Munich Re posted a consolidated profit of €1,076m ($1,173m) for the second quarter of 2015 (Q2 2014: €762m), and profit for the first half-year of €1,866m ($2,034m) (Q2 2014: €1,703m).
The reinsurer said the quarterly result was supported by a below-average random incidence of major losses and a very good investment result.
For the current financial year, Munich Re is now aiming for a profit of at least €3bn ($3.27bn) (previous forecast: €2.5–3bn) and a return on investment of around 3.3% (previously: at least 3%).
With a carrying amount of €236.2bn ($257.5bn), total investments (excluding insurance-related investments) at 30 June 2015 were almost unchanged from the end-2014 figure of €235.8bn.
For the period April to June 2015, the group's investment result (excluding insurance-related investments) showed a year-on-year improvement of 6.5% from €2.4bn to €2.5bn ($2.73bn).
Changes in the value of derivatives had a negative effect of –€133m for the second quarter, which was significantly less negative than in the first quarter of the year (–€706m).
The rise in interest rates in the second quarter had a negative impact on interest-rate hedging instruments, while equity-based derivatives increased in value because of changes in share prices.
The balance of gains and losses on disposals excluding derivatives was around €810m. The investment result represents an overall annualised return of 4.1%.
Fixed-interest securities, loans and short-term fixed-interest investments continued to make up the largest portion of Munich Re's investments with a share of around 88% at market value.
The group's asset manager is MEAG, whose assets under management at 30 June 2015 included not only group investments but also segregated and retail funds totalling €14.3bn ($15.6bn) (30 June 2014: €13.9bn).