Munich Re, the German insurance giant (0KFE.L), announced on Thursday that its net result for the second quarter surged by 40.6%, reaching €1.62 billion compared to €1.15 billion in the same period last year.
Earnings per share also saw a significant increase, rising 43.9% to €12.6 from €8.45 in the previous year.
This impressive growth in earnings was predominantly driven by organic expansion across both of its reinsurance segments.
The reinsurance division notably contributed €1.34 billion to the net result, up from €904 million a year earlier. Specifically, property-casualty reinsurance generated €786 million, surpassing last year's €578 million.
The operating result also improved, climbing to €2.21 billion from €1.57 billion in the previous year.
Group revenue from insurance contracts issued rose by 5.5% to €14.95 billion, up from €14.18 billion a year ago. Within the reinsurance segment, revenue from insurance contracts grew by 6.2%, reaching €9.88 billion.
Looking forward, Munich Re has maintained its fiscal 2024 net profit target at €5.0 billion. The company noted that its strong half-year performance increases the likelihood of meeting or even exceeding its full-year guidance.
