Munich Re outlines Q3 2023 results

Munich Re outlines Q3 2023 results | Insurance Business Canada

Insurance News

Munich Re outlines Q3 2023 results

Annual guidance revised

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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