Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 20th of February 2018
November 8, 2011

Munich Re reports reduced profits

by Richard Kilner

Story link: Munich Re reports reduced profits

Munich Re has released its financial results for the first nine months of 2011, including net profits of €80m, hugely down on the €1,955m of the corresponding period last year.

However, the firm’s 9M result does take into account a €3.6bn claims burden relating to the major natural catastrophes that occurred earlier in the year.

During the same period gross written premiums increased by 9.1%, year-on-year.

In the third quarter the firm reported a net income of €290m, less than half the €761m it made in Q3 2010.

Chief Financial Officer Jörg Schneider expressed satisfaction with the results, given that they were achieved during a time of difficult conditions.

Schneider was optimistic about the full-year prospects of the firm, stating that Munich Re anticipated a positive consolidated annual result.


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