Munich Re outlines Q3 2023 earnings

Munich Re has reported its financial results for the three months ended September 30, 2023.

Of the group’s net result in the period, €995 million came from the reinsurance segment. Broken down further, €351 million was contributed by life & health reinsurance; €644 million, property-casualty reinsurance.

Commenting on the figures, chief financial officer Christoph Jurecka said: “Munich Re’s outstanding business performance continued seamlessly in the third quarter. Unlike last year, we benefited from a comparatively mild hurricane season in the North Atlantic. Accordingly, major-loss expenditure in property-casualty reinsurance was lower than expected, despite various other natural catastrophes.

“Strong performance in our other operating segments rounded out the positive results. Ultimately, we can report a net result of nearly €1.2 billion for the third quarter and €3.6 billion for the first nine months of the year. We are confident that we will surpass our previous annual target of €4 billion and have raised the guidance to €4.5 billion.”   

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