October 21, 2022 | Investor Relations – InsuranceNewsNet


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In the third quarter of 2022, Munich Re recorded above-average large claims expenses in property and casualty reinsurance. Hurricane Ian is expected to have caused around 1.6 billion euros1 losses after retrocession for Munich Re; this estimate remains subject to significant uncertainty. Depending on the outcome of the current quarter-end – and on sustained and encouraging operating performance across all business lines and a positive one-off effect on ERGO Life and Health Germany – Munich Re expects a quarterly profit of around €0.5bn (consensus: -€167m2).

Munich Re still forecasts a profit of around 3.3 billion euros for 2022. However, it has become much more difficult to reach the profit target for 2022 – which is subject to the realization of currently anticipated positive one-off effects, especially with regard to investments. Moreover, the forecast is still based on significant losses during the fourth quarter in line with expectations.3 Munich Re will provide final Q3 results on November 8, as scheduled.

1 Estimated insured market loss within a currently wide range around $60 billion (excluding National Flood Insurance Program [NFIP]).2 Average value derived from estimates of 15 financial analysts.3 A major claims budget of over €1 billion is equivalent to 13% of net earned premiums.

Munich, October 21, 2022

Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in Munich
Koniginstrasse 107
80802 Munich
Germany

Disclaimer

Munich Re Group – Münchener Rück AG published this content on October 21, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on October 21, 2022 10:56:21 UTC.

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