MUNICH (dpa-AFX) - German reinsurance major Munich Re (0KFE.L) reported Thursday that its third-quarter net result fell 20.4 percent to 930 million euros from last year's 1.17 billion euros.
Earnings per share dropped 18.4 percent to 7.02 euros from 8.61 euros a year ago.
The year-on-year decline in the quarterly result was attributable to above-average major losses from natural catastrophes.
The operating result fell to 1.19 billion euros from 1.78 billion euros a year ago.
Insurance revenue from insurance contracts issued increased to 15.50 billion euros from prior year's 14.46 billion euros. The growth was due primarily to organic growth in all segments.
Looking ahead, for fiscal 2024, Munich Re expects to surpass its result target of 5 billion euros. The company is aiming for a net result of more than 5.0 billion euros for the financial year.
The company's insurance revenue is now expected to total around 61 billion euros, higher than previously expected around 59 billion euros.
Christoph Jurecka, CFO, said, 'Munich Re is growing profitably across all segments. We therefore expect to outperform our 2024 result target of €5bn, despite the expected claims expenditure from Hurricane Milton in the fourth quarter.'
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