Market Security & Analysis: Munich Re Group Update
On August 9, 2022, Munich Re Group (“Munich Re”) announced financial results for the first half of
2022 (1H2022), which included net income of EUR 1.4 billion and ROE of 11.2%. This compares to EUR
1.7 billion and 15.0% in the prior year period (1H2021), respectively. The reduction in income was
driven primarily by a 46% fall in investment income, driven by “impairment losses on equities,
write-downs of Russian and Ukrainian bonds and derivative losses, especially owing to interest-rate hedging.”
2022 (1H2022), which included net income of EUR 1.4 billion and ROE of 11.2%. This compares to EUR
1.7 billion and 15.0% in the prior year period (1H2021), respectively. The reduction in income was
driven primarily by a 46% fall in investment income, driven by “impairment losses on equities,
write-downs of Russian and Ukrainian bonds and derivative losses, especially owing to interest-rate hedging.”