Overview

• Munich Re's Q1 2025 net profit fell to €1.1 billion, a 48% decline from the previous year, driven by €1.1 billion in claims from January's California wildfires.
• Investment results dropped from €2.2 billion to €1.3 billion due to bond write-downs and a weak dollar, adding to financial pressures.
• The reinsurer continues to emphasize North America as a key market, despite its high exposure to catastrophic losses, particularly in climate-sensitive regions like the U.S. West.
• Munich Re maintains its ambitious full-year profit target of €6 billion for 2025, citing portfolio strength and favorable market conditions.
• The company remains cautiously optimistic but acknowledges risks from the upcoming hurricane season and ongoing climate-driven challenges.