0858 GMT - Munich Re's better-than-expected results leave it well on track to hit its full-year profit target, Jefferies's Philip Kett says in a research note. The German's second-quarter net profit of 2.1 billion euros was ahead of consensus estimates of 1.62 billion euros, with much of the profit surprise coming from low major-loss expenditures, Jefferies says. Its results benefited from a strong investment performance and the only negative aspect is an accumulation of individual losses at its life-and-health reinsurance arm, the analyst says. The most important point is that Munich Re enters the wind storm season with exceptional earnings year to date and on track for its annual target, Kett says. Shares fall 0.1%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
July 22, 2025 04:59 ET (08:59 GMT)
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