Munich Re posted a 7.6% rise in net income to €6.12 billion ($10.16 billion) last year, exceeding its €6 billion ($9.96 billion) guidance.

The reinsurer is aiming for aiming for €6.3 billion ($10.46 billion) this year.

Chair of the board of management Christoph Jurecka says 2025 was “a pivotal year for Munich Re. Our new Ambition 2030 strategy program will see us further diversify our business portfolio, expand the range of products and services we offer, and advance Munich Re as it evolves into a group that offers reinsurance, specialty insurance and primary insurance at scale.”

The property and casualty reinsurance business made a net income of €3.3 billion ($5.47 billion), up from €3.15 billion ($5.22 billion) a year earlier.

Major loss expenditure fell to €1.62 billion ($2.69 billion) from €2.8 billion ($4.64 billion). The total comprised €740 million ($1.23 billion) for man-made losses and €887 million ($1.47 billion) for natural catastrophes.

Munich Re says the Los Angeles fires cost €800 million ($1.32 billion) – the most expensive single claims event last year.

Global specialty insurance posted a net income of €562 million ($932 million), up from €182 million ($300 million) in 2024.

The life and health reinsurance business’ net income dropped to €1.33 billion ($2.21 billion) from €1.54 billion ($2.55 billion).