Munich Re reports Q3 2023 earnings

Munich Re reports Q3 2023 earnings | Insurance Business New Zealand

Insurance News

Munich Re reports Q3 2023 earnings

Full-year guidance tweaked

Insurance News

By
Terry Gangcuangco

Munich Re has reported its financial results for the three months ended September 30, 2023.

Metric

Q3 2023

Q3 2022

Net result

€1.17 billion

€1.10 billion

Insurance revenue from insurance contracts issued

€14.46 billion

€14.64 billion

Total technical result

€2.22 billion

€1.73 billion

Investment result

€760 million

€691 million

Currency result

€309 million

€568 million

Operating result

€1.78 billion

€1.34 billion

Of the group’s net result in the period, €995 million came from the reinsurance segment. Broken down further, €351 million was contributed by life & health reinsurance; €644 million, property-casualty reinsurance.

Commenting on the figures, chief financial officer Christoph Jurecka said: “Munich Re’s outstanding business performance continued seamlessly in the third quarter. Unlike last year, we benefitted from a comparatively mild hurricane season in the North Atlantic. Accordingly, major-loss expenditure in property-casualty reinsurance was lower than expected, despite various other natural catastrophes.

“Strong performance in our other operating segments rounded out the positive results. Ultimately, we can report a net result of nearly €1.2 billion for the third quarter and €3.6 billion for the first nine months of the year. We are confident that we will surpass our previous annual target of €4 billion and have raised the guidance to €4.5 billion.”

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