Munich Re recorded a net profit of 0.9 billion euros ($1 billion) between July and September, the group said in a statement.
Analysts surveyed by the financial data firm FactSet had expected the reinsurance group to post a profit of around 1.3 billion euros.
The lower result was "impacted by higher-than-average major-loss expenditure from natural catastrophes", Munich Re said.
Hurricane Helene, which hit the United States in September, was the single event in the quarter leading to the most claims, Munich Re said.
The storm, which made landfall in Florida on September 26 as a Category 4 hurricane, was the deadliest natural disaster to hit the US mainland since 2005's Hurricane Katrina.
Helene led to some 0.5 billion euros in losses for the group, Munich Re said.
The reinsurer also noted the "significant damage" caused by Storm Boris across central and eastern Europe and the impact of flooding caused by Hurricane Beryl in the United States and the Caribbean in the same quarter.
Munich Re said it also expected "significant" claims as a result of Hurricane Milton, which swept across Florida earlier this month in the wake of Helene.
The group nonetheless expected to beat its full-year profit target of five billion euros on the back of what it called a "very good net result" of 4.7 billion euros over the first nine months of the year.
Munich Re's full third-quarter results will be released on November 7.
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