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Munich Re down £442m on last year

Reinsurer Munich Re expects a £442m drop in its quarterly earnings for Q2 2008.

In a statement released by the Group, Munich says profit for Q2 2008 will total around £475m, down from Q2 2007 which recorded £1.2bn. Half year profit is expected to suffer a similar slump from £1.6bn last year to £1.1bn in the first half of 2008.

While share price for the first half of 2008 has dropped between 20 to 24 per cent, the reinsurer has also made “substantial” writedowns, says the statement.

Munich Re CFO Jörg Schneider says: “As one of the most significant investors in our industry, we cannot escape the current capital-market turmoil. But thanks to our balanced investment policy, we have succeeded in achieving quite an acceptable half-year result in this difficult overall environment.

However, in the second half of 2008 Schneider says the reinsurer will achieve a substantial profit, even if the capital markets remain difficult.

He says: “Should the capital-market situation show a considerable improvement, our profit guidance would also increase again.”

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