Munich Re has booked a 40.6% rise in second-quarter net profit to €1.62 billion ($2.68 billion), taking its overall earnings in the June half to nearly €3.8 billion ($6.3 billion).

Chair of the board of management Joachim Wenning says the business “performed well once again. What’s more, we’ve never earned more in the first six months of any year.

“Although our profit target for 2024 remains unchanged at €5 billion ($8.2 billion), our impressive half-year result does make it more likely we can achieve or even outperform our full-year guidance.”

The property and casualty reinsurance arm made a net profit of €786 million ($1.3 billion) in the second quarter, up 36%. Insurance revenue from P&C insurance contracts issued rose to €6.91 billion ($11.4 billion) from €6.69 billion ($11.08 billion) a year earlier.

Major losses – from events costing more than €30 million ($49 million) each – rose to €957 million ($1.59 billion) from €600 million ($993 million). The figure includes gains and losses from the run-off of major losses in previous years.

Man-made major losses decreased to €110 million ($182 million) from €155 million ($256 million), while major losses from natural catastrophes increased to €846 million ($1.4 billion) from €445 million ($736 million).

The costliest natural catastrophe was flooding in southern Germany, with nominal losses in reinsurance of about €200 million ($331 million).