Munich Re: posts profit despite typhoons and hurricanes

(CercleFinance.com) - Munich Re posted third-quarter earnings of over 1 billion euros, despite heavy losses resulting from typhoon Jebi in the Philippines and hurricane Florence in the US, which cost around 300 million euros each.


The German reinsurer said that its operating profit increased to 1.04 billion euros in the past quarter, from a loss of 1.7 billion euros in the same period of 2017.

"This good third-quarter result puts us on track to achieve our profit target for 2018 - despite a series of major natural catastrophes still continuing in the fourth quarter," said CFO Jörg Schneider.

Losses from hurricane Michael and typhoon Trami are expected to impact its fourth-quarter result by around 350 million euros, the reinsurance group said.

Its shares are currently down 1% in Frankfurt after these results, lagging the DAX blue chip index, which is up 1%.

The Munich Re share has risen by over 4% year-to-date.

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