Munich Re 1Q Net Profit Beats Expectations, Expects to Beat 2023 Targets
28 Aprile 2023 - 3:30PM
Dow Jones News
By Cecilia Butini
German insurer Munich Re AG said Friday that its first-quarter
net profit beat expectations, and that it expects to beat 2023
forecasts as a result.
The company posted a preliminary net profit for the first
quarter of about 1.3 billion euros ($1.43 billion), beating a
consensus expectation of EUR1.01 billion. It said that it still
anticipates a net result of about EUR4 billion for the 2023
financial year, though surpassing this target has become more
likely due to the first-quarter result, it said. Munich Re's losses
from natural catastrophes were higher than expected, hitting its
property-casualty reinsurance business, it said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
April 28, 2023 09:15 ET (13:15 GMT)
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