Dow Jones Newswires: Munich Re raises 2019 targets after profit jump

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Munich Re on Thursday raised its full-year outlook after reporting a jump in net profit despite major losses from natural disasters.

Net profit for the period was 865 million euros ($958.1 million) compared with EUR483 million a year earlier, while gross premiums written rose by 7.4% to EUR13.74 billion.

Major losses totaled EUR981 million in the quarter, with Hurricane Dorian and Typhoon Faxai costing EUR360 million and EUR380 million, respectively.

Manmade major losses came in at EUR404 million in the quarter, mostly due to aviation and space, as well as fire losses, the company MUV2, +1.03%  said.

The reinsurer raised its 2019 target, now expecting a profit of more than EUR2.5 billion and premium income above EUR49 billion.

Munich Re reported preliminary results last month.

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