Home Financial News Munich Re : profits up more than threefold in 2012

Munich Re : profits up more than threefold in 2012

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Munich Re, the world’s leading reinsurer, said Tuesday it is projecting a threefold increase in profits this year to around 2.5 billion euros ($3.3 billion). 

“Given average claims experience and in expectation of a rising price trend overall in reinsurance, Munich Re anticipates a significantly improved underwriting result for 2012, as things stand at present,” the group said in a statement.

“Subject to actual claims experience with regard to major losses and the impact on the income statement of severe currency or capital market developments, Munich Re aims to achieve a consolidated result in the region of 2.5 billion euros.”

In 2011, Munich Re saw its bottom-line net profit slashed to just 702 million euros from 2.4 billion euros a year earlier as a result of the large number of natural catastrophes and huge writedowns on its holdings of Greek debt.

Munich, Germany, March 13, 2012 (AFP)