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Munich Re sees "strong start" with higher quarterly profit
(Alliance News) - Munich Re AG said it has made a "strong start" to 2024, with profit beating expectations.
The Munich-based reinsurance firm reported a preliminary net profit of approximately EUR2.1 billion in the first quarter of 2024, the significantly surpassing analysts expectations of EUR1.476 billion. It is also up from EUR1.3 billion a year earlier.
"The operational performance of all lines of business was better than expected for the full year," the company said.
Looking ahead, Munich Re expects a net result of EUR5 billion for the 2024, up from EUR4.60 billion. It said that surpassing this target has become more likely due to the first quarter results.
Munich Re will provide quarterly results on May 8.
Shares in Munich Re were up 2.5% to EUR429.00 on Tuesday afternoon.
By Sophie Rose, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News