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EQS-Adhoc: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of €1.3bn

EQS-Ad-hoc: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München / Key word(s): Quarter Results
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München: Munich Re posts quarterly result of €1.3bn

28-Apr-2023 / 14:40 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Munich Re achieved both a good investment result in Q1 2023 and a pleasing operational business performance. In property-casualty reinsurance, major losses from natural catastrophes were higher than expected. Despite these major losses, the combined ratio of about 86.5% was only slightly higher than our expectation for the full-year combined ratio of 86%. The total technical result in life and health reinsurance was about €0.3bn for Q1, greater than a quarter of the full-year forecast of €1bn. The net result at ERGO was about €0.2bn, likewise more than a quarter of the full-year forecast of €0.7bn. The preliminary net result of the Munich Re amounts to about €1.3bn (consensus: €1,012m1). Munich Re still anticipates a net result of about €4bn for the 2023 financial year. Surpassing this target has become more likely due to the Q1 result.
 
As of Q1 2023, Munich Re is reporting financial results for the first time in accordance with the new IFRS 9 and IFRS 17 standards. In contrast to the standards applied through 2022, IAS 39 and IFRS 4, Munich Re expects higher results in life and health reinsurance owing to the earlier recognition of earnings in the profits. In property-casualty (re)insurance, effects from the accretion of interest and from discounting currently result in a positive contribution to profits. These changes in methodology are reflected in the expectation of a net result of about €4bn.
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1 Mean value derived from the estimates of 11 financial analysts




Contact:
Dr. Stefan Gehring
General Counsel & Group Chief Compliance Officer


End of Inside Information

28-Apr-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:English
Company:Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Königinstraße 107
80802 München
Germany
Phone:+49(0) 89 3891-0
Fax:+49(0) 89 399 056
E-mail:shareholder@munichre.com
Internet:www.munichre.com
ISIN:DE0008430026, DE0008430026
WKN:843002, 843002
Indices:DAX, EURO STOXX 50
Listed:Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange; Mailand
EQS News ID:1620733

 
End of AnnouncementEQS News Service

1620733  28-Apr-2023 CET/CEST

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