Munich Re reported that, in first quarter, it generated a net profit of 1.09 billion euros compared to 2.11 billion euros, previous year. Technical result fell to 2.05 billion euros from 2.65 billion euros. Operating result decreased to 1.46 billion euros from 2.89 billion euros. Insurance revenue from insurance contracts issued rose to 15.81 billion euros from 15.06 billion euros.
Anticipating sustained advantageous business opportunities in coming quarters,Munich Re said it is aiming to generate a net result of 6.0 billion euros for fiscal 2025. The company said the targets communicated for 2025 remain unchanged.
Munich Re currently expects all claims attributable to the wildfires in Los Angeles to total around 1.1 billion euros.
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