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By Reuters Staff
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LONDON, Nov 9 (Reuters) – German reinsurer Munich Re posted net profit of 684 million euros ($770 million) in the third quarter, marginally below expectations, but was upbeat on profits for the year.
Quarterly net profit of 688 million euros had been expected, the average forecast in a Reuters poll of banks and brokerages showed.
The world’s largest reinsurer guided to “well over” its previous full-year goal of earning 2.3 billion euros in net profit.
“Munich Re is well on track with this quarterly profit of almost 700 million euros”, Chief Financial Officer Joerg Schneider said in a statement on Wednesday.
“We are now more optimistic about our profit guidance.”
$1 = 0.8886 euros Reporting by Carolyn Cohn; Editing by Maria Sheahan
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