Munich Re has raised its full-year earnings forecast by €300 million ($478 million) to €6.6 billion ($10.5 billion) after performing better than expected in the September quarter.

Preliminary data shows the reinsurer is on track to record €1.7 billion ($2.71 billion) net profit for the September quarter, above analysts’ consensus estimate of €1.479 billion ($2.36 billion).

“The result was driven by a very pleasing operating performance across all business segments, major losses below average expectations in [property and casualty] reinsurance, and a strong investment result in reinsurance,” the group said.

“Subject to major loss developments during the remainder of the year, Munich Re intends to continue strengthening its balance sheet where appropriate in the fourth quarter.

“Nevertheless, following a net result of €5.7 billion ($9.09 billion) for the first nine months of the year, Munich Re is raising its 2026 net profit guidance.”

Munich Re will report its September-quarter results on November 12.