German reinsurer Munich Re remains on track despite major losses [Yahoo! Finance]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Yahoo! Finance
Major losses in reinsurance amounted to €1.6 billion ($1.72 billion), the DAX-listed company announced on Thursday from its headquarters in the southern German city of Munich. The most expensive event was Hurricane Helene in the United States, which accounted for €500 million. For the fourth quarter, the management board anticipates further significant losses from Hurricane Milton, although no figure has yet been disclosed. Despite this, chief financial officer Christoph Jurecka believes that Munich Re is still on track for an annual profit of more than €5 billion. In the third quarter, Munich Re earned €930 million, down by a fifth compared to the previous year, as it had roughly indicated based on preliminary information in October.
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