Munich Re Q2 Profit Climbs, Says Likely To Outperform FY24 Profit View

(RTTNews) - German insurance major Munich Re (0KFE.L) reported Thursday that its second-quarter net result climbed 40.6 percent to 1.62 billion euros from last year's 1.15 billion euros.

Earnings per share were 12.6 euros, up 43.9 percent from 8.45 euros last year.

The development in earnings was primarily due to organic growth in both reinsurance segments.

The reinsurance field of business contributed 1.34 billion to net result, up from 904 million euros a year ago.

Property-casualty reinsurance generated result of 786 million euros, higher than prior year's 578 million euros.

The operating result climbed to 2.21 billion euros from 1.57 billion euros last year.

Group insurance revenue from insurance contracts issued increased 5.5. percent to 14.95 billion euros from 14.18 billion euros a year ago.

Reinsurance segment's Insurance revenue from insurance contracts issued grew 6.2 percent to 9.88 billion euros.

Looking ahead, the company maintained its fiscal 2024 net profit target at 5.0 billion euros, and noted that its impressive half-year result does make it more likely to achieve or even outperform full-year guidance.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.