Munich Re achieved both a good investment result in Q1 2023 and a pleasing operational business performance. In property-casualty reinsurance, major losses from natural catastrophes were higher than expected. Despite these major losses, the combined ratio of about 86.5% was only slightly higher than our expectation for the full-year combined ratio of 86%. The total technical result in life and health reinsurance was about €0.3bn for Q1, greater than a quarter of the full-year forecast of €1bn. The net result at ERGO was about €0.2bn, likewise more than a quarter of the full-year forecast of €0.7bn. The preliminary net result of the Munich Re amounts to about €1.3bn (consensus: €1,012m¹). Munich Re still anticipates a net result of about €4bn for the 2023 financial year. Surpassing this target has become more likely due to the Q1 result.
 
As of Q1 2023, Munich Re is reporting financial results for the first time in accordance with the new IFRS 9 and IFRS 17 standards. In contrast to the standards applied through 2022, IAS 39 and IFRS 4, Munich Re expects higher results in life and health reinsurance owing to the earlier recognition of earnings in the profits. In property-casualty (re)insurance, effects from the accretion of interest and from discounting currently result in a positive contribution to profits. These changes in methodology are reflected in the expectation of a net result of about €4bn.
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¹ Mean value derived from the estimates of 11 financial analysts