Munich Re, which is releasing its finalized third quarter outcomes on November 8, has supplied a peek into the reinsurer’s quarterly efficiency.
“In Q3 2022, Munich Re registered higher-than-average major-loss expenditure in property-casualty reinsurance,” famous the corporate. “It is anticipated that Hurricane Ian precipitated roughly €1.6 billion in losses after retrocession for Munich Re; this estimate stays topic to substantial uncertainty.
“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 €0.5 billion.”
For the 12 months, in the meantime, Munich Re mentioned it’s nonetheless anticipating about €3.3 billion in revenue.
“However,” the reinsurer conceded, “it has become significantly more challenging to meet the 2022 profit target – which is subject to the realization of currently anticipated positive one-off effects, particularly regarding investments. In addition, the forecast is still based on major losses during Q4 being in line with the expectations.”
In the third quarter of final 12 months, Munich Re’s revenue was €366 million.