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Munich Re posts quarterly result of ca. €1.2bn and raises the guidance for 2023 to €4.5bn

01:14 PM CEST 2023/10/23

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    Due to consistently good operational performance in all business segments, in the third quarter of 2023 Munich Re posted a preliminary net result of ca. €1.2bn (consensus: €1,131m*). In property-casualty reinsurance, Munich Re reported major losses that were slightly below the expected average. In life and health reinsurance, the total technical result once again exceeded pro-rata guidance. ERGO reported consistently excellent business performance that, due in part to higher losses from natural catastrophes, yielded a result that was slightly below the very high level seen in the two previous quarters.

    The result for the first nine months of the year was thus €3.6bn. Munich Re is well positioned to surpass the previous annual target of €4bn. Munich Re has accordingly raised its annual guidance for 2023 to a net result of €4.5bn. As usual, this projection is subject to increased uncertainties stemming from geopolitical and macroeconomic developments, to major losses remaining within normal bounds, and to the income statement not being impacted by severe fluctuations in the currency or capital markets, significant changes in the tax environment, or other one-off effects.

    Munich Re will provide finalised Q3 results on 8 November as scheduled.

    * Mean value derived from the estimates of 15 financial analysts.
    Munich, 23 October 2023

    Münchener Rückversicherungs-Gesellschaft
    Aktiengesellschaft in München
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