Munich Re Raises Guidance After 3Q Profit Beat Forecasts
October 23 2023 - 7:04AM
Dow Jones News
By Mauro Orru
Munich Re raised its earnings target for the year after
preliminary figures showed its third-quarter profit exceeded
analysts' expectations in spite of major losses in its
property-casualty reinsurance business.
The German reinsurer said it now expects a profit of 4.5 billion
euros ($4.77 billion) for the year, up from EUR4 billion
previously.
"This projection is subject to increased uncertainties stemming
from geopolitical and macroeconomic developments, to major losses
remaining within normal bounds, and to the income statement not
being impacted by severe fluctuations in the currency or capital
markets, significant changes in the tax environment, or other
one-off effects," the company said in a statement.
Munich Re said preliminary figures pointed to a third-quarter
profit of about EUR1.2 billion, above a projection of EUR1.13
billion based on estimates from 15 financial analysts.
The group will post third-quarter results on Nov. 8.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
October 23, 2023 07:49 ET (11:49 GMT)
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