The insurer Munich Re has presented quarterly figures and can show a profit of 3.4 billion euros – 100 million more than targeted.
The world’s largest reinsurer, Munich Re, exceeded its profit target last year despite high catastrophe losses.
The bottom line was a profit of a good 3.4 billion euros, as the Dax group announced in Munich. That is around 17 percent more than in the previous year and 100 million more than targeted. Positive non-recurring effects, for example from higher interest rates, cushioned the burden of Hurricane “Ian” and other catastrophes. For 2023, CEO Joachim Wenning is still aiming for a profit of four billion euros. In addition to the new accounting standard IFRS 17, higher prices in the reinsurance business should also contribute to this.
In the treaty renewal in property and casualty reinsurance at the turn of the year, Munich Re achieved a risk-adjusted 2.3 percent higher price among its customers. Increased damage expectations have already been factored out. At the same time, it expanded its business volume by 1.3 percent to EUR 15.3 billion.
Source: Stern
