German insurance giant Munich Re reported a rise in profits in the first quarter of this year on Wednesday.
The group has also reaffirmed its outlook for annual earnings in the current year.
Christoph Jurecka, chief financial officer of Munich Re, said: "Munich Re kicked off the new financial year with great momentum. Our Q1 net result this year is nearly 70% higher than in 2023. Every line of business played a role in this impressive performance."
"In addition, we got a boost from the treaty renewals at April 1, where we tapped into attractive growth opportunities against a backdrop of continuing high rates."
For the three-month period, the company recorded a net profit of €2.140 billion ($2.300 billion), higher than €1.271 billion registered for the same period last year.
The reinsurance business recorded a net result of €1.888 billion, compared with €1.051 billion in 2023.
The ERGO group of insurance firms owned by Munich Re contributed a net profit of €252 million, up from last year's €219 million.
Munich Re's investment profit rose to €2.163 billion from €1.612 billion a year ago.
Operating profit stood at €2.928 billion as against €1.768 billion in 2023.
Total technical result was at €2.785 billion, compared with last year's €1.809 billion. Insurance revenue from insurance contracts rose to €15.061 billion from previous year's €14.273 billion.
Looking ahead for the full year the group still expects to post a net profit of €5 billion.
