munich Re reported a EUR 1.7 billion Q3 result, EUR 5.7 billion after nine months, raised full-year guidance to EUR 6.6 billion, and expects to beat full-year guidance in multiple reinsurance businesses. Operational performance, investment income, ERGO results, capital strength, and strategic growth initiatives were broadly favorable. The main challenges were lower ERGO investment returns, rising normalized P&C combined-ratio pressure, negative renewal volume trends, expected downward pricing pressure, specific disability assumption updates, and the decline in the Solvency II ratio, but these did not outweigh the positive performance described during the call.
For full-year 2026, Munich Re raised its net result guidance to EUR 6.6 billion, with the increase coming from the reinsurance business field, and expects to exceed its annual profit target for the sixth consecutive year; life and health reinsurance remains on track for full-year guidance of EUR 1.9 billion, P&C reinsurance is expected to beat its full-year guidance after a headline actual combined ratio of 72.2% after nine months, and Global Specialty Insurance is expected to beat its full-year guidance after achieving a combined ratio below 86% for the first nine months, while ERGO International’s P&C combined ratio of 89% met full-year guidance. The group’s revenue is “now holding strong and even looks as if it may exceed those levels that we set,” the 18% outlier guidance for this year is “probably higher than it needs to be,” and normalized combined ratio upward pressure will continue in Q4, with the 11.5% discounting benefit in Q3 not considered “the new normal”; the sustainable running yield was indicated as “something more like 3.7%, with maybe potential for some upwards drift,” and the financial outlook for 2027 will be disclosed on December 10th.
- Strong Q3 and Nine-Month Net ResultMunich Re reported a Q3 net result of EUR 1.7 billion, described as another particularly strong quarter. The net result reached EUR 5.7 billion after nine months, putting the company firmly on track to exceed its annual profit target for the sixth consecutive year.
- Revenue Growth and Progress Toward GuidanceRevenue grew by almost 5% year-on-year on a currency-adjusted basis in the first nine months, primarily driven by strong new business in life and health reinsurance and inorganic growth at ERGO International. Management said the company is making good progress toward its revised revenue guidance.
- P&C Reinsurance Revenue ResilienceP&C reinsurance revenue grew by 5% in Q3. Management attributed the performance primarily to a modest FX tailwind, followed by the continued earn-in of a large structured transaction, modest organic growth, facultative and corporate business, and stronger-than-expected underlying client volumes.
- Strong Investment Performance and Higher Reinvestment YieldThe reinsurance return on investment was 4.7% in Q3, supported by interest-rate derivatives positioned to benefit from higher yields and positive commodity investments. The group's return on investment was 3.2% in Q3 and 3.9% for the first nine months, remaining within full-year guidance. Higher interest rates lifted the reinvestment yield by 40 basis points during the quarter to 4.7%, while the running yield remained 4.0%.
- Life and Health Reinsurance Above Pro Rata TargetLife and health reinsurance delivered a total technical result of EUR 493 million in Q3, above the pro rata amount needed to meet the full-year ambition. Positive biometric experience, mainly mortality, supported the result. The stock of life CSM increased further through new business growth and large transactions, and management said the business is well on track to achieve its EUR 1.9 billion full-year technical result guidance.
- P&C Reinsurance Combined Ratio Ahead of GuidanceP&C reinsurance posted a Q3 combined ratio of 80%, with major losses somewhat below expectations. The nine-month headline actual combined ratio was 72.2%, and management expects to beat its full-year guidance. Higher interest rates generated 11.5 combined-ratio points of discounting benefit on newly incurred claims, while the company retained a cautious balance-sheet approach.
- Favorable Reserve PositionAlthough the provisional release for basic losses from prior years was reduced to 2% from the usual 6%, management said overall reserve development remains favorable, reserves continue to be well positioned, and there are no concerns about major reserve problems or serious reserve strengthenings in the near future.
- Global Specialty Insurance OutperformanceGlobal Specialty Insurance delivered a combined ratio of 83.9% in Q3, better than expectations and supported by benign major losses. The nine-month combined ratio was below 86%, putting the business on track to beat its full-year guidance.
- Strong ERGO ResultERGO delivered a Q3 net result of EUR 263 million, well above its pro rata guidance. ERGO Germany contributed EUR 118 million, supported by high CSM release, strong PAA business contribution, and continued profitable growth. ERGO International contributed EUR 145 million, supported by solid operating performance and the first-time full consolidation of ERGO China Life Insurance.
- Solid ERGO Technical PerformanceERGO Germany's P&C combined ratio was 89.8% in Q3, with cautious claims reserving. ERGO International's P&C combined ratio was 89%, meeting full-year guidance, while international life and health profitability significantly exceeded expectations due to sustained CSM release, particularly from Spain and Belgium Health, and a better-than-expected PAA result.
- Improving ERGO Germany Organic GrowthManagement described ERGO Germany's organic growth as impressive for a large, mature market. The reported growth rate accelerated from 2% at half year to 11% in Q3. Management said most of the growth was organic and that the revenue levels achieved at ERGO are sustainable, while noting that an accounting treatment update for premium adjustments in life and health may also have contributed.
- Strong Capital Position and Capital Deployment PlansDespite a decline in the Solvency II ratio to 301%, management described the economic solvency position as very strong. Munich Re intends to deploy capital through profitable business growth and selective M&A, including the forthcoming At-Bay acquisition, while also seeking to provide attractive capital returns to shareholders.
- Raised Full-Year Profit GuidanceMunich Re raised its full-year net result guidance to EUR 6.6 billion, with the increase coming from the reinsurance business field. Management said the strong results could support higher capital returns, and German GAAP results are proceeding well and are expected to support the capital return strategy.
- Strategic Rationale for At-Bay and ERGO NEXTManagement expects the At-Bay acquisition to close early next year, subject to the relevant process, and said its combination of cyber insurance with scanning, monitoring, and incident-response services is strategically attractive for small and medium-sized businesses. ERGO NEXT in California is progressing in terms of volume growth and technical performance, with management maintaining its commitment for the business to reach break-even by the end of next year.
- Improved GSI Exposure ManagementManagement attributed GSI's strong result amid severe convective storm activity partly to improved exposure management, concentration monitoring, geocoding, geolocation, and high-definition modeling. The company said third-party reinsurance recoveries did not materially drive the result and credited improved underwriting operations.
- Normalized Combined Ratio May Understate ProfitabilityManagement said the 18% outlier guidance used in normalization is probably higher than necessary in hindsight because of changes in business mix. As a result, the normalized combined ratio may understate the underlying profitability of the business somewhat, and Munich Re intends to address this for next year.
CH:MUV2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 8.88- | 6.8 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 10.419.20 | 14.28 | -35.59% (-5.08) | |
| Aug 07, 2026 | 2026 (Q2) | 13.1916.17 | 14.73 | 9.79% (+1.44) | |
| May 12, 2026 | 2026 (Q1) | 12.6212.39 | 7.69 | 61.18% (+4.70) | |
| Feb 26, 2026 | 2025 (Q4) | 6.666.80 | 6.82 | -0.23% (-0.02) | |
| Nov 11, 2025 | 2025 (Q3) | 13.4014.28 | 6.49 | 120.17% (+7.79) | |
| Aug 08, 2025 | 2025 (Q2) | 12.2814.73 | 11.23 | 31.09% (+3.49) | |
| May 13, 2025 | 2025 (Q1) | 7.527.69 | 14.75 | -47.89% (-7.06) | |
| Feb 26, 2025 | 2024 (Q4) | 5.276.82 | 6.89 | -1.05% (-0.07) | |
| Nov 07, 2024 | 2024 (Q3) | 7.946.49 | 7.95 | -18.47% (-1.47) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
