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Munich Re reported first-quarter net income of €1.7 billion ($2 billion), up 57% from a year earlier, driven by lower major-loss claims and strong underwriting results in its property/casualty reinsurance and global specialty insurance businesses.
The German reinsurer said its property/casualty reinsurance combined ratio improved to 66.8% from 83.9% a year earlier, while the combined ratio of its global specialty insurance improved to 83.7% from 95.5%.
Major losses in property/casualty reinsurance fell to €130 million from €1.01 billion in the prior-year quarter, which had been heavily affected by the Los Angeles wildfires. Natural catastrophe losses dropped to €55 million from €757 million.
Munich Re said claims arising from the Iran war totaled about €90 million, including roughly €60 million in global specialty insurance and €30 million in reinsurance.
In April renewals, Munich Re said property/casualty reinsurance business volume declined 18.5% as it cut business that did not meet its pricing or terms expectations. Prices fell 3.1%, though the reinsurer said overall pricing levels remained favorable.
Chief Financial Officer Andrew Buchanan said the company remained on track to meet its full-year net income target of €6.3 billion.
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