Munich Re Posts Higher Profit
08 November 2023 - 6:54PM
Dow Jones News
By Pierre Bertrand
Munich Re said net profit rose in the third quarter and it
confirmed the raised guidance for 2023.
The German reinsurer said Wednesday that net profit came in at
1.17 billion euros ($1.25 billion) from EUR1.1 billion a year
earlier.
Revenue from insurance contracts fell 1.2% to EUR14.46 billion.
Reinsurance revenue fell 5.9% to EUR9.46 billion, the company
said.
The company added that major-loss expenditures declined after
the previous year was particularly affected by hurricane Ian. It
added that the costliest natural catastrophe in the quarter, with
loses amounting to around EUR200 million, was the wildfire on Maui
in the U.S. state of Hawaii.
Munich Re confirmed it now expects net profit of EUR4.5 billion
for the year, up from EUR4 billion previously.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 08, 2023 02:39 ET (07:39 GMT)
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