Munich Re nonetheless on observe for full-year goal regardless of ‘higher than expected’ cat losses

Munich Re has reported roughly $1.43 billion in web revenue for the primary quarter of 2023, regardless of “higher than expected” losses from pure catastrophes in its property-casualty operation.

The German reinsurance big achieved a mixed ratio for the quarter of about 86.5%, barely worse than its 86% forecast for the complete yr.

Within life and well being reinsurance, Munich Re posted a technical results of about $330 million for the quarter, placing it on observe to satisfy its full-year goal of $1.1 billion.

For ERGO, the end result was about $220 million, nicely over 1 / 4 of the corporate’s full-year forecast of $770 million.

Munich Re expects web revenue of about $4.4 billion for the 2023 monetary yr.

It stated it’s reporting monetary stories for the primary time in accordance with the brand new IFRS 9 and IFRS 17 requirements.

“In contrast to the standards applied through 2022, IAS 39 and IFRS 4, Munich Re expects higher results in life and health reinsurance owing to the earlier recognition of earnings in the profits,” the group stated in a information launch.

“In property-casualty (re)insurance, effects from the accretion of interest and from discounting currently result in a positive contribution to profits. These changes in methodology are reflected in the expectation of a net result of about €4 billion (US$4.4 billion).”

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