By Helena Smolak

Munich Re's profit fell in the final quarter of 2023, partly due to Hurricane Otis, but beat market expectations as the company recovered from a period marked by major losses in its property-casualty reinsurance business.

The German reinsurer said Tuesday that net profit in the three months to the end of December was 1.00 billion euros ($1.09 billion), down from EUR1.14 billion in the same period of 2022, adjusted for new accounting standards.

That compares with expectations of EUR980 million, according to a consensus of analysts' estimates provided by the company.

The Bavarian company backed its net profit outlook for 2024 and said it has sufficient insurance capacity for extreme weather and cyber risks.

Write to Helena Smolak at

(END) Dow Jones Newswires

02-27-24 0214ET