Munich Re Raises 2019 Targets After 3Q Profit Jump
07 November 2019 - 8:19AM
Dow Jones News
By Max Bernhard
Munich Re (MUV2.XE) on Thursday raised its full-year outlook
after reporting a jump in net profit despite major losses from
natural disasters.
Net profit for the period was 865 million euros ($958.1 million)
compared with EUR483 million a year earlier, while gross premiums
written rose by 7.4% to EUR13.74 billion.
Major losses totaled EUR981 million in the quarter, with
Hurricane Dorian and Typhoon Faxai costing EUR360 million and
EUR380 million, respectively.
Manmade major losses came in at EUR404 million in the quarter,
mostly due to aviation and space, as well as fire losses, the
company said.
The reinsurer raised its 2019 target, now expecting a profit of
more than EUR2.5 billion and premium income above EUR49
billion.
Munich Re reported preliminary results last month.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 07, 2019 02:04 ET (07:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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