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February 3, 2010

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Bumper profit for Munich Re

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."




 

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