Munich Re: first quarter 2023 results

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Munich ReMunich Re has reported, for the first time, quarterly results in compliance with the new IFRS 9 and IFRS 17.

As of 31 March 2023, the German group's net profit amounted to 1.271 billion EUR (1.4 billion USD), down 14.1% over one year. The technical result of 1.809 billion EUR (2 billion USD) fell by 2.9% compared to the same period in 2022.

Munich Re recorded higher-than-expected natural catastrophe losses due in particular to an amount of 600 million EUR (652.5 million USD) related to the earthquake that hit Turkey and Syria.

For the overall year 2023, the reinsurer is expecting a net profit of 4 billion EUR (4.4 billion USD).

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Fri, 19/05/2023 - 16:38
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