21-10-22 / Tau kaVodloza
Munich Re posts €0.5bn for Q3 and confirms annual forecast
Munich - Munich Re has announced that in Q3 it registered higher-than-average major-loss expenditure in property-casualty reinsurance. It added that it is expected that Hurricane Ian caused roughly €1.6bn* in losses after retrocession for Munich Re, and this estimate remains subject to substantial uncertainty.
Further, the reinsurer said depending on the outcome of the ongoing quarterly closing – and on account of sustained encouraging operating performance in all lines of business and a positive one-off effect at ERGO Life and Health Germany – Munich Re anticipates a quarterly profit of about €0.5bn (consensus: –€167m**).
Munich Re added that it still anticipates a profit of about €3.3bn for 2022. However, it has become significantly more challenging to meet the 2022 profit target – which is subject to the realisation of currently anticipated positive one-off effects, particularly regarding investments, it said.
The forecast is still based on major losses during Q4 being in line with expectations, and it will provide finalised Q3 results on 8 November, as scheduled.