Munich Re Q2 profit crosses target

Aug 6 Munich Re, the world’s second-biggest reinsurer, reported profit that beat analysts’ estimates because of a lower tax bill and raised its earnings forecast.

Net income in the second quarter advanced to 1.14 billion euro ($1.57 billion), or 5.22 euros a share, from 1.12 billion euro, or 4.90 euro, a year earlier, the Munich-based company said. Analysts estimated an 888 million-euro median profit. Income taxes fell to 298 million euros from 623 million euro a year ago. Munich Re, which helps primary insurers such as Allianz SE shoulder risks including catastrophe claims for clients, increased its 2007 profit target to 3.5 billion euro to 3.8 billion euro.

Source: THE FINANCIAL EXPRESS