Munich Re AG said Thursday that it expects to report a second-quarter profit of about 1 billion euros ($1.12 billion), citing low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years.
“Due to the usual uncertainty concerning developments in major losses and the capital markets during the rest of the year, the target for the 2019 consolidated result remains unchanged at EUR2.5 billion,” the German reinsurance company said.
Munich Re is scheduled to report final second-quarter results on August 7.