Giant Reinsurer Munich Re Seems To Be Doing Okay With The Global and The Warming

They are notorious for their climate hype-n-tout.*

A quick hit from the Wall Street Journal, December 13:

Munich Re’s Higher 2025 Profit Guide Tops Views
The reinsurer forecasts around €6 billion in net profit next year, above its more than €5 billion target for the current year

Munich Re expects its net profit for 2025 to top this year’s result and issued targets that surpass analyst expectations.

The reinsurer forecasts it will make around 6.0 billion euros ($6.28 billion) in net profit next year, up from its more than €5 billion euros target for the current year. This compares with estimates of €5.56 billion in net profit for 2024 and €5.86 billion for 2025, taken from a Visible Alpha poll.

The German company also guided for group insurance revenue of around €64 billion next year, ahead of consensus’ €63.61 billion. Return on investment is expected to be above 3% next year, it said Friday.

The group expects net profit from its reinsurance business to come in at around €5.1 billion on insurance revenue of around €42 billion.

In property-and-casualty, it forecasts a combined ratio—a measure of underwriting profitability—of 79% and an around 90% one for its global specialty-insurance unit, which it will start reporting separately. It guided for a total technical result of €1.7 billion for its life-and-health reinsurance line.

Its ERGO unit should bring in around €900 million in net profit from €22 billion in insurance revenue, Munich Re said. The combined ratio for Germany should be around 89% and that of international around 90%, it said.

Corrections & Amplifications
Munich Re forecasts it will make around 6.0 billion euros in net profit next year. An earlier version of this article incorrectly said the forecast was for this year. Corrected on December 13.

Also at the Journal, December 13:

Swiss Re Guides for Higher Profit, Dividend Next Year
The company backed its midterm return on equity target of more than 14% 

The Swiss on the other hand don't do as much global warming P.R., they just rake in the premiums and the profits.
*Previously on Munich Re:

November 2014 -  "Low losses help Munich Re stay on track despite 'intense competition”'
If you follow this stuff that "Low losses" bit is very ironic when paired with "Munich Re".

January 2024 - Catastrophe Losses and Climate: "Global Disaster Losses: 1990-2023"

Munich Re, more so than any of the other reinsurance companies is available to the media for ascribing a weather event to global warming. In 2013 we posted:

*The 2013 season has come within a whisker of having the latest first hurricane of the season. If Humberto had held off until 8 a.m. EDT on Wednesday it would have come in later than 2002's Gustav when he made his debut on September 11, 2002.

This does not square with the hype-n-tout of Munich Re, which alone among the big insurers is hellbent on ascribing to AGW things they know aren't true, see last year's Spiegel article "The Disaster Business: Scientists Denounce Dubious Climate Study by Insurer" for a layman's explanation of what they're up to.

As late as this spring Peter Höppe, head of Geo Risks Research at Munich Re was being quoted spouting balderdash:

“Numerous studies assume a rise in summer drought periods in North America in the future and an increasing probability of severe cyclones relatively far north along the U.S. East Coast in the long term”

He knows, and anyone who follows this stuff knows, the research points 180 degrees in the opposite direction, see for example the Proceedings of the National Academy of Sciences paper "Model projections of atmospheric steering of Sandy-like superstorms":

Abstract

Superstorm Sandy ravaged the eastern seaboard of the United States, costing a great number of lives and billions of dollars in damage. Whether events like Sandy will become more frequent as anthropogenic greenhouse gases continue to increase remains an open and complex question. Here we consider whether the persistent large-scale atmospheric patterns that steered Sandy onto the coast will become more frequent in the coming decades. Using the Coupled Model Intercomparison Project, phase 5 multimodel ensemble, we demonstrate that climate models consistently project a decrease in the frequency and persistence of the westward flow that led to Sandy’s unprecedented track, implying that future atmospheric conditions are less likely than at present to propel storms westward into the coast.

....MUCH MORE

In 2016 it was:  

"No significant growth expected in insurance & reinsurance: Munich Re"
The big guys are putting their efforts into governments and supranational orgs. If they can get the product mandated it would be a dream come true....

In 2021:
"COP26: Munich Re calls out global failure to hit $100bn climate finance goal"

Last week we saw the lobbyists, while not able to make reinsurance mandatory, might get the U.S. Federal government to pay some of the premiums. Via Artemis, January 10:

INSURE Act calls for Federal Catastrophe Reinsurance, with cat bond backing

And last month we saw at Reuters:

Munich Re aims for 2024 profit of 5 billion euros

If one is so inclined a quick search of the blog show there are dozens more Munich Re posts between the 2014 - 2024 bookends.