German Muenchener Rueckversicherungs – Gesellschaft AG (Munich Re), one of the world’s largest reinsurance companies, more than doubled its net profit in the third quarter.
According to reports, net profit in the July-September period totalled €2bn, up from €907m in the same period last year. Revenue from the sale of insurance contracts fell 5.9% to €14.58bn.
The reinsurer’s return on equity (ROE) on an annualised basis was 24.2%, compared with 11.5% a year earlier.
Munich Re is still targeting a profit of around €6bn by the end of 2025. At the same time, the revenue forecast is reduced to 61 billion euros from the previously expected 62 billion euros.
Munich Re share prices are down 0.5% during trading on Tuesday.