Munich Re made a group loss of €1,2bn (£755m) in the third quarter of the year.
Announcing its financial results for the nine months to 30 September, the reinsurance giant revealed it made a smaller than expected profit of €85m (£53m) in the period, thanks to that third quarter loss.
Forecasting it would end the year in profit, chairman Hans-Jürgen Schinzler said: "The claims burdens from the event of 11 September, other major losses and the still unsatisfactory situation on the capital markets will certainly have a heavy impact on our income statement for 2001."
The company maintained its loss estimate resulting from the 11 September attacks at €2.1bn (£1.3bn).
The company's market capitalisation crashed by €13bn (£8bn) less than 24 hours after the terrorist atrocity.
In its reinsurance business, the combined ratio rose to 179.6% in the third quarter, mainly as a result of the losses sustained in the US.
It aims to pay a dividend of €1.25 (78p).
Munich Re's share price rose 2.5% to €294.19 (£183.3) in morning trading.
Within reinsurance, gross written premiums in the third quarter increased to €5.4bn (£3.4bn), a rise of 22.9% compared to the same period last year.
In the first nine months of the year, reinsurance premium income rose by 18.4% to €15.5bn (£9.7bn) compared to €13.1bn (£8.2bn) in the same period last year.
The strongest growth in reinsurance was within the life and health sectors.
In property and casualty reinsurance, the company recorded premium growth of 18.2% to €3.9bn (£2.4bn) from €3.3bn (£2.1bn) in the third quarter. Over the nine months, gross premiums in the sub-sector grew by 12.2% to €10.9bn (£6.8bn) from €9.7bn (£6bn).
