Munich Re has reported a net result for 2024 of approximately £4.7bn, which it said surpassed its stated profit target of £4.1bn. It said revenue from insurance contracts rose to £50.5bn. The reinsurance field of business contributed £4bn to the net result in the 2024 financial year. Munich Re ERGO, the group’s commercial insurance arm, posted a 2024 net result of £656.4m.

Joachim Wenning (pictured), chair of the board of management at Munich Re, said: “Munich Re’s profit growth has been truly substantial and sustained in the context of our five-year Ambition 2025 strategy programme, which we’ll conclude at the end of the year.”

He said the group was targeting profits of £5bn in 2025 on the back of a successful renewal programme.