Munich Re Surpasses Q2 Profit Expectations on Lower Loss Claims
Munich Re Q2 2024 Financial Performance Overview
Quarterly Profit Results
FRANKFURT, Aug 7 (Reuters) - 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 Comparison
• Net profit in the quarter of €2.211 billion ($2.55 billion) compares with €2.085 billion a year ago.
Analyst Expectations
• Analysts had expected net profit of €1.786 billion.
Major Loss Claims and Revenue Forecast
Major Loss Costs
• Major loss costs were "very low" at 4.9% of insurance revenue, compared with an expected 18%, Munich Re said.
Full-Year Targets
• It said that it was sticking to its full-year profit target of €6.3 billion.
Insurance Revenue Forecast Adjustment
• It trimmed its insurance revenue forecast to €38 billion from €40 billion.
Additional Information
($1 = 0.8679 euros)
(Reporting by Tom Sims and Alexander HuebnerEditing by Ludwig Burger)
