Operator

Ladies and gentlemen, a very warm welcome at the telephone media conference of Munich Re for the financial figures in Q1 2026. Munich Re's Chief Financial Officer, Andrew Buchanan, will present and explain the results to you. Afterwards, we are happy to get your questions. [Operator Instructions] With this, I'd like to hand over to Mr. Buchanan. Please, Andrew.

Andrew Buchanan
CFO & Member of Management Board

Thank you very much, Stefan, and good morning from me as well to all of you. I'm very pleased to present our figures for Q1 of 2026. Munich Re made a strong start to the year, delivering a pleasing net result of EUR 1.7 billion. This performance underscores the group's resilience amid elevated geopolitical and macroeconomic uncertainty. The direct impact of the conflict in the Middle East on our underwriting results remained very manageable. By contrast, heightened volatility in capital markets weighed on the performance of our investment portfolio.

In short, the narrative for the quarter is straightforward. Strong underlying operating performance across all business segments, supported by benign major loss experience was largely offset by weaker investments and currency results. Importantly, for the full year, we are on track to achieve our expected result of EUR 6.3 billion.

Now in my slide deck, Slide 4 contains the most important figures, and I will guide you through them and point out some important aspects. In the top left, you can see the group result of EUR 1.7 billion for the first quarter that I mentioned a minute ago. This result is significantly above the first quarter of the previous year, which was heavily affected by the Los Angeles wildfires. Since