Munich Re increases 2023 profit estimate

Munich Reinsurance Co. on Monday raised its annual profit guidance to €4.5 billion ($4.77 billion), a 12.5% increase from its previous estimate, as major loss totals came in lower than expected.

For the third quarter, the German reinsurer posted a preliminary profit of €1.2 billion, compared with an actual profit of €527 million in the same period last year. Munich Re is slated to report its 2023 third-quarter results on Nov. 8.

“In property/casualty reinsurance, Munich Re reported major losses that were slightly below the expected average. In life and health reinsurance, the total technical result once again exceeded pro-rata guidance,” a Munich Re statement said.

Last week, Aon PLC said total global insured losses from natural disasters for the first nine months of this year hit $88 billion, which was higher than the 21st century average but down from $135 billion in the comparable 2022 period.