In November 2026, Munich Re reported a third quarter life and health reinsurance technical result of EUR 493 million, up from EUR 314 million a year earlier. The company published the segment detail on 12 November for the quarter ended 30 September. It attributed the performance to strong new business and favourable biometric experience, particularly mortality.
The segment net result rose to EUR 340 million from EUR 286 million. Revenue from insurance contracts issued reached EUR 3.769 billion, with the company citing business expansion across key regions.
What to request at a treaty review
Ask for a bridge from the expiring treaty to the proposed one, separating any changes in exposure, benefits, claims experience and the share of risk ceded. Make sure the comparison uses the same basis for amounts at risk and for coverage of claims that are already open. Where changes to exclusions, reporting obligations or the treatment of large claims are proposed, quantify what those changes mean for the protection the insurer retains.
Cedants can also request scenarios for a deterioration in mortality or a concentration of claims in one sector or location. Compare how the treaty responds under those scenarios, how quickly recoveries might arrive and what information is required. Reinsurers assessing the same risk can ask whether data on insured lives and amounts are complete enough to support the intended terms.
Carry the right information into global benefits decisions
For multinational employers, reinsurance is usually one part of the chain behind a local policy or financing programme. The local insurer’s commitments, the network’s coordination and the group’s retention each need separate attention. Where group life risks are pooled, show whether the local data are comparable and whether movements in claims or insured salary explain changes in experience.
Document which assumptions come from local claims and which are based on broader experience. That distinction gives directors a way to challenge the renewal model if the portfolio or benefits change during the year.
A board reviewing counterparty risk can consider Munich Re’s results as one input, then turn to the specific entity and obligations that matter for the programme.
Sources
Munich Re: third-quarter statement
Munich Re – October 23 preliminary group update
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