Munich Re reveals preliminary Q3 outcomes

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The result of the third quarter of Munich Re was burdened by high losses from natural disasters, the company announced.

Munich Re estimates that Sturm Bernd, which caused floods and flash floods in Germany and neighboring countries, cost around 600 million euros (around 698 million US dollars) in the property / casualty reinsurance and ERGO property / casualty Germany segments will. In the USA, Hurricane Ida caused damage to property-casualty reinsurance of around 1.2 billion euros.

In the third quarter, however, Munich Re achieved a preliminary result of around € 0.4bn (consensus: € -10m), driven by positive development in all segments and a high investment result. The company announced that the result was also due to high capital gains and a high currency translation result.

Munich Re achieved a result of around € 2.1bn in the first nine months of the year. For the full year 2021, the company expects to achieve its total profit target of 2.8 billion euros.

Read next: The four major European reinsurers are expanding all property and casualty books by the middle of the year

The forecast takes into account higher COVID-19-related losses for life and health insurance than was expected at the time the Q2 results were published. This means that Munich Re will not achieve its underwriting profit target of 400 million euros for this year, the company announced. There were no significant COVID-19 losses in property and casualty reinsurance in the third quarter.

Munich Re will announce the final results for the third quarter on November 9th.

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