Munich Re says its second-quarter result will be well ahead of analysts’ expectations.

Preliminary net profit for the period is about €2.1 billion ($3.7 billion) thanks to an “encouraging” operational performance and low major loss expenditure in property and casualty reinsurance.

It will announce the full Q2 result on August 8. The group says it is on track for a full-year profit of €6 billion ($10.7 billion).

The reinsurer has also announced changes to its board of management, which reports to its supervisory board.

Chair Joachim Wenning will retire on December 31 and Christoph Jurecka will succeed him. Dr Jurecka is CFO and joined Munich Re in 2019.

Chief technology officer Robin Johnson has also joined the board, along with new CFO Andrew Buchanan.