Munich Re, which is releasing its finalised third quarter results on November 8, has provided a peek into the reinsurer’s quarterly performance.
“In Q3 2022, Munich Re registered higher-than-average major-loss expenditure in property-casualty reinsurance,” noted the company. “It is expected that Hurricane Ian caused roughly €1.6 billion 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 €0.5 billion.”
For the year, meanwhile, Munich Re said it is still expecting about €3.3 billion in profit.
“However,” the reinsurer conceded, “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.”
In the third quarter of last year, Munich Re’s profit was €366 million.