Munich Re earnings date and guidance
MyStockButler's October 2026 analysis: Munich Re’s next results are expected on November 12, 2026. Watch whether reported profit remains strong after major claims and investment effects.
What has Munich Re guided for 2026?
On 23 October, Munich Re raised its 2026 net-profit target after reporting preliminary profit of €5.7bn in the first nine months. The remaining quarter must still absorb claims, market movements and any decision to strengthen the balance sheet. Its operating targets cover insurance revenue, investment returns, property-casualty underwriting and the technical result from life and health reinsurance.
| Period it covers | Low | High | Date given | |
|---|---|---|---|---|
| Return on investment | 2026 | 3.5% | Aug 7, 2026 | |
| Net result | 2026 | 6.6 | 6.6 | Oct 23, 2026 |
| Insurance revenue – Reinsurance | 2026 | 38 | 38 | Aug 7, 2026 |
| Net result – Reinsurance | 2026 | 5.4 | 5.4 | Aug 7, 2026 |
| Insurance revenue – ERGO | 2026 | 24 | 24 | Aug 7, 2026 |
| Net result – ERGO | 2026 | 0.9 | 0.9 | Aug 7, 2026 |
| Insurance revenue – ERGO | 2030 | 26 | 30 | Dec 11, 2025 |
| Insurance revenue – Reinsurance | 2030 | 48 | 57 | Dec 11, 2025 |
| Return on investment | 2030 | 3.4% | 3.8% | Dec 11, 2025 |
Has Munich Re kept its past promises?
Munich Re delivered €6.121 billion of profit against its original €6 billion target for 2025. Its Ambition 2025 programme targeted a 14–16% return on equity and delivered 18.3% in 2025. Return on equity measures profit against shareholders’ capital. The result supports the outgoing leadership, but lower-than-expected major losses also helped.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Net result (consolidated result) | 5 years | 5 | 0 | 0 |
| Return on investment | 5 years | 4 | 0 | 1 |
| ERGO — net result | 5 years | 4 | 0 | 1 |
What is Munich Re’s trend in revenue and profit?
EPS growth also reflects buybacks and changing accounting. In 2025, net income grew 7.3%, while EPS grew 9.8%, helped by a 2.4% reduction in average diluted shares. IFRS 17 and IFRS 9 also changed the basis of comparison, while GSI became a separate segment in 2025.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Combined ratio – ERGO Property-casualty Germany | 90.2% | 86.6% | 89.1% | 88.7% | 89.1% | 88.8% | 86.8% | 88.8% |
| Operating result | 2,795 | 2,230 | 1,457 | 3,036 | 2,917 | 1,465 | 1,768 | 1,161 |
| Net income | 2,214 | 1,708 | 945 | 2,003 | 2,077 | 1,093 | 1,081 | 907 |
| EPS, diluted | 17.50 | 13.41 | 7.36 | 15.48 | 15.94 | 8.34 | 8.22 | 6.85 |
What this means. The June 2026 profit is used even though a newer preliminary profit exists, because the newer figure does not include the full financial statement needed for comparison.
What should I watch in Munich Re’s next results?
Final Q3 results are scheduled for 12 November 2026. They should show major claims, investment gains, segment performance and capital in greater detail. The useful comparison is reported profit against profit adjusted to an ordinary claims year.