Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2022 11 08T064845Z 1 LYNXMPEIA7077 RTROPTP 4 HEALTH CORONAVIRUS MUNICH RE - Business Express
FILE PHOTO: The logo of reinsurance company Munich Re Group is seen next to the entrance of their headquarters as the spread of the coronavirus disease (COVID-19) continues in Munich, Germany, April 4, 2020. REUTERS/Andreas Gebert

Munich Re firmly sticks to 2022 target after quarterly profit rise

FRANKFURT (Reuters) – Munich Re on Tuesday said it posted a 44% rise in net profit in the third quarter, despite big claims from Hurricane Ian, and it “firmly” stuck to its full-year earnings target.

Net profit in the quarter of 527 million euros ($527.21 million) compares with 366 million euros a year ago when storm claims also dented results.

Last month the resinsurer already flagged that it expected profit of around 500 million euros, well above consensus for a loss of 167 million euros.

“Although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering” to 2022 profit guidance of 3.3 billion euros, said Chief Financial Officer Christoph Jurecka.

Hurricane Ian, which ripped through parts of Florida in late September, will cost Munich Re an estimated 1.6 billion euros in claims.

As a result, Munich Re now projects that the combined ratio in its property and casualty division – a key measure of profitability – will be a less favourable 97% this year, compared with previous expectations of 94%. Readings below 100% indicate profitability.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

But the Munich company raised its full-year guidance for gross premiums in its reinsurance business and at its Ergo primary insurance business.

($1 = 0.9996 euros)


(Reporting by Tom Sims and Alexander Huebner; Editing by Paul Carrel)


Recent Post: