Munich Re FY profit more than halves; shares off nearly 3%
Munich Re, the German (re)insurance giant, said that its full-year consolidated profiit more than halved over the course of 2008, dropping to €1,5bn from €3.9bn a year earlier.
In a pre-results briefing, Munich Re blamed the result on investment losses. The company made writedowns of €500m, including €400m in the fourth quarter of the year.
The full results will come out on
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