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Daily Insurance Industry News
Wednesday 21st of November 2018
February 2, 2012

Munich Re achieve €0.71bn profit in turbulent 2011

by Richard Kilner

Story link: Munich Re achieve €0.71bn profit in turbulent 2011

Munich Re has released its preliminary financial figures for 2011, including annual profits of €0.71bn.

This is significantly less than the €2.43bn of 2010, but this is largely due to the record catastrophe losses the insurance industry suffered (US$380bn in 2011 compared to US$220bn during the previous worst year, 2005).

Profit in the fourth quarter of 2011, was €0.63bn, an improvement on the €0.48bn the firm made during the corresponding period last year.

Quarterly profits were also more than double those of Q3 2011 when the firm made €290m.

The year was notable for the large number of substantial earthquakes and other disasters, and Munich Re has estimated that it saw claims costs of €1.5bn each for the Japanese and New Zealand earthquakes.

Chief Financial Officer Jörg Schneider said that the firm had not experienced a year like 2011 before, and described the profit of €0.71bn as a notable achievement.

 

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