Munich Re profits down 70%, GWP up 9%
Exceptional major losses and “burdens from the financial crisis” slashed Munich Re’s profit last year by more than 70% to €0.71bn from €2.43bn in 2010. This was despite gross written premiums being up by almost 9% to €49.6bn (€45.5bn).
The profit for the fourth quarter was €0.63bn, up from €0.48bn for the same period last year and the reinsurer said it expected 2012 to return to the result level achieved prior to 2011.
Munich Re
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