Munich Re lifts profit guidance despite lower Q3 net result

German reinsurer Munich Re on Thursday reported a third-quarter net result of €1.74 billion ($1.93 billion), compared with €2 billion a year earlier. 

Operating profit fell to €2.47 billion from €3.04 billion a year earlier, the company said, while the total technical result amounted to €2.38 billion, compared with €2.82 billion a year earlier. 

Insurance revenue from insurance contracts issued rose to €16.6 billion from €14.6 billion a year earlier.

For the nine-month of the year, net profit climbed to €5.67 billion from €5.18 billion a year earlier. Insurance revenue from insurance contracts increased to €46.58 billion from €45.16 billion a year earlier.

Munich Re said it was well positioned to surpass its original annual profit target of €6.3 billion, and raised its 2026 profit guidance to €6.6 billion.

Munich Re shares were trading at €569.40 on the Frankfurt Stock Exchange in the previous trading session.