• New IFRS accounting rules with a new income statement structure from Q1 23 onwards • Insurance revenues were up by 8% to €14.3bn for Q1 23 • Net profit attributable to shareholders declined by 13% to €1.3bn for Q1 23 • RoE new was 17.3% for Q1 23 compared to 23.6% for Q1 22 and RoE old of 9.8% for Q1 22 • Munich Re increased the premium volume by 11% and prices by 4.7% at the April renewals