Munich Re: net profit up strongly in first quarter

(CercleFinance.com) - As expected, Munich Re said it achieved a net profit of 827 million euros in the first quarter, up from 557 million euros one year ago, thanks to low major-loss expenditure and a good performance of its underwriting business.


The German reinsurer said last month that it expected a quarterly result of over 800 million euros.

For the year as a whole, Munich Re now envisages an improved combined ratio of 97% in property-casualty reinsurance.

Its profit guidance of 2.1-2.5 billion euros remains unchanged.

The shares were up 1.2% at 192.1 euros on Germany's XETRA market after these announcements.

Copyright (c) 2018 CercleFinance.com. All rights reserved.