Munich Re Expects to Beat 2019 Profit Target After Strong 3Q

German reinsurer Munich Re on Friday said it expected to beat its full-year profit target in 2019 after a strong third quarter.

Source: Reuters | Published on October 18, 2019

Munich Re, which is due to report earnings on Nov. 7, said net profit in the quarter would be about 850 million euros ($945.63 million), despite expenses for major losses.

The reinsurer’s profit target had been around 2.5 billion euros for the full year.

The company’s shares rose 1.8% at 0855 GMT to the highest level in more than 17 years.