Munich Re Raises Insurance Revenue View

Dow Jones11-07

By Elena Vardon

Munich Re lifted its insurance revenue guidance for 2024 after beating estimates for the third quarter.

The German reinsurer on Thursday reported insurance revenue from insurance contracts issued of 15.50 billion euros, equivalent to $16.63 billion, for the three months ended Sept. 30. That's up from 14.46 billion euros for the comparable period the year prior and above expectations taken from a company-compiled consensus of a 15.0 billion euro result.

The company now expects insurance revenue for the year to be around 61 billion euros, compared with previous guidance of 59 billion euros, it said.

Munich Re said it made 930 million euros in net profit for the three months ended Sept. 30, in line with the around 900 million euro figure prereported last month. This missed estimates of a 1.42 billion euro result taken from a company-compiled consensus due to above average major-loss expenditure from natural catastrophes, partly due to the North Atlantic hurricane season.

The Bavarian group had said that it still expects to surpass its full-year profit target of 5 billion euros, though it expects "significant" claims expenditure from Hurricane Milton at the beginning of October. Analysts have penciled in net profit of 6.0 billion euros for 2024.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

November 07, 2024 01:54 ET (06:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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That's up from 14.46 billion euros for the comparable period the year prior and above expectations taken from a company-compiled consensus of a 15.0 billion euro result. \n\n\n  The company now expects insurance revenue for the year to be around 61 billion euros, compared with previous guidance of 59 billion euros, it said. \n\n\n  Munich Re said it made 930 million euros in net profit for the three months ended Sept. 30, in line with the around 900 million euro figure prereported last month. This missed estimates of a 1.42 billion euro result taken from a company-compiled consensus due to above average major-loss expenditure from natural catastrophes, partly due to the North Atlantic hurricane season. \n\n\n  The Bavarian group had said that it still expects to surpass its full-year profit target of 5 billion euros, though it expects \"significant\" claims expenditure from Hurricane Milton at the beginning of October. 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