Munich Re’s preliminary net operating performance saw  $1.3b, higher than expected

P&C business saw major dips, lower than expected.

In the third quarter (Q3) of 2023, Munich Re achieved a preliminary net result of approximately €1.2b ($1.2b), surpassing consensus expectations of €1.1b, the German reinsurer said in a statement.

Property-casualty reinsurance experienced major losses that were slightly lower than anticipated, while life and health reinsurance exceeded its pro-rata guidance for the total technical result. 

ERGO delivered consistently strong business performance, although it faced slightly lower results due to increased losses from natural catastrophes, compared to the previous two quarters.

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For the first nine months of the year, Munich Re's result reached €3.6b ($3.8b), Munich Re said this positions the company well to exceed its initial annual target of €4b ($4.2b). 

Consequently, Munich Re has increased its annual guidance for 2023 to a net result of €4.5b ($4.8b). 

However, this projection is subject to potential uncertainties arising from geopolitical and macroeconomic developments, keeping major losses within typical ranges, and avoiding significant fluctuations in currency or capital markets, major changes in tax regulations, or other exceptional factors.

Munich Re will release its finalised Q3 results on the scheduled date of 8 November.

($1.0 =  €0.9)