FRANKFURT (Reuters) – Munich Re, the world's biggest reinsurer, expects to beat its 2012 net profit target of 2.5 billion euros ($3.1 billion) after rising premiums and improved underwriting performance boosted the German group's quarterly earnings.
“We are well on track to slightly surpass the originally envisaged profit for the year,” Chief Executive Nikolaus von Bomhard said, adding the group would benefit in the second half from funds no longer needed to cover past damage claims.
Munich Re cited the potential for big damage claims from hurricanes in the second half and expected triple-digit million euro restructuring costs at insurance unit Ergo as reasons for not raising its 2012 target more significantly.
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