Citing consistently good operational performance in all business segments, Munich Re has disclosed a preliminary net result for Q3 of ca. €1.2bn, as the firm remains “well positioned” to surpass the previous annual target of €4bn.
Munich Re explained that in property-casualty reinsurance, it reported major losses that were slightly below the expected average. Meanwhile, in life and health reinsurance, the total technical result “once again exceeded pro-rata guidance.”
Elsewhere, ERGO, the firm’s primary insurance arm, reported “consistently excellent business performance” that, due in part to higher losses from natural catastrophes, yielded a result that was slightly below the very high level seen in the two previous quarters.
In its H1 results released in early August, Munich Re noted that ERGO grew considerably, with insurance revenue from insurance contracts issued climbing to €9.916bn (9.357bn last year).
Including this preliminary disclosure, the result for the first nine months of the year now stands at €3.6bn. Thus, the firm has accordingly raised its annual guidance for 2023 to a net result of €4.5bn.
“As usual, this projection is subject to increased uncertainties stemming from geopolitical and macroeconomic developments, to major losses remaining within normal bounds, and to the income statement not being impacted by severe fluctuations in the currency or capital markets, significant changes in the tax environment, or other one-off effects,” Munich Re explained.
The firm said it will provide finalised Q3 results on 8 November as scheduled.
