Munich Re 4Q Profit Beat Expectations on Higher Premiums
23 Febbraio 2023 - 8:18AM
Dow Jones News
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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