Half Year 2024 Muenchener Rueckversicherungs Gesellschaft in Muenchen AG Earnings Call Transcript
Key Points
- Munchener Ruckversicherungs-Gesellschaft AG (MURGF) reported a strong net result of EUR 3.8 billion for the first half of 2024, well on track to meet or exceed the full-year target of EUR 5 billion.
- The life and health reinsurance business posted an excellent total technical result, almost achieving the full-year guidance within six months.
- ERGO, the primary insurance segment, continues to be a reliable earnings contributor, with a net result of more than EUR 500 million, well on track to meet its full-year guidance.
- The company is reinvesting new money at more than 4.5%, which will further increase the running yield, benefiting from favorable capital markets.
- Munchener Ruckversicherungs-Gesellschaft AG (MURGF) is well above the upper end of its targeted return on equity range of 14% to 16%, indicating strong financial performance.
- The overall volume of the July renewal book decreased by more than 5% due to selective reductions in casualty lines where rate increases were not adequate.
- The combined ratio for property casualty reinsurance is expected to be higher in the second half of 2024 due to business mix changes, particularly in motor business.
- The life and health reinsurance business has a slightly lower CSM release trajectory, trending down from around 8% to closer to 7%, due to a shift in business mix.
- ERGO's German P&C segment posted a low Q2 net result of EUR 19 million, affected by higher than expected major losses and loss assumption changes in motor business.
- The company remains cautious and mindful of the hurricane season ahead, which could impact the financial targets for the year.
A wonderful good morning, good afternoon, ladies and gentlemen. Welcome to the Munich Re quarterly statement as June 30, 2024, conference call. My name is Francie, the Chorus Call Operator.
(Operator Instructions) At this time, it is my pleasure to hand over to Christian Becker-Hussong. Please go ahead, sir.
Thanks, Francie. Good morning, everyone, and a warm welcome to Munich Re's Q2 earnings call. We appreciate -- today is a pretty busy day for most of you, as some of our peers have been releasing earnings as well. So many thanks for joining us this morning.
Today's speakers are our CEO, Joachim Wenning; and our CFO, Christoph Jureck. Both will start with a presentation. Afterwards, there will be plenty of opportunity for Q&A as always. And with that, I have the pleasure to hand it over to Joachim.
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