Munich Re shares up 5% as FY €3.3bn profit target maintained despite €1.6bn Ian hit

Shares in Munich Re traded up 5 percent after the reinsurer said it still expects to deliver a profit of of ~€500mn for the quarter and around €3.3bn for the year despite incurring an estimated €1.6bn ($1.56bn) of losses related to Hurricane Ian, based on a private market loss of around $60bn.