Munich Re Reports 31% Net Result Increase

Munich Re reported a net result of €4.7 billion for the first nine months of 2024, despite suffering significant losses of €1.4 billion from natural catastrophes in Q3, primarily due to Hurricane Helene and other storms. The reinsurer's Q3 net result declined by 21% to €930 million compared to the previous year, influenced by a sharp increase in major loss expenditures, which reached €1.6 billion. In contrast, Swiss Re has significantly raised its provisions for the US liability business, resulting in a lowered profit forecast for 2024, now expected to be around $2.2 billion. This adjustment follows a $2.4 billion reserve increase for the Property & Casualty Reinsurance division, leading to a significant reduction from its earlier projection of over $3.6 billion. Both reinsurers are navigating challenges from increased claims due to natural disasters, but Munich Re anticipates exceeding its annual profit target of €5 billion, while Swiss Re's P&C division will fall short of its combined ratio goals. The detailed financial results for Swiss Re are set to be announced on November 14.