Munich Re posts quarterly result of approx. €0.5bn and confirms annual forecast
12:45 PM CEST 2022/10/21
In Q3 2022, Munich Re registered higher-than-average major-loss expenditure in property-casualty reinsurance. It is expected that Hurricane Ian caused roughly €1.6bn1 in losses after retrocession for Munich Re; this estimate remains subject 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 €0.5bn (consensus: – €167m2).
Munich Re still anticipates a profit of about €3.3bn for 2022. However, it has become significantly more challenging to meet the 2022 profit target – which is subject to the realisation 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.3 Munich Re will provide finalised Q3 results on 8 November, as scheduled.1 Estimated insured market loss within a currently broad range around US$ 60bn (excluding the National Flood Insurance Program NFIP).
2 Mean value derived from the estimates of 15 financial analysts.
3 Major-loss budget of more than €1bn equates to 13% of net earned premiums.
Aktiengesellschaft in München