Announcing the third-quarter (Q3) results last month, Munich Re raised its 2023 guidance to €4.5bn. Credit: chrisdorney/Shutterstock.

Munich Re has set a net profit target of €5bn and a group insurance revenue target of €54bn in 2024.

The German company forecasts an increase in revenue from its reinsurance business to €39bn and net profit to hit €4.2bn next year.

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The combined ratio for property-casualty reinsurance is projected to rise to 82%.

This growth reflects the anticipated results of the 2024 renewals and the operational gains from the earn-through of the 2023 renewals.

In 2024, the total technical result in life and health reinsurance is estimated to be €1.45bn.

ERGO, the insurance unit of Munich Re, is forecast to bring in around €20bn in insurance revenue in 2024.

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The combined ratio at ERGO property-casualty Germany is expected to be 87% and 90% at ERGO International.

The reinsurer said it will release its full-year 2023 financial results on 27 February 2024.

“All forecasts and targets are subject to increased uncertainties stemming from geopolitical and macroeconomic developments,” Munich Re added.

Announcing Q3 results last month, Munich Re lifted its 2023 outlook to €4.5bn, stating that it was confident of exceeding its initial yearly objective of €4bn.

During the three months that ended on 30 September 2023, it reported a net result of €1.17bn, a 6% increase year-on-year.

Group-wide insurance revenue during Q3 2023 was €14.46bn.

In October this year, Munich Re teamed up with International SOS, a health and security risk services provider.

Munich Re and International SOS aim to provide an integrated solution for epidemic and pandemic risk management.