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Munich Re records £934m profit

Munich Re has recorded a £934m profit for the first half of the year, down 16.6 per cent for the same period last year.

The global reinurer saw Q2 profits hit £597m, totalling £934m (€1.1bn) from January to June 2009.

While the Q2 figures surpassed last year’s Q2 result of £533m, half year results dipped 16.6 per cent from £1.12bn

Total premium income across all lines was up 5.1 per cent in the first half of the year to £8.2bn from £7.8bn last year.

Total premium income for Munich Re’s life business rose from £2.9bn to £3.2bn.

Munich Re chairman of the board of management Nikolaus von Bomhard says: “We were able to benefit further from our capital strength and exploit our scope for profitable growth. In reinsurance, you need to be more than just solid and financially strong, our clients want flexible, innovative solutions from us, based on our expertise. We have laid the foundations for this over the past two years. Now we can deliver.”

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