MUNICH Re reports 1H 2012 profit of EUR 1.6 billion

13 August 2012 — Vlad BOLDIJAR
munich_re2In the second quarter of 2012, MUNICH Re achieved a consolidated profit of EUR 812 million, EUR 74 million more compared with the same period last year. "As in the first quarter of the year, underwriting business performed well and the investment result showed a marked improvement on the same period of the previous year", showed the press release.

With a profit of EUR1.6 billion for the first half-year, MUNICH Re achieved well over half of its target of around EUR 2.5 billion: "So we are well on track to slightly surpass the originally envisaged profit for the year", commented Nikolaus von BOMHARD, CEO, MUNICH Re.

At the same time, gross premiums written were up 3.8% to EUR 25.9 billion, with EUR 12.6 billion attributable to the second quarter. The combined ratio for the property-casualty segment amounted to 95.2% in the first half-year, and 95.1% in the second quarter.

In reinsurance field, premium income grew by 4.8% in the first six months year on year and totalized EUR13.7 billion, of which EUR 6.8 billion was attributable to the second quarter. In the life reinsurance segment, gross premiums written rose in the first half-year by around 10.6% to EUR 5.3 billion.

See the detailed press release on the 1H2012 results here.

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