EQS-Adhoc: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of approx. €0.5bn and confirms annual forecast
EQS-Ad-hoc: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / Key word(s): Quarter Results
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of approx. €0.5bn and confirms annual forecast
21-Oct-2022 / 12:45 CET/CEST
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In Q3 2022, Munich Re registered higher-than-average major-loss expenditure in property-casualty reinsurance. It is expected that Hurricane Ian caused roughly €1.6bn1 in losses after retrocession for Munich Re; this estimate remains subject to substantial uncertainty. Depending on the outcome of the ongoing quarterly closing – and on account of sustained encouraging operating performance in all lines of business and a positive one-off effect at ERGO Life and Health Germany – Munich Re anticipates a quarterly profit of about €0.5bn (consensus: –€167m2).
Munich Re still anticipates a profit of about €3.3bn for 2022. However, it has become significantly more challenging to meet the 2022 profit target – which is subject to the realisation of currently anticipated positive one-off effects, particularly regarding investments. In addition, the forecast is still based on major losses during Q4 being in line with expectations.3 Munich Re will provide finalised Q3 results on 8 November, as scheduled.
1 Estimated insured market loss within a currently broad range around US$ 60bn (excluding the National Flood Insurance Program NFIP).
2 Mean value derived from the estimates of 15 financial analysts.
3 Major-loss budget of more than €1bn equates to 13% of net earned premiums.
Contact:
Dr. Stefan Gehring
General Counsel & Group Chief Compliance Officer
Munich Re still anticipates a profit of about €3.3bn for 2022. However, it has become significantly more challenging to meet the 2022 profit target – which is subject to the realisation of currently anticipated positive one-off effects, particularly regarding investments. In addition, the forecast is still based on major losses during Q4 being in line with expectations.3 Munich Re will provide finalised Q3 results on 8 November, as scheduled.
1 Estimated insured market loss within a currently broad range around US$ 60bn (excluding the National Flood Insurance Program NFIP).
2 Mean value derived from the estimates of 15 financial analysts.
3 Major-loss budget of more than €1bn equates to 13% of net earned premiums.
Contact:
Dr. Stefan Gehring
General Counsel & Group Chief Compliance Officer
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