MUNICH (dpa-AFX) - Munich Re (0KFE.L), a provider of reinsurance, primary insurance and insurance-related risk solutions, reported that its third-quarter profit rose to 865 million euros from 483 million euros last year.
'We are very pleased to have achieved extremely good results for two quarters in a row now, despite costly hurricanes and typhoons. We now expect to surpass our initial profit and revenue targets overall for 2019,' said Christoph Jurecka, CFO.
Operating result fell to 980 million euros from 1.04 billion euros in the same quarter last year.
Gross premiums written increased by 7.4% to 13.74 billion euros from the same quarter last year. if exchange rates had remained unchanged, the increase would have amounted to 5.5%.
Munich Re expects to post an annual profit exceeding 2.5 billion euros in 2019, based on premium volume of more than 49 billion euros. In the reinsurance field of business, Munich Re now expects to earn a profit of over 2.1 billion euros and premium income of over 31 billion euros.
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