Munich Re has reported a net result of €1.17bn ($1.10bn) for the third quarter (Q3) of 2023, a 6% increase from €1.10bn ($1.17bn) a year ago.

Group-wide insurance revenue was €14.46bn during the quarter, a decline of 1.3% from €14.64bn a year earlier.

The reinsurance segment contributed €995m to the group’s net result.

Life and health reinsurance generated a net result of €351m, a 35.3% decline year-on-year (YoY).

The property and casualty reinsurance unit reported a 108.5% surge in net result to €644m from €309m in the third quarter of 2022.

The company noted that it benefitted from mid-hurricane season in the North Atlantic.

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Major-loss expenses decreased to €770m from €2.13bn due to Hurricane Ian’s significant impact in 2022.

Munich Re’s insurance unit, ERGO, reported a profit of €173m between July and September 2023.

ERGO’s insurance revenue from insurance contracts issued for the period that ended 30 September was €5bn, up by 9% YoY.

In Q3, ERGO International swung to a profit of €90m from a loss of €73m in 2022, in part due to positive claims development.

ERGO Life and Health Germany and the ERGO property-casualty Germany segment contributed €52m and €31m to the quarterly net result, respectively.

The German company raised its annual net result guidance to €4.5bn in 2023.

Munich Re CEO Christoph Jurecka said: “Munich Re’s outstanding business performance continued seamlessly in the third quarter. Unlike last year, we benefitted from a comparatively mild hurricane season in the North Atlantic. Accordingly, major-loss expenditure in property-casualty reinsurance was lower than expected, despite various other natural catastrophes.

“Strong performance in our other operating segments rounded out the positive results. Ultimately, we can report a net result of nearly €1.2bn for the third quarter and €3.6bn for the first nine months of the year. We are confident that we will surpass our previous annual target of €4bn and have raised the guidance to €4.5bn.”