MURGY Muenchener Rueckversicherungs Gesellschaft AG (PK)

By Ed Frankl

Munich Re AG has confirmed its profit guidance for the year despite large losses from Hurricane Ian and a challenging economic environment, after net profit rose in the third quarter.

The German reinsurer said Tuesday that it made a quarterly net profit of 527 million euros ($528.1 million), up from EUR366 million in the same period of last year. The result comes after it said in October it expected to make around EUR500 million in the quarter after a one-off effect from its ERGO Life & Health Germany business.

Munich Re's property & casualty business swung to a loss in the quarter, mainly on the back of Hurricane Ian losses, which as it already reported were around EUR1.6 billion.

But its life & health business saw profit jump to EUR424 million from EUR94 million in the same period last year, helped by fee income growth and smaller losses from Covid-19.

Munich Re kept its net profit target for the year, despite previously saying it will be significantly more difficult to achieve it.

It raised its 2022 guidance for gross premiums written to EUR67 billion, from EUR64 billion previously, though flagged a less profitable P&C business due to the high natural-catastrophe losses that occurred in 3Q.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

November 08, 2022 02:12 ET (07:12 GMT)

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