Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (0KFE) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to our Q2 earnings call. Today's speakers are Joachim Wenning, our CEO, and Christoph Jureka, our CFO. Procedure is as always, we will start with two statements of the two gentlemen before going into Q&A. And now I have the pleasure to hand it over to Joachim. Thanks, Christian, and sorry for the hiccup, dear colleagues. So let me start. After the first half of the year, we see ongoing strong performance across all lines of business. With a net result of €3.2 billion, we are well on track to achieve our full-year targets. In P&C reinsurance and in global specialty insurance, we have more than compensated for the severe losses from the LA wildfires in Q1, by very strong technical results in the second quarter. In life insurance, the portfolio is performing pleasingly as expected. And finally, Ergo continues to be a very reliable earnings contributor for several years now, delivering quarter by quarter. This translates in a return on equity of almost 20%, well above of our targeted range of 14% to 16%, which is going to be updated by a new financial ambition at our investors' day in December 11. I beg your understanding that today I cannot be more precise on the new ambition as we are in the midst of our planning process. but you can rest assured already today that we anticipate further earnings growth going forward as our business is in a very healthy state across the board. We will continue our journey to expand the earnings contribution of less cyclical and less volatile business segments to further reduce dependency on P&C reinsurance results. Thereby, we further diversify our earnings profile and facilitate increasing resilience of our financial performance going forward. Global specialty insurance is shaping its portfolio to leverage the opportunities of ...