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Munich Re sees Q3 profit rise despite cats denting its reinsurance result

November 9, 2021

Global reinsurer Munich Re has reported an improved year-on-year profit for both the third quarter and first nine months of the year, of €366 million and €2.1 billion, respectively, although its property-casualty (P&C) combined ratio trended above 100% for the periods on the back of high catastrophe losses.

For the quarter, Group profit increased by €167 million on the prior year period, while Munich Re’s 9M 2021 profit jumped by more than €1 billion.

The operating result fell from €353 million to €204 million for the third quarter, while gross premiums written increased by a solid 9.4% to €15.5 billion. For the first nine months of 2021, Munich Re has reported premium growth of 8.3% to €44.7 billion.

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