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Munich Re Q1 net profit up 68%, in line with preliminary figures
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FRANKFURT (Reuters) – The German reinsurer Munich Re on Wednesday posted a 68% rise in the first quarter net profit, a level that was in line with preliminary figures published last month.
FRANKFURT (Reuters) – The German reinsurer Munich Re on Wednesday posted a 68% rise in the first quarter net profit, a level that was in line with preliminary figures published last month.
Net profit in the quarter of 2.140 billion euros ($2.30 billion) compares with 1.271 billion euros a year ago.
Analysts originally had expected net profit of 1.476 billion euros before the publication of the preliminary figures in April. ($1 = 0.9313 euros)
(Reporting by Tom Sims, editing by Andrey Sychev)
Net profit is the amount of money a company earns after all expenses, taxes, and costs have been deducted from total revenue. It is a key indicator of a company's profitability.
A reinsurer is a company that provides financial protection to insurance companies by assuming some of their risk. This helps insurers manage their exposure to large claims.
Preliminary figures are initial estimates of financial performance that are subject to change. They provide a snapshot of a company's financial status before final results are confirmed.
The currency exchange rate is the value of one currency in relation to another. It determines how much of one currency you can exchange for another currency.
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