Firm outlines causes for decline
Prime reinsurer Munich Re has revealed its monetary outcomes for January to March 2023 – the quarter through which the corporate used the brand new accounting requirements IFRS (Worldwide Monetary Reporting Requirements) 9 and 17 for the primary time.
In keeping with Munich Re, right here’s the way it fared within the interval, together with the contributions from life & well being and property-casualty:
|
Supply
|
Q1 2023
|
Q1 2022
|
|---|---|---|
|
Reinsurance internet outcome
|
€1.05 billion
|
€1.32 billion
|
|
Thereof: Reinsurance – L&H
|
€291 million
|
€367 million
|
|
Thereof: Reinsurance – P-C
|
€760 million
|
€958 million
|
|
ERGO internet outcome
|
€219 million
|
€156 million
|
|
Thereof: L&H Germany
|
€41 million
|
€137 million
|
|
Thereof: P-C Germany
|
€166 million
|
€(64 million)
|
|
Thereof: Worldwide
|
€12 million
|
€84 million
|
|
Group internet outcome
|
€1.27 billion
|
€1.48 billion
|
Lifting the lid on the numbers, Munich Re said: “In Q1 2023, Munich Re generated a internet results of €1,271 million. Whereas the Q1 outcome within the earlier yr had been bolstered particularly by low main losses in property-casualty reinsurance, in addition to by forex positive factors, the outcome for the primary quarter of 2023 was impacted by exactly the other results.
“Insurance coverage income from insurance coverage contracts issued climbed to €14,273 million. The overall technical outcome amounted to €1,809 million. Owing primarily to forex losses towards the US greenback and the Canadian greenback, the forex outcome fell to –€145 million. The working outcome was €1,768 million and the efficient tax price 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 one of the catastrophic we now have seen in current historical past,” he mentioned. “Round 60,000 folks 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 explanation why main losses from pure catastrophes in Q1 2023 have been increased than anticipated.
“Owing to in any other case pleasing operational efficiency and a powerful funding outcome, nonetheless, Munich Re generated a internet results of nearly €1.3 billion. As well as, the April renewals noticed Munich Re proceed its pattern of worthwhile development. Accordingly, we’re assured that we will attain our 2023 internet outcome steering of €4 billion; the probabilities for us to surpass this goal have elevated.”
What do you consider Munich Re’s monetary outcomes? Share your ideas within the feedback beneath.
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