Munich Re has reassessed its expected profits for 2012, and now believes that it will make more than previously estimated.
In the first nine months of the year they made a profit of €2.7bn, enormously improved on the €80m of 9M 2011.
Over the full course of 2012 the firm is now predicting that it will make a consolidated profit of €3bn.
The third quarter of the year saw Munich Re report consolidated profits of €1,136m, up from €270m in the corresponding quarter last year and the €812m of Q2 2012.
Munich Re has benefited from unusually low claims costs for natural catastrophes in the first three-quarters of the year.
Chief Financial Officer Jörg Schneider described the firm’s results for the first three quarters as more than pleasing and said that despite Hurricane Sandy the firm had increased its full-year profit estimate from €2.5bn to €3bn.