FX.co ★ Munich Re Q2 Profit Climbs, Says Likely To Outperform FY24 Profit View

Munich Re, the German insurance giant (0KFE.L), announced on Thursday that its net result for the second quarter surged by 40.6%, reaching €1.62 billion compared to €1.15 billion in the same period last year.

Earnings per share also saw a significant increase, rising 43.9% to €12.6 from €8.45 in the previous year.

This impressive growth in earnings was predominantly driven by organic expansion across both of its reinsurance segments.

The reinsurance division notably contributed €1.34 billion to the net result, up from €904 million a year earlier. Specifically, property-casualty reinsurance generated €786 million, surpassing last year's €578 million.

The operating result also improved, climbing to €2.21 billion from €1.57 billion in the previous year.

Group revenue from insurance contracts issued rose by 5.5% to €14.95 billion, up from €14.18 billion a year ago. Within the reinsurance segment, revenue from insurance contracts grew by 6.2%, reaching €9.88 billion.

Looking forward, Munich Re has maintained its fiscal 2024 net profit target at €5.0 billion. The company noted that its strong half-year performance increases the likelihood of meeting or even exceeding its full-year guidance.