October 18, 2019 / 9:07 AM / a month ago

Munich Re expects to beat 2019 profit target after strong Q3

FRANKFURT, Oct 18 (Reuters) - German reinsurer Munich Re 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.

$1 = 0.8989 euros Reporting by Tom Sims, editing by Riham Alkousaa

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