Munich Re reports rising annual profits

by Richard Kilner

Story link: Munich Re reports rising annual profits

Munich Re has reported that it made a net income for 2009 of €2.56bn, an improvement of two-thirds on 2008 when €1.58bn was made.

However, the firm has yet to match the record €3.9bn profit made during 2007, before the full impact of the financial crisis struck.

The firm has also expressed its confidence regarding 2010, and predicted that profits will remain over the €2bn threshold.

Chairman Nikolaus von Bomhard has stated that the firm’s annual performance surpassed expectations, and welcomed the rising profits for Munich Re, achieved despite the ongoing difficulty of the economic climate.

For 2010, the firm has forecast gross written premiums of between €41bn and €43bn.

However, Munich Re will face some losses due to the extremely strong Chilean earthquake, and will be hoping for fewer such instances of natural disasters from a business as well as a moral perspective.