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Munich Re reports £2.3bn profit

Munich Re has reported a profit of £2.3bn for 2009.

The reinsurance group saw profits after tax and expenses increase 64 per cent to £2.3bn, up from £1.4bn in 2008.

The group is now expecting a profit of £1.8bn for 2010, slightly less than last year.

Total gross premiums written rose by 9.5 per cent to £37.7bn, or €41.4bn, up from £34.5bn in 2008. The group says if exchange rates had remained the same, premium volume would have increased by 9.9 per cent compared with the previous year.

Equity rose by 5.5 per cent to £20.3bn, or €22.3bn, in 2009 and return on equity rose to 11.8 per cent.

Looking ahead, a group statement says: “For 2010, Munich Re is aiming at another profit of over €2bn. This target remains achievable despite the claims burdens from the earthquake in Chile and Winter Storm Xynthia.

“For 2011, Munich Re anticipates an increase in results. Munich Re is adhering to its long-term objective of a 15 per cent post-tax return on risk-based capital across the cycle, although it will be much more difficult to achieve in an environment in which interest rates are low.”

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