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) Topics Claims Profit Loss Was this article valuable? Thank you! Please tell us what we can do to improve this article. Thank you! % of people found this article valuable. Please tell us what you liked about it. Here are more articles you may enjoy. Interested in Claims? Get automatic alerts for this topic.