Year-to-date, so across the three renewal periods, Munich Re’s price change is -3.1%, compared with -2.5% in 2025. In Property XL, Munich Re says that it leveraged its strong balance sheet “in a still healthy market environment”, but also gave up business with inadequate profitability. In other lines of business, Munich Re cut back in Specialty lines and Casualty XL driven by active cycle management, but notes that profitability remains attractive. Importantly, market discipline was largely maintained, with structures and wordings holding firm.” According to the CEO, overall, “the market environment remains still quite attractive, and continues to offer healthy margins for the risks we assume.”