Munich Re reports better-than-expected Q3 net profit, raises 2023 guidance

Illustration shows a smartphone with displayed Munich Re Group logo

FRANKFURT (Reuters) -German reinsurer Munich Re said on Monday that net profit in the third quarter was around 1.2 billion euros ($1.27 billion), better than expectations, and it raised its outlook for the full year.

In an unscheduled announcement of preliminary earnings, the company cited major losses in its property-casualty division that were slightly below expectations and strength in its life and health reinsurance business.

Analysts had expected net profit of 1.131 billion euros in the quarter, according to a consensus of 15 analysts compiled by Munich Re. That is up from net profit of 527 million euros a year earlier.

For 2023, Munich Re now expects net profit of 4.5 billion euros, higher than the 4 billion euros it had previously flagged.

Munich Re will announce final results on Nov. 8.

($1 = 0.9429 euros)

(Reporting by Tom Sims and Alexander HuebnerEditing by Miranda Murray)