Inflation Will Sooner or Later Go up, Says Munich Re CEO
Munich Re, the world’s second-biggest reinsurer, reported second-quarter profit that beat analysts’ expectations even as it booked higher claims from natural disasters and restructuring charges at its Ergo primary-insurance unit. Net income declined to 974 million euros ($1.08 billion) from about 1.1 billion euros a year earlier, the Munich-based company said in a statement on Tuesday. That compares with the 479 million-euro average of eight estimates compiled by Bloomberg. Munich Re confirmed its full-year earnings target of 2.3 billion euros, having cut it in May. Muenchener Rueckversicherungs CEO Nikolaus Von Bomhard discusses with Bloomberg's Manus Cranny on "Countdown."