October 18, 2019 / 9:11 AM / a month ago

Munich Re expects to beat 2019 profit target after strong third-quarter

FILE PHOTO: The logo of reinsurance company Munich Re Group is seen at the main building of their headquarters prior to the company's annual balance press conference in Munich, Germany, March 20, 2019. REUTERS/Andreas Gebert/File Photo

FRANKFURT (Reuters) - German reinsurer Munich Re (MUVGn.DE) on Friday said it expected to beat its full-year profit target in 2019 after a strong third quarter.

Munich Re, which is due to report earnings on Nov. 7, said net profit in the quarter would be about 850 million euros ($945.63 million), despite expenses for major losses.

The reinsurer’s profit target had been around 2.5 billion euros for the full year.

The company’s shares rose 1.8% at 0855 GMT to the highest level in more than 17 years.

Reporting by Tom Sims, editing by Riham Alkousaa

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