Munich Re has reported a preliminary net profit of approximately €1.7bn for the third quarter of 2026, driven by a “very pleasing” operating performance across all business segments, below-average major-loss expenditure in P&C reinsurance, and a strong investment result in reinsurance.
The firm described the results as another quarter of strong financial performance, with its preliminary net profit comfortably exceeding the analyst consensus estimate of €1.479bn.
In August, Munich Re reported a net result of €2.211bn for the second quarter of 2026 and €3.925bn for the first half of the year, supported by very low major-loss expenditure in P&C reinsurance and a very strong investment result. At the time, the reinsurer said it remained “firmly on track” to achieve its full-year net profit target of €6.3bn for 2026, despite market speculation that it could revise its guidance amid the ongoing soft market.
With a preliminary net result of €5.7bn for the first nine months of 2026, Munich Re is now raising its full-year net profit guidance from €6.3bn to €6.6bn.
The reinsurer also revealed that, subject to major-loss developments over the remainder of the year, it intends to continue strengthening its balance sheet where appropriate in the fourth quarter, which suggests the firm could take the opportunity to boost its reserves.
Munich Re will report its final third-quarter 2026 results on 12 November 2026, as scheduled.
