Munich Re Posts Profit Decline Despite Lower-Than-Expected Major Losses
By Adria Calatayud
Munich Re reported a decline in third-quarter net profit, despite benefiting from lower-than-expected major losses in its property-and-casualty reinsurance unit.
The German reinsurer, which already reported preliminary profit figures and raised its full-year guidance last month, said Thursday that its third-quarter net profit came in at 1.75 billion euros ($1.94 billion). This compared with a profit of 2 billion euros Munich Re made a year before, when its results were flattered by exceptionally low major-loss expenditures.
Major reinsurance losses in the quarter amounted to 646 million euros, or 14.9% of the group's net reinsurance revenue, below the 18% Munich Re had anticipated.
"In the third quarter, we benefited from low major-loss expenditure and expanded our business, particularly in less volatile segments such as life and health reinsurance," Munich Re Chief Financial Officer Andrew Buchanan said.
Quarterly insurance revenue climbed 14% to 16.63 billion euros.
Munich Re last month raised its 2026 profit target to 6.6 billion euros from 6.3 billion euros.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
November 12, 2026 02:07 ET (07:07 GMT)
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