Munich Re reports Q3 2023 earnings
Munich Re reports Q3 2023 earnings | Insurance Business New Zealand
Insurance News
Munich Re reports Q3 2023 earnings
Full-year guidance tweaked
Insurance News
By
Terry Gangcuangco
Munich Re has reported its financial results for the three months ended September 30, 2023.
Metric
Q3 2023
Q3 2022
Net result
€1.17 billion
€1.10 billion
Insurance revenue from insurance contracts issued
€14.46 billion
€14.64 billion
Total technical result
€2.22 billion
€1.73 billion
Investment result
€760 million
€691 million
Currency result
€309 million
€568 million
Operating result
€1.78 billion
€1.34 billion
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 benefitted 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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