Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 22nd of May 2019
May 6, 2009

Munich Re reports Q1 profits

by Richard Kilner

Story link: Munich Re reports Q1 profits

Munich Re Group has reported a Q1 profit of €420m, significantly reduced from the €777m profit recorded for the corresponding period in 2008.

Gross written premiums rose by 5.3% to hit €10.4bn.

Direct comparisons are somewhat difficult to make as the firm is now using a new accounting system, the accounting standard IFRS 8.

Chief financial officer Jörg Schneider has described the results as highly satisfactory given the difficult economic conditions.

Schneider went on to say that the firm was well-placed for the future due to their diverse nature, and would exercise discipline when exploiting fresh opportunities.

He added that the firm’s strong capitalisation meant it would be able to absorb any necessary writedowns and that shareholders could rely on Munich Re to adopt a realistic and transparent approach.


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