Munich Re Posts Better-Than-Expected Profit Amid Low Loss Claims
German reinsurer Munich Re on Friday posted a 6% rise in net profit in the second quarter, defying expectations for a drop and lifted by low major loss claims.
- Net profit in the quarter of €2.211 billion ($2.55 billion) compares with €2.085 billion a year ago.
- Analysts had expected net profit of €1.786 billion.
- Major loss costs were “very low” at 4.9% of insurance revenue, compared with an expected 18%, Munich Re said.
- It said that it was sticking to its full-year profit target of €6.3 billion.
- It trimmed its insurance revenue forecast to €38 billion from €40 billion.
($1 = 0.8679 euros)
(Reporting by Tom Sims and Alexander Huebner; editing by Ludwig Burger)
