FRANKFURT (Reuters) -German reinsurer Munich Re posted a greater than expected rise in first quarter profit on Tuesday and said it is more likely to surpass its full-year target.
In an unscheduled announcement, Munich Re said net profit in the quarter was around 2.1 billion euros ($2.24 billion), compared with 1.271 billion euros a year earlier and analyst expectations of 1.476 billion euros.
The world's largest reinsurer said it still foresees net profit of 5 billion euros in 2024, but "surpassing this target has become more likely" as all business segments had performed better than expected in the first quarter.
The combined ratio - a measure of profitability for its big property and casualty division - fell to around 75% in the quarter from 86.5% a year earlier due to below-average major claims.
Readings below 100% indicate profitability.
The company said it will post full results as scheduled on May 8.
($1 = 0.9381 euros)