(Bloomberg) -- Munich Re, the world’s second-biggest reinsurer, reported second-quarter profit that beat analysts’ expectations as gains from currencies and investments cushioned higher claims from natural disasters and restructuring charges at its Ergo primary-insurance unit.
Net income declined to 974 million euros ($1.08 billion) from 1.1 billion euros a year earlier, the Munich-based company said in a statement on Tuesday. That compares with the 479 million-euro average of eight estimates compiled by Bloomberg. Munich Re confirmed its full-year earnings target of 2.3 billion euros, having cut it in May.
“After a rather disappointing first quarter, our net result in the second quarter was strong,” Chief Financial Officer Joerg Schneider said in a statement. “To a large extent, this was driven by non-recurring effects that were — on balance — positive.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
