German reinsurance major Munich Re (0KFE.L) reported Friday higher profit in its second quarter, despite lower insurance revenue. Further, the company maintained fiscal 2025 net profit view, but trimmed outlook for insurance revenue.
In the second quarter, Munich Re generated a net result of 2.09 billion euros, up 30.2 percent from last year's 1.60 billion euros. Earnings per share climbed 32.9 percent to 15.94 euros from 11.99 euros a year ago.
The operating result was 2.92 billion euros, a growth of 33.9 percent from last year's 2.18 billion euros.
The company noted that all lines of business contributed to the quarterly result.
Meanwhile, insurance revenue from insurance contracts issued declined 1.2 percent to 14.78 billion euros from prior year's 14.95 billion euros, despite organic growth.
The total technical result climbed 24.4 percent to 3.04 billion euros from 2.44 billion euros a year ago.
Looking ahead, for fiscal 2025, Munich Re said it continues to expect a net result of 6.0 billion euros, anticipating sustained advantageous business opportunities in coming quarters.
Due to business and exchange rate developments, insurance revenue in reinsurance is now expected to total 40 billion euros, lower than previously expected 42 billion euros.
The Group's insurance revenue is therefore anticipated to be 62 billion euros, lower than previous view of 64 billion euros.
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