Munich Re has lifted its 2023 profit guidance to €4.5 billion ($7.5 billion) from €4 billion ($6.7 billion) after preliminary figures indicate the business made a third-quarter net result of €1.2 billion ($2 billion). 

All business segments produced “consistently good operational performance” and in property-casualty reinsurance, major losses were slightly below the expected average, the reinsurer says. 

The third quarter results mean the insurer earned about €3.6 billion ($6 billion) in net profit for the nine months to September. 

Munich Re will provide finalised third quarter results on November 8.