BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — Munich Re on Tuesday posted a 44% rise in third-quarter net profit,, despite big claims from Hurricane Ian, and it “firmly” stuck to its full-year earnings target.
Net profit in the quarter of €527 million ($527.2 million) compared with €366 million in the year-earlier period when storm claims also dented results.
Last month the reinsurer already flagged that it expected profit of around €500 million, well above consensus for a loss of €167 million.
“Although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering” to 2022 profit guidance of €3.3 billion, said Chief Financial Officer Christoph Jurecka.
Hurricane Ian, which ripped through parts of Florida in late September, will cost Munich Re an estimated €1.6 billion in claims.
As a result, Munich Re now projects that the combined ratio in its property and casualty division — a key measure of profitability — will be a less favorable 97% this year, compared with previous expectations of 94%. Readings below 100% indicate profitability.
But the company raised its full-year guidance for gross premiums in its reinsurance business and at its Ergo primary insurance business.