FRANKFURT (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 property-casualty 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 HuebnerEditing by Miranda Murray)