'Difficult environment' hits Munich Re’s Q3 profits
Munich Re has reported an 88% reduction in operating profits for the third quarter, down to €402m from €3.4bn year on year.
Its consolidated profits were also down 96% to €80m, compared with €2bn in 2010.
This was despite third quarter GWP being up 9% on the same period last year to €37.2bn (2010: €39.1bn).
Munich Re blamed
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