Munich Re Profit Falls Short of Expectations; Backs 2023 Guidance
10 Agosto 2023 - 8:27AM
Dow Jones News
By Maitane Sardon
Munich Re on Thursday reported a fall in second-quarter profit,
missing expectations, and confirmed its guidance for the
full-year.
The German reinsurer reported a net profit of 1.15 billion euros
($1.26 billion) for the three months to the end of June, compared
with EUR1.58 billion a year earlier. Analysts were expecting
EUR1.23 billion in net profit, according to estimates provided by
the company.
In the first half, net profit came to EUR2.43 billion, boosted
by lower unwinding of discount effects and lower major loss
expenditure, Munich Re said.
The second quarter featured strong business performance both at
its ERGO subsidiary and in the reinsurance segment, with insurance
revenue from insurance contracts issued rising on-year to EUR14.17
billion, Munich Re said.
The company backed its outlook for 2023 and said it is confident
in further positive business opportunities in the second half. It
continues to see a net result of about EUR4 billion for the 2023
financial year, it said.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
August 10, 2023 02:12 ET (06:12 GMT)
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