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Munich Re Starts Year with First-Quarter Profit of More than $1 Billion

Posted on 08 May 2012

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Munich ReIn the first quarter of 2012, Munich Re achieved a consolidated profit of 782m euros ($1.02 billion). Last year, during the same period last year the insurer had  a net loss of -948m euros.

Underwriting business performed well in the first quarter and the investment result showed a marked improvement. For 2012 as a whole, Munich Re is continuing to aim for a profit of around €2.5bn.

CFO Jörg Schneider summed up the business performance for first three months: "A good start to 2012. With few major losses and more favourably disposed capital markets, we have posted a healthy profit." Key features in the result of €782m are much lower claims costs from natural catastrophes and higher investment income than in the same quarter last year.

With regard to Munich Re's expected business performance for 2012 as whole, Schneider emphasised: "Despite the still difficult economic situation, we are optimistic for 2012 and are aiming for a profit for the year of around €2.5bn."