Munich Re’s net profit hit €2.2 billion ($3.59 billion) in the second quarter, helped by “very low” major loss costs in property and casualty reinsurance.

The preliminary numbers indicate a net result of about €3.9 billion ($6.36 billion) for the first six months of this year. Final second-quarter results will be announced on August 7.

Munich Re says it is on track to meet its annual target of €6.3 billion ($10.28 billion).