Frankfurt: German reinsurance giant Munich Re said Thursday it expects to exceed its full-year profit target after a “pleasing” third quarter.
“It should thus be possible to exceed the profit guidance of 3.0 billion euros ($3.8 billion) for 2014 slightly,” said chief financial officer Joerg Schneider. In the period from July to September, net profit climbed by 16.5 per cent to 735 million euros. Underlying or operating profit declined by 13.8 per cent to 910 million euros and gross premium income slipped by 3.6 per cent to 12.053 billion euros. Schneider said he was satisfied with the third-quarter results. “Munich Re’s group performance was pleasing, despite the difficult environment,” he said.
