Munich Re Reports €2.2 Billion Profit on ‘Very Low’ Major Losses
Munich Re reported second-quarter proft that exceeded analyst estimates on “very low” major-loss expenditures in its property-casualty reinsurance business.
Net income amounted to about €2.2 billion ($2.5 billion) in the three months through June, the Munich-based reinsurer said in a preliminary earnings release Friday. The analyst consensus compiled by Bloomberg had anticipated €1.66 billion.
Munich Re’s shares were down 0.2% at 1:32 p.m. in Frankfurt.
The company also pointed to a “pleasing operational performance” overall and a “very strong investment result” in the quarter. It said its primary insurance unit Ergo delivered a profit of about €300 million.
The earnings mark the second quarter under new Chief Executive Officer Christoph Jurecka. The former finance chief took over from long-serving Joachim Wenning at the beginning of the year.
Based on earnings in the first two quarters, Munich Re sees itself on track to meet the net result target of €6.3 billion for the full year. The company will publish detailed results on August 7.
Photograph: The Munich RE logo at a press conference in Munich; photo credit: Guenter Schiffmann/Bloomberg
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