Munich RE Chief Financial Officer Joerg Schneider. (Photo: Bloomberg)

(Bloomberg) – Munich Re, the world’s second-biggest reinsurer, reported second-quarter profit that beat analysts’ expectations as gains from currencies and investments cushioned 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 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.

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