12th November 2023

Munich Re raises annual guidance-quarterly result increases to nearly E1.2bn

Highlights are:
-Consistently strong performance across all segments yields net result of E1,169m(1,102m) in Q3
-Major-loss expenditure in property-casualty reinsurance slightly below average; life and health reinsurance once again delivers total technical result exceeding the pro-rata guidance
-ERGO contributes E173m to Group Q3 result
Munich Re raises annual guidance to E4.5bn for its net result
Christoph Jureckam cfo comments:
"Munich Re’s outstanding business performance continued seamlessly in the third quarter. Unlike last year, we benefited from a comparatively mild hurricane season in the North Atlantic. Accordingly, major-loss expenditure in property-casualty reinsurance was lower than expected, despite various other natural catastrophes. Strong performance in our other operating segments rounded out the positive results. Ultimately, we can report a net result of nearly E1.2bn for the third quarter and E3.6bn for the first nine months of the year. We are confident that we will surpass our previous annual target of €4bn and have raised the guidance to E4.5bn.

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