Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (0KFE) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, a very warm welcome at the telephone media conference of Munich Re for the financial figures in Q1 twenty twenty six. Munich Re's Chief Financial Officer, Andrew Buchanan, will present and explain the results to you. Afterwards, we are happy to get your questions. The conference call will be streamed live on our webpage, neonicree.com, and the recording can be found there later today. Conference language today is English. A German translation is available as well. Please feel free to raise your questions in either English or German. With this, I like to hand over to Mr. Buchanan. Please, Andrew. Thank you very much, Stefan, and good morning from me as well to all of you. I'm very pleased to present our figures for Q1 of twenty twenty six. Munich Re made a strong start to the year delivering a pleasing net result of EUR1.7 billion. This performance underscores the Group's resilience amid elevated geopolitical and macroeconomic uncertainty. The direct impacts of the conflict in The Middle East on our underwriting results remained very manageable. By contrast, heightened volatility in capital markets weighed on the performance of our investment portfolio. In short, the narrative for the quarter is straightforward. Strong underlying operating performance across all business segments supported by benign major loss experience was largely offset by weaker investments and currency results. Importantly, for the full year, we are on track to achieve our expected results of €6,300,000,000 Now in my slide pack, Slide four contains the most important figures and I will guide you through them and point out some important aspects. In the top left, you can see the group results of EUR 1,700,000,000 for the first quarter that I mentioned a minute ago. This resul...