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Munich Re records £1.6bn profit

Munich Re has recorded a profit of £1.6bn for the first nine months of the year.

The reinsurer achieved a consolidated profit for the third quarter of £584m, compared to £1.8m for the same period last year.

Munich Re now expects a group profit for 2009 of between £2bn and £2.2bn, at least £628m more than last year.

Total premium income across all lines showed growth of 5.8 per cent from January to September, amounting to £12.7bn, with £4bn in the third quarter.

In the life segment, total premium income rose to £5.1bn since January compared to £4.5bn during the same period last year, with the third quarter accounting for £1.6bn.

Munich Re chief financial officer Jörg Schneider says: “We have continued to gear our operations resolutely to profitability and are once again presenting good results. Our shareholders are glad to rely on this continuity from Munich Re.

“If the rest of the financial year 2009 goes so well, we may even reach our ambitious return on risk-adjusted capital target of 15 per cent after tax.”

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