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Munich Re anticipates an expansion of insurance revenue to €42bn and a net profit of €5.1bn in 2025. In an ongoing favourable market environment, Munich Re will continue to leverage its strong market position. The combined ratio is expected to remain at an attractive profitability level, with a combined ratio of 79% in P&C reinsurance and 90% in Global Specialty Insurance (GSI), the latter of which will become a separate IFRS reporting segment from 2025. Due to expected strong business growth in GSI and a lower discounting effect compared to 2024, this corresponds to a combined ratio of 83% for P&C reinsurance according to the current segmentation. In life and health reinsurance, Munich Re projects a total technical result of €1.7bn in 2025
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