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Munich Re secures big revenue regardless of pure catastrophes

Munich Re secures big revenue regardless of pure catastrophes


International reinsurer Munich Re has posted a revenue of €2.038 billion (round CA$three.06 billion) for the primary 9 months of 2018, together with a third-quarter revenue of €483 million (round CA$726 million), regardless of giant pure disaster losses.

Within the third quarter, Hurricane Jebi and Hurricane Florence dealt losses of round €300 million every, the reinsurer’s quarterly report stated. Nevertheless, these losses have been offset by strong progress of 21% in gross written premiums for the property and casualty reinsurance enterprise, reaching €5.7 billion.

In the meantime, ERGO – Munich Re’s main insurance coverage unit – generated a revenue of €173 million for the third quarter, and €359 million for the interval from January to September. ERGO Worldwide generated a revenue of €15 million – regardless of damaging one-off results owing to the optimization of its worldwide portfolio. ERGO’s working end result climbed to €451 million from €297 million within the earlier yr.

Munich Re’s solvency ratio by the top of the third quarter exceeded 260%, a marked enchancment over the 244% firstly of the yr.

As for Munich Re’s outlook for the complete yr of 2018, it stated that it’s on monitor to realize its revenue goal, which ranges from €2.1 billion to €2.5 billion.

“This good Q3 end result places us on monitor to realize our revenue goal for 2018 – regardless of a collection of main pure catastrophes nonetheless persevering with within the fourth quarter,” stated Jörg Schneider, chief monetary officer of Munich Re. “The advantages of first-class main insurance coverage and reinsurance cowl turn out to be obvious in occasions of local weather change and rising financial dangers.”