The main building of the German Munich Re AG in Munich, southern Germany. (AP Photo/Christof Stache, File)

(Bloomberg) — Munich Re, the world’s biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose.

Net income rose to 1.07 billion euros ($1.17 billion) in the second quarter from 758 million euros a year earlier, the Munich-based company said on Thursday. That exceeded the 819.6 million-euro average of seven estimates compiled by Bloomberg.

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