Munich Re is sticking to its profit forecast despite an unusually low claims burden in the third quarter.
From July to September, the world's largest reinsurer more than doubled its net profit to nearly 2 billion euros (previous year: 0.91 billion euros). "We are fully on track to achieve our annual target of 6 billion euros," said new CEO Christoph Jurecka on Tuesday. Analysts had already expected the company to deliver 6.3 billion euros. While the impact from natural disasters and other major losses was exceptionally low at 118 million euros (down from 1.34 billion euros), Munich Re faced a weaker quarter in life and health reinsurance as well as currency losses. Jurecka took a positive view: "Our diversification strategy is working."
(Reporting by Alexander Hübner; editing by Ralf Banser. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
