Munich Re reports greatly improved Q1 results

by Richard Kilner

Story link: Munich Re reports greatly improved Q1 results

Munich Re has reported that in the first quarter of 2012 it made a consolidated profit of €782m, more than a billion euros better than the €948m consolidated loss it incurred during the same time in 2011.

The firm has confirmed that its annual profit target remains unchanged at €2.5bn.

The firm reported a quarterly operating profit of €1,202m, comparing very favourably with an operating loss of €1,384m in the corresponding period last year.

Gross written premiums rose marginally, up from €13bn to €13.3bn.

Chief Financial Officer Jörg Schneider described the quarter as a good start to 2012 and the profit margin as healthy.

The firm has benefited from far lower claims costs than in Q1 2011, which saw an unusually high level of natural catastrophes (most notably the Japanese earthquake/tsunami).