MUNICH Re ups 2012 profit despite Sandy hit

22 November 2012 — Vlad BOLDIJAR
munich_re2MUNICH Re, the world's biggest reinsurer, has increased its 2012 profit expectation to EUR 3 billion after posting a profit of EUR 2.7 billion for January-September 2012. At the same time, the GWP grew 5.3% to EUR 39.1 billion. The original profit guidance was for a total of EUR 2.5 billion in 2012.

For FY 2012, MUNICH Re anticipates its gross premiums written will be around EUR 52 billion and an overall combined ratio below 96%, despite the burdens from Hurricane Sandy.

"The result for the first three quarters is more than pleasing. Despite Hurricane Sandy, we are very optimistic of realizing a profit in the region of EUR 3 billion for 2012", Chief Financial Officer Joerg SCHNEIDER said in the company's statement.

For the third quarter, MUNICH Re reported net income of EUR 1.13 billion, representing an increase of 295.1% over the same period a year ago, while gross written premiums grew 8.3% to EUR 13.24 billion.

Read the full release here.

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