Latest news with #ChristophJurecka
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Munich Re CEO Wenning to Retire, CFO Moves Up
Munich Re's MUV2 0.73%increase; green up pointing triangle Chief Executive Joachim Wenning will retire at the end of this year and be succeeded by finance chief Christoph Jurecka. The German reinsurer on Wednesday said Wenning doesn't wish to continue in the role for personal reasons and has decided to retire upon the conclusion of its strategy program this year. He will step down after eight years in the role on Dec. 31.
Reuters
6 days ago
- Business
- Reuters
Munich Re CEO Wenning to retire, succeeded by CFO
FRANKFURT, July 23 (Reuters) - Munich Re ( opens new tab CEO Joachim Wenning will retire by the end of the year and be succeeded by the company's finance chief Christoph Jurecka, the German reinsurer announced on Wednesday. Wenning, in the CEO role since 2017, decided to step down for personal reasons, Munich Re said. Analysts with Jefferies wrote in an email that the departure was disappointing but that his successor Jurecka is "well known by investors" with a "deep understanding of the business".
Yahoo
14-05-2025
- Business
- Yahoo
Munchener Ruckversicherungs-Gesellschaft AG (MURGF) Q1 2025 Earnings Call Highlights: Resilient ...
Net Earnings: EUR1.1 billion. Running Yield: 3.5%. Return on Investment (ROI): 2.2% overall; 1.7% at ERGO, 2.9% in reinsurance. Currency Losses: EUR500 million due to US dollar devaluation. Reinvestment Yield: Increased to 4.6%. Life and Health Technical Result: EUR608 million. LA Wildfire Losses: EUR1.1 billion total; EUR0.8 billion in P&C reinsurance. Combined Ratio: 83.9% with a discount benefit of around 10%. April Renewals Premium Expansion: More than 6%. Price Decline: 2.5% overall; 1.7% excluding business mix effects. Global Specialty Insurance Net Result: EUR182 million in 2024. ERGO Net Result: EUR241 million. ERGO Germany Segment Result: EUR140 million. ERGO International Business Net Result: EUR100 million. Solvency II Ratio: 285%. 2025 Net Result Outlook: About EUR6 billion. Warning! GuruFocus has detected 6 Warning Sign with MURGF. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Munchener Ruckversicherungs-Gesellschaft AG (MURGF) reported a resilient Q1 result with net earnings of EUR1.1 billion, demonstrating strong diversification of earnings drivers. The life and health total technical result significantly exceeded expectations, driven by positive experience in the US portfolio. The reinvestment yield increased to 4.6%, providing further support for an uptrend in the running yield. ERGO delivered a pleasing net result of EUR241 million, slightly ahead of expectations, with strong performance in Life and Health segments. The Solvency II ratio remained stable at 285%, reflecting a strong economic position despite a EUR2 billion share buyback. High large losses, fair value changes in investment results, and significant currency movements negatively impacted net earnings. The ROI was burdened by negative fair value changes of fixed income instruments, particularly affecting ERGO with an ROI of 1.7%. Currency losses amounted to around EUR500 million due to the devaluation of the US dollar. The combined ratio for Global Specialty Insurance (GSI) was elevated at 95.5% due to major losses, including LA wildfire claims. The business mix effects and an increase in the loss component negatively impacted the basic loss ratio. Q: Can you provide an outlook for the midyear renewals and your approach to volume versus margin? A: Christoph Jurecka, CFO, explained that while it's early days, the market remains attractive with less than a 1% price decline so far. The company prioritizes client relationships and profitability, and decisions are made based on discussions with clients rather than a top-down approach. Q: How do you view the use of reserving buffers in a softening cycle? A: Christoph Jurecka emphasized that while buffers are available for volatility, they are not intended to support earnings in a prolonged soft market. The focus remains on maintaining profitability without relying on reserves for cross-subsidization. Q: Can you explain the experience variance in Life Re's Q1 results? A: The positive experience variance was driven by favorable developments in US mortality, disability, and LTC, along with fewer large losses. However, Christoph Jurecka cautioned that this is not expected to be a recurring trend. Q: How did the Solvency II ratio remain stable despite the share buyback? A: The Solvency II ratio remained stable due to strong operating performance and significant new business in life and health, which increased own funds. The methodology does not include a dividend accrual, allowing the company to offset the EUR2 billion share buyback. Q: What is the plan to achieve the 90% combined ratio target for Global Specialty Insurance (GSI)? A: The 90% target is based on IFRS numbers without internal reinsurance. While large losses have impacted results, the underlying profitability aligns with the target. The company is focused on profitability and implementing pricing and underwriting actions. Q: What is your appetite for US long-term care (LTC) business? A: Christoph Jurecka stated that the company's appetite for LTC is generally low, with a preference for mortality business. The large transactions in the quarter did not include LTC. Q: How do you view the FX headwind and its impact on revenue growth targets? A: The FX headwind has made growth targets more challenging, but it's too early to revise them. The company actively manages its US dollar position and reduced its long position in Q1. Q: Can you comment on the potential impact of US tax changes on remittances? A: Christoph Jurecka expressed concerns about the global minimum taxation and potential US retaliatory measures. The company is flexible in its business operations and can adapt to mitigate potential impacts. Q: How do you view the current pricing level in historical context? A: The current pricing level remains very attractive, with less than a 1% decline from a historically high level. The market is still far from a soft market, indicating early signs of softening from an extremely hard market. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Munchener Ruckversicherungs-Gesellschaft AG (MURGF) Q1 2025 Earnings Call Highlights: Resilient ...
Net Earnings: EUR1.1 billion. Running Yield: 3.5%. Return on Investment (ROI): 2.2% overall; 1.7% at ERGO, 2.9% in reinsurance. Currency Losses: EUR500 million due to US dollar devaluation. Reinvestment Yield: Increased to 4.6%. Life and Health Technical Result: EUR608 million. LA Wildfire Losses: EUR1.1 billion total; EUR0.8 billion in P&C reinsurance. Combined Ratio: 83.9% with a discount benefit of around 10%. April Renewals Premium Expansion: More than 6%. Price Decline: 2.5% overall; 1.7% excluding business mix effects. Global Specialty Insurance Net Result: EUR182 million in 2024. ERGO Net Result: EUR241 million. ERGO Germany Segment Result: EUR140 million. ERGO International Business Net Result: EUR100 million. Solvency II Ratio: 285%. 2025 Net Result Outlook: About EUR6 billion. Warning! GuruFocus has detected 6 Warning Sign with MURGF. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Munchener Ruckversicherungs-Gesellschaft AG (MURGF) reported a resilient Q1 result with net earnings of EUR1.1 billion, demonstrating strong diversification of earnings drivers. The life and health total technical result significantly exceeded expectations, driven by positive experience in the US portfolio. The reinvestment yield increased to 4.6%, providing further support for an uptrend in the running yield. ERGO delivered a pleasing net result of EUR241 million, slightly ahead of expectations, with strong performance in Life and Health segments. The Solvency II ratio remained stable at 285%, reflecting a strong economic position despite a EUR2 billion share buyback. High large losses, fair value changes in investment results, and significant currency movements negatively impacted net earnings. The ROI was burdened by negative fair value changes of fixed income instruments, particularly affecting ERGO with an ROI of 1.7%. Currency losses amounted to around EUR500 million due to the devaluation of the US dollar. The combined ratio for Global Specialty Insurance (GSI) was elevated at 95.5% due to major losses, including LA wildfire claims. The business mix effects and an increase in the loss component negatively impacted the basic loss ratio. Q: Can you provide an outlook for the midyear renewals and your approach to volume versus margin? A: Christoph Jurecka, CFO, explained that while it's early days, the market remains attractive with less than a 1% price decline so far. The company prioritizes client relationships and profitability, and decisions are made based on discussions with clients rather than a top-down approach. Q: How do you view the use of reserving buffers in a softening cycle? A: Christoph Jurecka emphasized that while buffers are available for volatility, they are not intended to support earnings in a prolonged soft market. The focus remains on maintaining profitability without relying on reserves for cross-subsidization. Q: Can you explain the experience variance in Life Re's Q1 results? A: The positive experience variance was driven by favorable developments in US mortality, disability, and LTC, along with fewer large losses. However, Christoph Jurecka cautioned that this is not expected to be a recurring trend. Q: How did the Solvency II ratio remain stable despite the share buyback? A: The Solvency II ratio remained stable due to strong operating performance and significant new business in life and health, which increased own funds. The methodology does not include a dividend accrual, allowing the company to offset the EUR2 billion share buyback. Q: What is the plan to achieve the 90% combined ratio target for Global Specialty Insurance (GSI)? A: The 90% target is based on IFRS numbers without internal reinsurance. While large losses have impacted results, the underlying profitability aligns with the target. The company is focused on profitability and implementing pricing and underwriting actions. Q: What is your appetite for US long-term care (LTC) business? A: Christoph Jurecka stated that the company's appetite for LTC is generally low, with a preference for mortality business. The large transactions in the quarter did not include LTC. Q: How do you view the FX headwind and its impact on revenue growth targets? A: The FX headwind has made growth targets more challenging, but it's too early to revise them. The company actively manages its US dollar position and reduced its long position in Q1. Q: Can you comment on the potential impact of US tax changes on remittances? A: Christoph Jurecka expressed concerns about the global minimum taxation and potential US retaliatory measures. The company is flexible in its business operations and can adapt to mitigate potential impacts. Q: How do you view the current pricing level in historical context? A: The current pricing level remains very attractive, with less than a 1% decline from a historically high level. The market is still far from a soft market, indicating early signs of softening from an extremely hard market. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Munich Re reports wildfire losses but sticks with profit outlook
Munich Re's shares dropped by around 5% this morning in Europe, after the reinsurer company reported a steep fall in its first-quarter net profit. The net result came in at €1.09 billion in the first quarter of 2025. This compares with €2.12bn in the previous year. According to the German reinsurer's quarterly report, the drop in earnings was mainly driven by major claims and the volatility in the capital markets. Wildfires in Los Angeles were the main source of a major loss of expenditure, costing the company €1.1bn. According to reinsurance broker Gallagher Re's latest Natural Catastrophe and Climate Report, the Los Angeles wildfires accounted for an estimated $65bn in economic losses and up to $40bn in insured losses. 'Although Munich Re did not emerge unscathed from the devastating wildfires in Los Angeles in January 2025, we nevertheless managed to generate a quarterly profit of €1.1bn,' Munich Re's CFO, Christoph Jurecka, said. 'This exemplifies the Munich Re Group's resilience, boosted once again by the prudent management of our business portfolio.' Beyond the losses caused by the US wildfires, the company's investment result was also driving down the overall result, coming in at €1.32bn for the first three months, down from €2.16bn in the previous year, mainly due to noticeable swings in interest rates. Related Belgian insurer Ageas acquires UK's Esure from Bain Capital for €1.5bn California wildfire costs set to impact European reinsurance giants The company also lost half a billion euros in currency exchange, mainly driven by the impact of the weakening dollar. Insurance revenue from insurance contracts rose to €15.8bn. Within this segment, the group's own ERGO, one of the largest insurance groups in Europe, brought in one-third of this revenue and showed particularly strong growth in international business. Ergo International increased its revenue by the fastest rate among Munich Re's divisions, by 8.8%, compared to the previous year. ERGO has recently gained access to the US small business insurance market after Munich Re acquired Next Insurance in March. This could boost the overall earnings of Munich Re, which has just reaffirmed its fiscal outlook. 'We're sticking with our profit guidance of €6bn for the 2025 financial year – thanks in no small part to ongoing favourable market conditions and the high quality of our portfolio,' Jurecka said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
