German reinsurance giant Munich Re posted Wednesday stronger than expected profits for its third quarter, despite booking huge claims over several natural disasters.
For the months of July to September, the group, which essentially insures insurers, recorded net profit of 483 million euros ($555 million), soundly beating analysts' forecast of 414 million euros.
The third-quarter result also marked a sharp recovery from the loss of 1.43 billion euros posted during the equivalent period a year ago.
Premium takings for the period, which are equivalent to revenues in the insurance sector, reached 12.8 billion euros for the third quarter, up 4.2 percent year-on-year.
The group's operating profit reached 1.04 billion euros, after taking into account claims for national disasters that reached 505 million euros, including for typhoon Jebi in Japan and hurricane Florence in the United States.
Storm Michael in the US and typhoon Trami in Japan is set to cost at least 350 million euros to be booked in the fourth quarter, the group warned.
Nevertheless, the reinsurance giant confirmed its outlook for the full year.
It narrowed its gross premium outlook to 48 and 49 billion euros for the year.
Net profit for 2018 is meanwhile expected to come in at between 2.1 and 2.5 billion euros, sharply above the 375 million euros booked in 2017.
jpl-hmn/mfp/rl
MUENCHENER RUECKVERSICHERUNG
