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(Reuters) — German reinsurer Munich Reinsurance Co. on Wednesday reported a 36% rise in net income in the second quarter, helped by low claims from major losses, and stuck to its forecast for 2019.
Profit was €993 million ($1.11 billion), up from €728 million a year ago. Last month, the company had already said that it expected to post a profit of about €1 billion.
Profit was also helped by the release of reserves for losses from previous years.
The company maintained its full-year profit target of around €2.5 billion in 2019 and €2.8 billion in 2020.
Munich Re and the insurance industry have been trying to bounce back from large natural catastrophes in 2017 and 2018. Reinsurers have been under pressure in recent years from falling prices amid intense competition.
Munich Re’s combined ratio in its property/casualty division, a key measure of profitability, was 87.7% in the second quarter, better than the 102% a year earlier. Readings below 100% indicate profitability.
An arbitration panel sided with Munich Reinsurance Co. in a dispute over a reinsurance contract covering the property loss related to the Grenfell Tower fire.