Munich Re said the company is on track to surpass its annual target of a €5bn ($5.38bn) net result for the financial year 2024 (FY2024). Credit: Anne Czichos/Shutterstock.

Global reinsurer Munich Re has posted a net result of €930m in the third quarter of 2024 (Q3 2024), a 20.4%% decrease from the previous year’s €1.16bn.

The company attributed the decline to higher-than-average major losses from natural catastrophes.

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Its net result for the first three quarters reached €4.69bn, up from €3.59bn in the same period last year.

Insurance revenue from contracts issued saw an increase to €15.49bn in Q3 2024, up from €14.46bn in Q3 2023, led by organic expansion across all segments.

The reinsurance line of business’ contribution to the company’s net result in Q3 was €766m, down from €995m in the previous year.

Life and health reinsurance reported a technical result of €428m in Q3, slightly down from €440m in the same period of 2023.

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Property-casualty reinsurance saw a Q3 result of €375m, compared to €644m in the same quarter the previous year.

The company faced a substantial rise in major-loss expenditure to €1.60bn in Q3, up from €770m in the same quarter last year.

Hurricane Helene was said to be the most significant single claims event, causing extensive damage in the south-eastern US and resulting in losses of approximately €500m.

Munich Re’s ERGO business segment produced a Q3 result of €164m, a slight decrease from €173m.

The company said it is on track to surpass its annual target of a €5bn net result for FY2024.

Munich Re CFO Christoph Jurecka said: “In the third quarter, our group once again proved its resilience. The hurricane season in the North Atlantic was relatively severe, causing above-average major losses and a year-on-year decline in the quarterly result. However, on the back of €4.7bn in net profit in the first nine months of the year, the overall result for 2024 remains extremely healthy.

“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.”

In October this year, Munich Re division Munich Re Specialty announced its entry into the Spanish insurance market, targeting the primary specialty sector.