Low claims help Munich Re profit

(Reuters) — The German reinsurer Munich Re said on Monday that its second-quarter profit was significantly above analyst expectations, helped by low claims for losses.

The reinsurer said net profit was around 2.1 billion euros ($2.45 billion) in the second quarter, above a consensus forecast of 1.62 billion euros and 30% above the 1.62 billion it reported a year earlier.

Munich Re, which released the preliminary earnings ahead of schedule, said it would stick to its full-year profit target of 6 billion euros.

It will release more details on Aug. 8.