Strong profit growth for Munich Re in the third quarter should enable the company to exceed its full-year 2014 profit forecast of 3bn euros, said the global reinsurer's CFO Jörg Schneider.
Munich Re reported net income of 738mn euros (US$915mn) for the quarter, up 17.1% compared to 3Q13, according to the group's latest financial results.
"Overall, the results for the third quarter were marked by various countervailing one-off effects," said the firm.
The group said the performance of derivative financial instruments and negative currency effects had an adverse impact, while tax income was favorable.
Nevertheless, the drop in reinsurance prices has left its mark, said the company, with gross written premiums falling 3.6% to 12.1bn euros.
The investment result was also down 16.4% to 1.76bn euros, while the operating results declined 13.8% to 910mn euros.
The group's Latin American operations generated gross written premiums of 295mn euros (down 27.2%) compared to 276mn euros in Africa, Near and Middle East; 1.17bn euros in Asia and Australasia: 3.77bn euros in North America; and 6.55bn euros in Europe.
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