Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (OTCPK:MURGY) Q2 2025 Earnings Conference Call August 8, 2025 5:00 AM ET
Company Participants
Christian Becker-Hussong – Head of Investor & Rating Agency Relations
Christoph Jurecka – CFO & Member of Management Board
Joachim Wenning – Chairman of Management Board
Conference Call Participants
Darius Satkauskas – Keefe, Bruyette, & Woods, Inc., Research Division
Iain Pearce – BNP Paribas Exane, Research Division
Ivan Bokhmat – Barclays Bank PLC, Research Division
James Austin Shuck – Citigroup Inc., Research Division
Jochen Schmitt – Metzler Equities, Research Division
Kamran Mark Hossain – JPMorgan Chase & Co, Research Division
Michael Igor Huttner – Joh. Berenberg, Gossler & Co. KG, Research Division
Shanti Kang – BofA Securities, Research Division
Vinit Malhotra – Mediobanca—Banca di credito finanziario S.p.A., Research Division
William Fraser Hardcastle – UBS Investment Bank, Research Division
Christian Becker-Hussong
Good morning, everyone. Welcome to our Q2 earnings call. Today’s speaker are Joachim Wenning, our CEO; and Christoph Jurecka, our CFO. Procedures, as always, we will start with 2 statements of the 2 gentlemen before going into Q&A. And now I have the pleasure to hand it over to Joachim.
Joachim Wenning
Thanks, Christian, and sorry for the hiccup dear colleagues. So let me start. After the first half of the year, we see ongoing strong performance across all lines of business. With a net result of EUR 3.2 billion, we are well on track to achieve our full year targets. In P&C Reinsurance and in Global Specialty Insurance, we have more than compensated for the severe losses from the LA wildfires in Q1 by very strong technical results in the second quarter.
In life reinsurance, the portfolio is performing pleasingly as expected. And finally, ERGO continues to be a very reliable earnings contributor for several years now, delivering quarter-by-quarter. This translates in a return on
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