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(Reuters) — Munich Reinsurance Co. on Thursday confirmed it would beat its full-year profit target in 2019 after a strong third quarter, despite claims for hurricanes and typhoons.
Profit in the quarter rose 79% from a year earlier to €865 million ($957 million).
That is better than profit of around €850 million that the reinsurer had flagged in preliminary earnings last month, when it also first said it would likely exceed this year’s profit target.
“We now expect to surpass our initial profit and revenue targets overall for 2019,” Chief Financial Officer Christoph Jurecka said.
The reinsurer’s profit target had been around €2.5 billion for the full year.
Munich Re pointed to large natural catastrophes — Hurricane Dorian and Typhoon Faxai — as among the major costs for claims this year. Typhoon Hagibis, which struck Japan in October and was the worst storm there in decades, will cost even more, although it will fall on the fourth quarter, the company said.
Munich Re’s combined ratio in its property/casualty division, a key measure of profitability, was 104.7% in the third quarter, worse than the 100.7% a year earlier. Readings below 100% indicate profitability.
(Reuters) — Insured losses from Hurricane Dorian are expected to total several billions of dollars, German reinsurer Munich Re said on Sunday.