FRANKFURT (Reuters) - Munich Re raised its full-year net profit target after surging investment income and moderate damage claims helped it beat even the most optimistic estimates for third- quarter profit.
The world's biggest reinsurer raised its guidance to around 3 billion euros ($3.8 billion), even though it is still unclear what costs it faces from superstorm Sandy, which pummelled the northeastern United States last week, causing up to $20 billion in insured losses.
Like other reinsurers, Munich Re has benefited this year from lower-than-usual damage claims from big natural disasters, but it has also been working to ratchet up profitability in its bread-and-butter underwriting business.
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