Bumper profit for Munich Re
By George Frey |
February 3, 2010, Wednesday
|
Print Edition
Print Edition
GERMAN reinsurance company Munich Re AG yesterday reported a more than sevenfold increase in fourth-quarter net profit to 780 million euros (US$1.1 billion) as a result of "exceptionally low claims" from natural disasters.
The figure compared with a profit of 110 million euros in the fourth quarter of 2008.
Munich Re, based in Munich, did not release all its fourth-quarter figures, but is scheduled to report full 2009 earnings on March 10.
The reinsurer, which sells back-up coverage to insurance companies in the event of catastrophes, said profit for 2009 rose 63 percent to 2.6 billion euros from 1.6 billion euros in 2008.
Gross premiums written, a measure of sales, increased nearly 10 percent in 2009 to 41.4 billion euros from 37.8 billion in 2008. The company did not provide a detailed outlook for the year beyond saying the company will "continue to place high emphasis on reliability and predictability on the basis of low-volatile earnings."
"This is another good result that demonstrates Munich Re's earnings strength," said Joerg Schneider, the chief financial officer. "We are realistic in our expectations and remain dependable."
The figure compared with a profit of 110 million euros in the fourth quarter of 2008.
Munich Re, based in Munich, did not release all its fourth-quarter figures, but is scheduled to report full 2009 earnings on March 10.
The reinsurer, which sells back-up coverage to insurance companies in the event of catastrophes, said profit for 2009 rose 63 percent to 2.6 billion euros from 1.6 billion euros in 2008.
Gross premiums written, a measure of sales, increased nearly 10 percent in 2009 to 41.4 billion euros from 37.8 billion in 2008. The company did not provide a detailed outlook for the year beyond saying the company will "continue to place high emphasis on reliability and predictability on the basis of low-volatile earnings."
"This is another good result that demonstrates Munich Re's earnings strength," said Joerg Schneider, the chief financial officer. "We are realistic in our expectations and remain dependable."
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