Munich Re posts Q3 preliminary results
Munich Re posts Q3 preliminary results | Insurance Business America
Insurance News
Munich Re posts Q3 preliminary results
Net performance tapped to surpass market consensus expectations
Insurance News
By
Kenneth Araullo
Munich Re has posted its preliminary results for the quarter ending Sept. 30, underscoring good operational performance for its businesses.
The preliminary net result for this period stands at approximately €1.2 billion, surpassing market consensus expectations of €1.131 billion.
In the domain of property-casualty reinsurance, Munich Re noted major losses, although the reinsurer clarified that they were slightly below the anticipated average. Meanwhile, in the field of life and health reinsurance, the total technical result once again exceeded pro-rata guidance to underscore the firm’s resilience.
ERGO, a subsidiary of Munich Re, consistently displayed excellent business performance. However, due in part to increased losses resulting from natural catastrophes, the overall result was slightly below the exceptionally high levels observed in the two preceding quarters.
For the first nine months of the year, Munich Re achieved a result of €3.6 billion, with these figures positioning the German reinsurer to potentially surpass its initial annual target of €4 billion. As a result, Munich Re has revised its annual guidance for 2023 to a net result of €4.5 billion.
Munich Re will release its finalized Q3 results as scheduled on Nove. 8, providing a more detailed view of its performance in this quarter.
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