Munich Re Profit Falls Short of Expectations; Backs 2023 Guidance

By Maitane Sardon

Munich Re on Thursday reported a fall in second-quarter profit, missing expectations, and confirmed its guidance for the full-year.

The German reinsurer reported a net profit of 1.15 billion euros ($1.26 billion) for the three months to the end of June, compared with EUR1.58 billion a year earlier. Analysts were expecting EUR1.23 billion in net profit, according to estimates provided by the company.

In the first half, net profit came to EUR2.43 billion, boosted by lower unwinding of discount effects and lower major loss expenditure, Munich Re said.

The second quarter featured strong business performance both at its ERGO subsidiary and in the reinsurance segment, with insurance revenue from insurance contracts issued rising on-year to EUR14.17 billion, Munich Re said.

The company backed its outlook for 2023 and said it is confident in further positive business opportunities in the second half. It continues to see a net result of about EUR4 billion for the 2023 financial year, it said.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

August 10, 2023 02:12 ET (06:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.