By Giulia Petroni
Munich Re AG said Tuesday that net profit rose in the second quarter and raised its full-year target for gross premiums.
The German reinsurance company posted a quarterly net profit of 1.1 billion euros ($1.29 billion) compared with EUR579 million a year earlier, as announced last month.
Operating profit was EUR1.55 billion, up from EUR755 million the year prior, while gross premiums written came to EUR14.64 billion compared with EUR12.83 billion.
Coronavirus-related losses for the quarter came to EUR241 million, the company said.
Munich Re raised its gross premium forecasts for the full year, and said it now expect gross premiums of EUR58 billion, comprising EUR40 billion for reinsurance and EUR18 billion for the ERGO insurance business.
The company reiterated that it is on track to reach its net-profit target of EUR2.8 billion in the full year, but said it may not be able to meet its sub-target of EUR400 million in profit at its life and health reinsurance business.
The company said it expects overall claims expenditure for reinsurance and ERGO to be in the mid-three-digit-million-euro range in relation to severe weather events and flooding in various regions of Europe.
Write to Giulia Petroni at giulia.petroni@wsj.com