Munich Re Provides Insights on Third Quarter Results
Munich Re, which will release its final third quarter results on 8 November, provided a glimpse into the reinsurer’s quarterly results.
“In the third quarter of 2022, Munich Re recorded above-average major loss expenditures in property and casualty reinsurance,” the company said. “Hurricane Ian is expected to have caused losses of around €1.6 billion after Munich Re’s exit. This estimate is still subject to considerable uncertainty.
“Depending on the results of the ongoing quarterly results, and in light of the continued encouraging operating results in all business lines and the one-time positive effect at ERGO Life and Health Germany, Munich Re expects approximately 5.5 We expect a quarterly profit of €100 million.”
Munich Re, on the other hand, said it expects a profit of around 3.3 billion euros for the year.
“Achieving our 2022 earnings target, however, will depend on the realization of currently anticipated positive one-off effects, particularly with respect to investments, which will be very difficult to achieve. In addition, our projections remain based on our core loss in the fourth quarter being in line with expectations.”
In the third quarter of last year, Munich Re’s profit was €366 million.
Munich Re Provides Insights on Third Quarter Results
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