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