The German reinsurer Munich Re said on Thursday net profit in the second quarter fell a worse-than-expected 27%, hurt in part by losses in the disposal of fixed-income securities, but it said there was a better chance of beating its full-year target.
Munich Re Group logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photosaid on Thursday net profit in the second quarter fell a worse-than-expected 27%, hurt in part by losses in the disposal of fixed-income securities, but it said there was a better chance of beating its full-year target.
Net profit in the quarter of 1.154 billion euros compares with 1.585 billion euros a year ago and is less than expectations of 1.226 billion euros in profit. Munich Re reiterated its aim of net profit of 4 billion euros for the full year, but it added that the "probability of surpassing this target has increased given the strong half-year result".
Munich Re, which is the world's largest reinsurer, said that the losses on fixed-income bonds were "intentionally incurred". "This was done with an eye to investing anew at higher interest rates, in turn more quickly profiting from higher-yield bonds," it said.
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