Munich Re reported a net result of €2 billion ($2.3 billion) for the third quarter, more than double its result for the same period last year, which was hit by heavy natural catastrophe losses.
But group insurance revenue for the quarter was down 6.1% to €14.56 billion ($16.89 billion). The company said that was primarily due to negative currency translation effects.
Munich Re is reporting its Global Specialty Insurance results separately for the first time this year, with the unit generating a net result of €221m ($256.4 million) in the third quarter compared with a loss of €22m ($25.5 billion) in the same period last year.
GSI’s insurance revenue dropped 3.6% to €2.15 billion ($2.49 billion). Its combined ratio improved to 82.8% from 92.6%, due to a fall in major-loss expenditure to €59m ($68.4 million) from €273m ($316.7 million).
Group reinsurance business increased its net result by 121% to €1.69 billion ($1.96 billion), helping the nine-month figure rise 9.7% to €4.38 billion ($5.08 billion). Insurance revenue fell 9.4% to €9.26 billion ($10.74 billion) in the third quarter and is down by 2.3% to €29.14 billion ($33.8 billion) at the nine-month stage.
Munich Re’s annual profit guidance remains unchanged at €6billion ($6.96 billion).
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.