MUV2

   By Ed Frankl 
 

Muenchener Rueckversicherungs-Gesellschaft AG on Friday said Hurricane Ian caused roughly 1.6 billion euros ($1.57 billion) in losses and that it has now become significantly more challenging to meet its 2022 profit target, despite expecting a profit in the third quarter.

The German reinsurer, better known as Munich Re, said it expects to make a profit of around EUR500 million in the three months to the end of September, compared with a expectations of a net loss of EUR167 million, according to analysts polled by the company.

However, the Bavarian insurer added that the loss estimate from Hurricane Ian, which struck Florida and neighboring states and killed dozens of people earlier this fall, was still subject to substantial uncertainty.

Despite flagging the more difficult environment, the reinsurer said it still expects a full-year profit of around EUR3.3 billion, though on the basis that major losses in the fourth quarter will be in line with expectations.

Shares rose on the news, up 2.1% to EUR254.80 at 1055 GMT.

Munich Re is due to publish full third-quarter results on Nov. 8.

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

(END) Dow Jones Newswires

October 21, 2022 07:18 ET (11:18 GMT)

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