By Giulia Petroni

Munich Re AG on Wednesday said it aims for a profit of around 4 billion euros ($4.2 billion) in 2023 on the back of a continuing positive operating performance.

The German reinsurer said insurance revenues are expected to reach around EUR58 billion, while return on investment should be to at least 2.2%.

Guidance is under the new accounting standard for insurers, IFRS 17.

Munich Re said forecasts face increased uncertainty due to macroeconomic developments and volatile capital markets as well as the coronavirus pandemic and the financial impact of the war in Ukraine.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 14, 2022 13:04 ET (18:04 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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