Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (0KFE) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Moritz, and good morning and welcome to everyone to Munich Re's Q3 earnings call. Today I have the pleasure to introduce two speakers to you. As always, Christoph Jureka, our CFO, for his last quarterly earnings call as the Group CFO before taking over the Group CEO role next year. And a warm welcome also to Andrew Buchanan. CFO of Reinsurance. Most of you know him anyway. He will be the group CFO as of next year. Andrew will support us during the Q&A session. Now I hand it over to Christoph for his opening remarks. Thank you, Christian, and good morning also from my side. It's always a pleasure being here, and I'm pretty sure I'll miss all of you, but I'll still be around. As always, I start with my introductory remarks. Munich posted another particularly pleasing net result this quarter. As you all have seen, €2 billion in Q3 and the drivers are similar to those of the previous quarter. We have a good underlying performance across all lines of business and coupled with an exceptionally strong technical result contribution in P&C, reinsurance and GSI. We have very high net earnings at Ergo, including net positive one-offs, as well as also a very high investment return. Overall, with a net result of 5.2 billion euros after nine months, we are running clearly ahead of our pro-rata full-year guidance. In all segments, we are comfortably on track to meet or even exceed our full-year targets. Let's look at the Q3 earnings drivers in more detail, starting with the investment result. The return on investment of 4.1% continued to benefit from benign global equity markets and overall positive fair value changes in reinsurance, while the investment result of Ergo was boosted by the first-time consolidation of Next Insurance. The reinvestment yield of 4% remains abo...