Net profit nearly doubles in H1 for Munich Re

MUNICH - Munich Re has beaten forecasts with a 99% jump in first half net profit to Euro1.298bn due to stronger premium income and higher asset sales. The rise in gross premium income by 12.5% to 17.1bn beat expectations for an 11% gain boosted by revenue from newly consolidated units Bayerische Vita, Bayerische Assicurazzioni and Alte Leipziger Europa. Shares in the world's largest reinsurer rose 2.14% to Euro322.22 as investors reacted to the news. Analyst Michael Haid at private bank Sal Oppenheim said revenue from the new units accounted for a 3% boost to premium income, which was also bolstered by price increases in the property and casualty reinsurance business.