German reinsurer Munich Re anticipates a quarterly profit of about EUR 0.5 billion, despite in Q3 2022 the company registered higher-than-average major-loss expenditure in property-casualty reinsurance.

"It is expected that Hurricane Ian caused roughly EUR 1.6 billion in losses after retrocession for Munich Re; this estimate remains subject to substantial uncertainty. Depending on the outcome of the ongoing quarterly closing - and on account of sustained encouraging operating performance in all lines of business and a positive one-off effect at ERGO Life and Health Germany - Munich Re anticipates a quarterly profit of about EUR 0.5 billion".

Munich Re still anticipates a profit of about EUR 3.3 billion for 2022.

However, "it has become significantly more challenging to meet the 2022 profit target - which is subject to the realisation of currently anticipated positive one-off effects, particularly regarding investments. In addition, the forecast is still based on major losses during Q4 being in line with expectations".

Munich Re will provide finalised Q3 results on 8 November, as scheduled.