It has become ‘significantly more challenging’ to hit its FY profit target of €3.3 billion

In Q3 2022, Munich Re registered higher-than-average major-loss expenditure in property-casualty reinsurance. It is expected that Hurricane Ian caused roughly €1.6 billion in losses after retrocession for Munich Re; this estimate remains subject to substantial uncertainty.

Depending on the outcome of the ongoing quarterly closing – and on account of sustained encouraging operating performance in all lines of business and a positive one-off effect at ERGO Life and Health Germany – Munich Re anticipates a quarterly profit of about €500m.

Munich Re still anticipates a profit of about €3.3 billion for 2022. However, the reinsurer notes it has become significantly more challenging to meet the 2022 profit target – which is subject to the realisation of currently anticipated positive one-off effects, particularly regarding investments.

The forecast is still based on major losses during Q4 being in line with expectations.