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Muenchener Rueckversicherungs-Gesellschaft AG
Earnings Release • Oct 22, 2024
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Earnings Release
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News Details
Ad-hoc | 22 October 2024 12:31
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of €0.9bn
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / Key word(s): Quarter Results/Forecast
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of €0.9bn
22-Oct-2024 / 12:31 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Operational performance remained pleasing in Q3 2024 across all lines of business. Munich Re has generated a preliminary net result of about €0.9bn (consensus: €1,419m*), which was impacted by higher-than-average major-loss expenditure from natural catastrophes in property-casualty reinsurance. Hurricane Helene, which caused severe damage in the southeastern United States and approximately €0.5bn in losses, amounted to Munich Re’s largest single claims event in Q3. Three loss events in Canada together resulted in similar claims expenditure. In addition to numerous other natural catastrophes and man-made losses, significant damage occurred in Central and Eastern Europe due to Storm Boris and consequent flooding, as well as in the United States and the Caribbean owing to Hurricane Beryl.
Although claims expenditure attributable to Hurricane Milton will likely be significant, Munich Re now expects – buoyed by the very good net result of €4.7bn after the first nine months of 2024 – to surpass its full-year profit target of €5bn. Munich Re will provide finalised Q3 results on 7 November as scheduled.
* Mean value derived from the estimates of ten financial analysts.
Contact:
Dr. Stefan Gehring
General Counsel & Group Compliance Officer
End of Inside Information
22-Oct-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
| Language: | English |
| Company: | Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München |
| Königinstraße 107 | |
| 80802 München | |
| Germany | |
| Phone: | +49(0) 89 3891-0 |
| Fax: | +49(0) 89 399 056 |
| E-mail: | [email protected] |
| Internet: | www.munichre.com |
| ISIN: | DE0008430026, DE0008430026 |
| WKN: | 843002, 843002 |
| Indices: | DAX, EURO STOXX 50 |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange; Mailand |
| EQS News ID: | 2013579 |
| End of Announcement | EQS News Service |