Munich Re global specialty insurance revenue to reach 10 billion euros by end of 2025
By Rebecca Delaney
Feb 26 - (The Insurer) - Munich Re said on Wednesday it was aiming to become a "power player" in global specialty insurance after introducing new reporting segmentation that will detail the unit's financial results separate to P&C reinsurance.
During a media call, Munich Re CEO Joachim Wenning said global specialty insurance now accounts for more than 30% of the group's P&C revenue, across brands including HSB. American Modern and its Munich Re Specialty North America and Global Markets businesses.
"We decided to show it as a separate segment. This will provide more transparency – we will show you where the successful driving forces are, and we'll also show you less cyclical or less volatile business segments where we have seen this growth," he said.
Wenning said the group's global specialty insurance business has seen a compound annual growth rate of 11.5% since 2022. Insurance revenue stood at 8.8 billion euros in 2024, and is expected to grow to around 10 billion euros by the end of 2025.
The global specialty combined ratio deteriorated in 2024 to 93.6%, marking an 8.8 percentage point deterioration from 85.4% in 2023. Munich Re attributed this increase to the impact of major losses and reserve prudency, although it added that sound underlying performance has prompted the firm to target a combined ratio of around 90% for 2025.
“Global specialty insurance is a fast-growing segment. We are going to control this business like a unit, and use the business platform in order to achieve further synergisms," said Wenning.
"We want to make use of the volatility in this business and lower it successively, in order to have a better hedge against the normal P&C portfolio which we have."
AS well as growing its share in existing specialty products, Munich Re said it was also looking to add additional products and further expand the business outside North America.
The wider P&C reinsurance segment reported insurance revenue of 28.3 billion euros for the financial year, up from 27.1 billion euros in 2023.
The net result increased by 30% year on year to 3.20 billion euros, compared to 2.49 billion euros in the prior year.
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