FRANKFURT, Oct 23 Reuters German reinsurer Munich Re said on Monday that net profit in the third quarter was around 1.2 billion euros 1.27 billion, better than expectations, and it raised its outlook for the full year.

In an unscheduled announcement of preliminary earnings, the company cited major losses in its propertycasualty division that were slightly below expectations and strength in its life and health reinsurance business.

Analysts had expected net profit of 1.131 billion euros in the quarter, according to a consensus of 15 analysts compiled by Munich Re. That is up from net profit of 527 million euros a year earlier.

For 2023, Munich Re now expects net profit of 4.5 billion euros, higher than the 4 billion euros it had previously flagged.

Munich Re will announce final results on Nov. 8.

1 0.9429 euros

Reporting by Tom Sims and Alexander Huebner Editing by Miranda Murray

Source Reuters