By Mauro Orru

Munich Re raised its earnings target for the year after preliminary figures showed its third-quarter profit exceeded analysts' expectations in spite of major losses in its property-casualty reinsurance business.

The German reinsurer said it now expects a profit of 4.5 billion euros ($4.77 billion) for the year, up from EUR4 billion previously.

"This projection is subject to increased uncertainties stemming from geopolitical and macroeconomic developments, to major losses remaining within normal bounds, and to the income statement not being impacted by severe fluctuations in the currency or capital markets, significant changes in the tax environment, or other one-off effects," the company said in a statement.

Munich Re said preliminary figures pointed to a third-quarter profit of about EUR1.2 billion, above a projection of EUR1.13 billion based on estimates from 15 financial analysts.

The group will post third-quarter results on Nov. 8.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

October 23, 2023 07:49 ET (11:49 GMT)

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