Munich Re posts worse-than-expected third-quarter earnings after major claims

(Reuters) – German reinsurer Munich Re on Tuesday said its third-quarter net profit was worse than expected due to large natural catastrophe claims, but it would exceed its profit target for 2024.

The company, the world’s largest reinsurer, said in an unscheduled update that net profit for the period was about 900 million euros ($974.4 million), down about 23% from 1.17 billion euros a year ago. Analysts had expected net profit of 1.42 billion euros.

Munich-based Re said Hurricane Helen, which hit the southeastern US at the end of September, was its worst hit, with losses of around 500 million euros.

This was in addition to losses in Canada and other countries.

Despite the claims, Munich-based Re said it would beat its full-year profit forecast of 5 billion euros, a possibility it said earlier this year.

Full numbers will be announced on November 7th.