FRANKFURT (Reuters) – Munich Re on Tuesday said it posted a 44% rise in net profit in the third quarter, despite big claims from Hurricane Ian, and it “firmly” stuck to its full-year earnings target.

Net profit in the quarter of 527 million euros ($527.21 million) compares with 366 million euros a year ago when storm claims also dented results.

Last month the resinsurer already flagged that it expected profit of around 500 million euros, well above consensus for a loss of 167 million euros.

“Although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering” to 2022 profit guidance of 3.3 billion euros, said Chief Financial Officer Christoph Jurecka.

Hurricane Ian, which ripped through parts of Florida in late September, will cost Munich Re an estimated 1.6 billion euros in claims.

As a result, Munich Re now projects that the combined ratio in its property and casualty division – a key measure of profitability – will be a less favourable 97% this year, compared with previous expectations of 94%. Readings below 100% indicate profitability.

But the Munich company raised its full-year guidance for gross premiums in its reinsurance business and at its Ergo primary insurance business.

($1 = 0.9996 euros)

(Reporting by Tom Sims and Alexander Huebner; Editing by Paul Carrel)