The insurer reported a profit of over €3.3 billion ($4.77 billion) for the first nine months of this year against €2.9 billion ($4.20 billion) in the same period last year and now believes it may surpass its original full year target of 15% return on risk-adjusted capital.
Full-year net income before minority interests may be "slightly above'' the reinsurer's August forecast of 3.5 billion euros to 3.8 billion euros, Chief Financial Officer Joerg Schneider said in the statement.
“The new full-year target isn't overly ambitious,'' said Dieter Ewald, who helps manage about $21.7 billion at Frankfurt Trust, including Munich Re shares. "But one shouldn't forget that the period of European winter storms is about to begin.''