Munich Re first half profits off nearly 35%, but bright on outlook
Munich Re reported a drop of first half profits of nearly 35%, impacted by decreasing insurance prices, the high amount of catastrophe losses, and over €2bn of subprime writedowns.
The German reinsurance giant said that profits for the first six months of the year to end-June fell to €1.4bn from €2.1bn a year before. However, it said it was still confident of being "well" over
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