Munich Re results

Munich Re reported a preliminary net profit of €900 million for the third quarter of 2024, significantly below the consensus estimate of €1.42 billion, largely due to major losses from natural disasters, particularly Hurricane Helene, which alone accounted for approximately €500 million in claims. Despite the disappointing quarterly results, the reinsurer remains optimistic, projecting that it will exceed its full-year profit target of €5 billion, bolstered by a strong net result of €4.7 billion in the first nine months of the year. The company is also bracing for additional claims from Hurricane Milton, which struck after the reporting period. Overall, operational performance was deemed satisfactory across all lines of business, even amidst substantial losses. Munich Re's shares fell by 2.3% following the announcement but are up 28% year-to-date. Finalized third-quarter results are expected to be released on November 7, 2024.