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Munich Re raises profit guidance

Munich Re has raised its profit target compared with last year, and expects to generate €2.1-€2.5 billion ($3.3-$3.9 billion) this year.

The company recorded a third-quarter loss last year due to hurricanes Harvey and Irma.

Those storms and Hurricane Maria caused a total loss of €2.7 billion ($4.3 billion) last year.

Net profit was down 24.7% to €733 million ($1.09 billion), partly due to the Grenfell Tower fire in London.

Total natural catastrophe losses last year were €3.7 billion ($5.8 billion).

The reinsurer will buy back another €1 billion ($1.57 billion) of shares before next year’s annual general meeting. A buyback of the same scale is currently under way.