Munich Re 1Q26 First Take: Large revenue decline in Q1

Research evidence excerpt

Munich Re 1Q26 First Take: Large revenue decline in Q1

J P M O R G A N Europe Equity Research

12 May 2026

Munich Re Overweight

MUVGn.DE, MUV2 GR

1Q26 First Take: Large revenue decline in Q1 Price (11 May 26):€498.60

Price Target (Dec-27):€655.00

Our Take: The dominant theme running throughout the Q1 results for the European Insurance

ACreinsurers has been top-line pressure in P&C Re. As the last reinsurer to report, Kamran M Hossain

Munich Re’s results showed fairly dramatic top-line reductions in P&C Re (44-20) 3493-3780

revenues and in GSI. We expect that despite some pressure on reinsurance share kamran.hossain@jpmorgan.com

prices in the last few days, there will be a negative share price reaction to these Nadia Claressa

results today. (44-20) 7134-7613

nadia.claressa@jpmorgan.com

P&C Revenues were 15% below our expectations for Q1, with the top line reducing Farooq Hanif

20% year-on-year driven mainly by the impact of renewals plus the impact of (44 207) 742-8091

negative currency effects. The normalised combined ratio for the quarter came in farooq.hanif@jpmorgan.com

at 80.3%, broadly in line with the ~80% guidance in P&C Re. In order to offset the Bingdi Fan, CFA

revenue softness, the P&C Re normalised combined ratio is going to have to hold (44-20) 7742-5336

bingdi.fan@jpmorgan.com

up better than we likely expect. The April renewals did not offer too much hope for J.P. Morgan Securities plc

offsets later in 2026, prices were down 3.1% and volumes 18.5% as the company

focused on cycle management. Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

Munich Re has consistently been a company that is viewed as reliable in delivering European Financials

on its guidance. The company's latest strategic plan is aiming for 8%+ EPS CAGR (44-20) 7134-0355