Munich Re reported Q3 2024 positive operational performance across all lines of business, resulting in a preliminary net result of about EUR 0.9 billion. The German reinsurer is confident it will surpass its full-year profit target of EUR 5 billion.

The average value derived from the estimates of ten financial analysts (consensus) was EUR 1,419 million, which reflects the impact of the 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 EUR 0.5 billion 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 EUR 4.7 billion after the first nine months of 2024 – to surpass its full-year profit target of EUR 5 billion. Munich Re will provide finalized Q3 results on 7 November as scheduled.