The world’s biggest reinsurer reported quarterly net profit of €709m (£588m), which was above the highest forecast of €570m and well above the average forecast for net profit to decline to €481m.
Munich Re said it was sticking to its full-year goal of achieving net profit of more than €2bn.
“Following the major losses in the first half-year, this target remains ambitious, but given normal loss experience and continued strong investment results it is certainly achievable,” the company said in a statement yesterday.
Analysts had expected Munich Re to fall short of its 2010 profit goal, with a major worry being the outcome of this year’s hurricane season, which enters its most active period in the second half of the year.
Munich Re’s shares, which were seen as a defensive investment during the financial crisis, are now flat compared with the start of the year, lagging a three per cent rise in the Stoxx 600 European insurance index.