MURGY Muenchener Rueckversicherungs Gesellschaft AG (PK)

By Ed Frankl

Munich Re AG said Thursday that profit and premiums rose in the final quarter of 2022, as the company recovered from a third quarter marked by high natural catastrophes losses.

The world's largest reinsurer by premiums said net profit in the three months to the end of December was 1.53 billion euros ($1.62 billion), up from EUR868 million in the same period of 2021.

Gross premiums came to EUR16.22 billion, up 9% on year, as premiums in its reinsurance segment jumped 12%.

That compares with expectations of EUR1.40 billion in net profit and EUR16.20 billion in premiums, according to consensus expectations provided by the company.

The result meant the company more than compensated for the expenditure for the devastating Hurricane Ian in 3Q and a lower investment result over the course of the year, it said.

The Bavarian company detailed its outlook for 2023, including insurance revenue, a new measurement of premium income, of around EUR58 billion, and a return on investment of at least 2.2%.

However, it kept its headline profit figure of EUR4.0 billion for the year.

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

(END) Dow Jones Newswires

February 23, 2023 02:03 ET (07:03 GMT)

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