Munich Re posts decrease internet lead to first quarter

High reinsurer Munich Re has revealed its monetary outcomes for January to March 2023 – the quarter by which the corporate used the brand new accounting requirements IFRS (Worldwide Monetary Reporting Requirements) 9 and 17 for the primary time.

In response to Munich Re, right here’s the way it fared within the interval, together with the contributions from life & well being and property-casualty:

Lifting the lid on the numbers, Munich Re stated: “In Q1 2023, Munich Re generated a internet results of €1,271 million. Whereas the Q1 consequence within the earlier yr had been bolstered specifically by low main losses in property-casualty reinsurance, in addition to by foreign money positive aspects, the consequence for the primary quarter of 2023 was impacted by exactly the alternative results.

“Insurance coverage income from insurance coverage contracts issued climbed to €14,273 million. The entire technical consequence amounted to €1,809 million. Owing primarily to foreign money losses in opposition to the US greenback and the Canadian greenback, the foreign money consequence fell to –€145 million. The working consequence was €1,768 million and the efficient tax charge was 26.4%.

As an example, chief monetary officer Christoph Jurecka cited the Turkey-Syria earthquake.

“The earthquake that hit Turkey on the border with Syria in February 2023 was probably the most catastrophic we now have seen in current historical past,” he stated. “Round 60,000 individuals misplaced their lives. The insured losses quantity to some €4 billion to €5 billion, of which Munich Re is shouldering €0.6 billion – one of many the reason why main losses from pure catastrophes in Q1 2023 had been larger than anticipated.

“Owing to in any other case pleasing operational efficiency and a robust funding consequence, nevertheless, Munich Re generated a internet results of nearly €1.3 billion. As well as, the April renewals noticed Munich Re proceed its development of worthwhile progress. Accordingly, we’re assured that we will attain our 2023 internet consequence steerage of €4 billion; the possibilities for us to surpass this goal have elevated.”

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