Friday, February 8, 2013

Munich Re profits more than quadrupled in 2012

World's largest reinsurer posting healthy profits despite the claims made by the $ 800 m from Super storm Sandy in provisional figures

Munich Re expects a net profit of € 3.2bn (£ 2.8bn) for 2012, compared to the € 71bn 0. that it was a year earlier reported.

In its preliminary figures, Munich Re also operating profit more than quadrupled, rising to € 5.4bn in 2012 by € 1.2bn in 2011. Gross written premium increased by 5.1% on € 52bn.

Munich Re chief financial officer Jorg Schneider said: "this very pleasant profit is based on our strict risk management, disciplined acceptance policy and the realization of profitable business opportunities."

Munich Re fourth-quarter profit came in at 476 million euros, boosted by previous years reserve releases. After reserve releases of € 300 million in the third quarter, 600 million euro was pumped the fourth quarter.

Releases came mainly from the years 2005-2009 in the business property, marine and aviation. The reinsurer expects to see between three and four point releases going forward largely because of conservative releases the long tail lines.

Meanwhile, Munich Re showed that Super storm Sandy, who battered the East coast of the United States last year, the € 800 m in losses costs.

Despite losing Sandy, the combined ratio for Munich Re reinsurance business for the year was a profitable 91% (2011: 113.8%), and for the fourth quarter alone was 83.2% (Q4 2011: 101.8%).

The reinsurer primary insurance combined ratio was a profitable 98.7 percent for the year (2011: 99.1%), but a loss-making 104% for the fourth quarter (Q4 2011: 101.5%). The company said it "some random major losses" suffered in her German primary company.

Munich Re shrunk its renewable book in non-life by 1.5% on the innovations of 1 January 2013.



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Title Post: Munich Re profits more than quadrupled in 2012
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