Munich Re (MUVGn.DE): 2Q‘26 earnings preview

Research evidence excerpt

Munich Re (MUVGn.DE): 2Q‘26 earnings preview

Equity Research

20 July 2026 | 10:07AM BST

Munich Re (MUVGn.DE): 2Q’26 earnings preview

Munich Re reports its 2Q’26 results on August 7. Overall, our Net Result estimate is Andrew Baker, CFA

+44(20)7051-2074 |

c.8% above company-collected consensus, primarily driven by a higher P&C Re and andrew.x.baker@gs.com

Goldman Sachs International

GSI result. Our 69.7% P&C Re combined ratio estimate is c.2.1ppts more favourable

Vash Gosalia, CFA

than consensus as our large loss estimate is c.1.3ppts more favourable, and we see a +44(20)7051-0132 |

greater likelihood of Munich Re allowing this benefit to hit the bottom line than some vash.gosalia@gs.comGoldman Sachs International

of its peers. We expect reinsurance revenue (P&C Re, GSI, and L&H Re) to remain in Ankitha Giridhar

focus, with our 2Q’26 reinsurance revenue estimate of €9.7bn c.2% above consensus; +1(332)245-7972ankitha.giridhar@gs.com|

however, we expect Munich Re to lower its €40bn 2026 guidance, noting that both Goldman Sachs India SPL

PalumboGSe (€39.0) and Visible Alpha Consensus Data (€38.3) are already below current Alice | +44(20)7051-2403

guidance. alice.palumbo@gs.com Goldman Sachs International

Munich Re will also report its mid-year renewals. In the January / April 2026

renewals, Munich Re’s risk adjusted price change was -2.5% / -3.1% with overall

premium growth of c.-7.8% / c.-18.5%. The nat cat weighting for July is the highest

of the renewal periods at 35% (vs. 14% in January and 31% in April), which we

believe points to risk-adjusted pricing that looks more like April (-3% to -5%);

however, Munich Re’s discipline in walking away from business that it deems not to

be rate adequate makes forecasting premium growth difficult.

Property & Casualty Reinsurance