The headquarters of Munich Reinsurance Company, MunichRe, in Munich, Germany. (picture alliance/dpa/archive)
The world's largest reinsurer Munich Re has achieved surprisingly high profits despite major losses.
Thanks to strong results at its subsidiary Ergo, Munich Re booked profits of about 2.3 billion euros (2.62 billion dollars), the company said on Wednesday from its headquarters in the German city of Munich.
This was around six times as high as the profits made in 2017, a catastrophic year for the reinsurer.
Munich Re achieved profits roughly in the middle of the target range issued by the managing board, but performed better than expected by analysts.
Munich Re expanded its business volume from 9.4 billion to 10 billion euros in policy renewals with primary insurers in the property and accident business at the start of the year.
However, premium levels could only be held stable after years of price competition.
The company's smaller German rival Hannover Re had in contrast reported slightly improved premium prices on Tuesday.
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