Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 20th of February 2018
May 10, 2010

Munich Re announces Q1 profits

by Richard Kilner

Story link: Munich Re announces Q1 profits

In the first three months of the Munich Re recorded a consolidated profit of €485m, an increase of €48m on the same quarter last year.

Gross written premiums increased by 12.4% to €11.7bn, with return on equity recorded at 8.5%.

Chief Financial Officer Jörg Schneider stressed the importance of natural catastrophe losses caused by earthquakes, storms and volatility in Q1, balanced with robust investment profits.

Munich Re has indicated it has a target of annual profits in 2010 exceeding €2bn, following on from the €2.56bn profits made in 2009.

The firm also forecasts gross written premiums for 2010 to fall between €43bn and €45bn, an increase from the Q4 2009 forecast of between €41bn and €43bn.

Schneider has described the €2bn profit target as ambitious, given Munich Re’s high loss burdens.

 

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