Munich Re raises full-year profit guidance after stronger-than-expected quarter (updated)
UPDATE 1-Munich Re raises full-year profit guidance after stronger-than-expected quarter Updates with details
FRANKFURT, Oct 23 (Reuters) - German reinsurer Munich Re MUVGn.DE on Friday posted better-than-expected net profit in the third quarter and raised its full-year profit guidance.
It now sees full-year net profit of €6.6 billion ($7.4 billion), up from previous expectations of €6.3 billion
Munich Re also said net profit in the third quarter was around €1.7 billion, ahead of analyst expectations of €1.479 billion
The reinsurer attributed the strong quarter in part to lower-than-expected major loss claims and a strong investment result
Munich Re made the unscheduled announcement ahead of its detailed earnings planned for November 12
($1 = 0.8932 euros)
(Reporting by Tom Sims and Alexander Huebner
Editing by Linda Pasquini and Ludwig Burger)
((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))
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