Munich Re posts massive profit
Munich Re has posted a 62% upswing in consolidated profit on “exceptionally low” catastrophe claims and improved investment returns.
The German reinsurer posted a 2009 calendar year profit of €2.56 billion ($4.04 billion), including €780,000 ($1.23 billion) on the fourth quarter alone, after catastrophe claims came in well below the 10-year average and investment returns gained greater traction – up 33% on the previous year.
Cat claims were just 1.4% of net earned premiums in 2009.
“Bearing in mind that the financial crisis reached its climax in the first quarter, we can be very satisfied with the figures for the year,” CFO Jorg Schneider said.
Gross written premium rose by 10% to €41.4 billion ($65.4 million) for the year, delivering a combined ratio of 95.3%.
Munich Re CEO Torsten Jeworrek says new year negotiations on reinsurance treaties have proved “more difficult than expected” with healthy global capacity having a downward effect on pricing.
But Munich Re has no qualms over abandoning treaties it deems unprofitable, Mr Jeworrek said.
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