MUNICH (dpa-AFX) - German reinsurer Munich Re (0KFE.L) reported Wednesday that its second-quarter consolidated profit climbed 36.4 percent to 993 million euros from last year's 728 million euros.
Earnings per share were 6.88 euros, up 42.2 percent from 4.84 euros a year ago.
The operating result increased to 1.57 billion euros from last year's 997 million euros.
Gross premiums written improved 5.5 percent to 11.80 billion euros from prior year's 11.19 billion euros. If exchange rates had remained unchanged, the increase would have been 3.5 percent.
Looking ahead for fiscal 2019, the company continues to expect consolidated profit of around 2.5 billion euros.
The company further said it is confident to reach profit of 2.8 billion euros for 2020.
Joachim Wenning, Chairman of the Board of Management, said, 'We are delighted to have generated our highest quarterly result in four years. And we are confident that we will reach our profit guidance of €2.5bn for 2019 and €2.8bn for 2020 as set out in our multi-year ambition for 2018-2020. At the halfway stage of this programme, Munich Re is both strategically and financially on track.'
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