Daily Insurance Industry News
Daily Insurance Industry News
Sunday 26th of May 2019
November 9, 2010

Munich Re raises annual profit guidance

by Richard Kilner

Story link: Munich Re raises annual profit guidance

Munich Re has revised upwards its expectations of 2010 full-year profits after achieving a net profit of €1,955m in the first nine months of the year.

This compares favourably to the €1,784m the firm made during the same time last year and has caused Munich Re to upgrade its 2010 annual consolidated profit forecast from €2bn to €2.4bn.

In the first nine months the firm recorded an operating result of €3,367m, almost flat with the €3,321m earnt during the same period last year.

Gross written premiums rose 9.7% from €31bn to €34.1bn, with return on equity of 11.2%.

In the third quarter, the firm saw profits rise from €650m to €761m, thanks to good investment and underwriting results.

Chief Financial Officer Jörg Schneider has described the third quarter results as very pleasing for Munich Re and grounds to increase its predictions for annual profitability.


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