By Pierre Bertrand

Munich Re said net profit rose in the third quarter and it confirmed the raised guidance for 2023.

The German reinsurer said Wednesday that net profit came in at 1.17 billion euros ($1.25 billion) from EUR1.1 billion a year earlier.

Revenue from insurance contracts fell 1.2% to EUR14.46 billion. Reinsurance revenue fell 5.9% to EUR9.46 billion, the company said.

The company added that major-loss expenditures declined after the previous year was particularly affected by hurricane Ian. It added that the costliest natural catastrophe in the quarter, with loses amounting to around EUR200 million, was the wildfire on Maui in the U.S. state of Hawaii.

Munich Re confirmed it now expects net profit of EUR4.5 billion for the year, up from EUR4 billion previously.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

11-08-23 0239ET