Munich Re reviews decrease web revenue in first quarter

Main reinsurer Munich Re has introduced its monetary outcomes for January-March 2023, the quarter wherein the corporate first used the brand new accounting requirements IFRS (Worldwide Monetary Reporting Requirements) 9 and 17.

In keeping with Munich Re, the corporate’s outcomes for the interval, together with contributions from life and well being and property catastrophes, had been as follows:

Munich Re opened the lid on the numbers and mentioned: “Within the first quarter of 2023, Munich Re generated a web revenue of €1,271 million. Q1 2023 outcomes had been simply the other.

“Insurance coverage revenue from insurance policies issued elevated to €14,273 million. Whole technical achievements amounted to €1,809 million. fell to minus €145 million, working revenue was €1,768 million and the efficient tax price was 26.4%.

For instance, Chief Monetary Officer Christophe Julecca cited the Turkey-Syria earthquake.

“The earthquake that hit Turkey on its border with Syria in February 2023 was one of the crucial devastating earthquakes in current historical past,” he mentioned. “About 60,000 individuals misplaced their lives. Insured losses amounted to about €4 to €5 billion, of which €600 million was borne by Munich Re. This is likely one of the the reason why the big losses exceeded expectations.

“Nonetheless, Munich Re generated a web revenue of virtually 1.3 billion euros because of its sturdy working efficiency and robust funding outcomes. As well as, the April relaunch places Munich Re on a worthwhile progress pattern. We had been capable of proceed, and we’re subsequently assured that we are able to obtain our web revenue forecast of 4 billion euros in 2023. We usually tend to exceed this goal.”

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