Munich Re Cuts Revenue Outlook After Volume Drop in July Contract Renewals

By Adria Calatayud

Munich Re lowered its full-year insurance revenue outlook, after both volumes and prices fell at last month's round of reinsurance-contract renewals.

The German reinsurer said Friday that it now expects 2026 insurance revenue to be 62 billion euros ($71.46 billion), against its previous forecast of 64 billion euros. Revenue in reinsurance is expected to total 38 billion euros, down from 40 billion euros previously, it said.

The group reiterated its full-year net profit guidance of 6.3 billion euros.

Munich Re said the volume of business written at reinsurance-treaty renewals at July 1 fell 9.1% to 2.9 billion euros, while prices dropped 5.5% when adjusted for risk.

The company said it systematically opted not to renew or write business that didn't meet its expectations on pricing or other conditions, as it focused on profitability and portfolio optimization.

For the second quarter, Munich Re reported insurance revenue of 14.94 billion euros, up 1.1% compared with the year-earlier period.

Net profit rose 6.6% to 2.21 billion euros, in line with a preliminary figure the company reported last month. The company said very low major-loss expenditures in property-casualty reinsurance and a strong investment performance boosted its earnings.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

August 07, 2026 02:00 ET (06:00 GMT)