The world’s largest reinsurer opens its books.
(Photo: dpa)
Munich The turmoil on the capital markets is causing problems for Munich Re. Net profit fell in the second quarter by 31 percent to 768 million euros because the world’s largest reinsurer had to accept losses with derivatives and write-downs on shares, as announced on Tuesday.
On average, analysts had only expected 719 million euros. CEO Joachim Wenning confirmed the expectation of a profit of 3.3 billion euros this year. After six months, Munich Re has reached almost 1.4 billion euros.
“The operating profitability of the business is very good, and at the same time we again grew significantly and profitably,” said Wenning. “Now is the time to seize opportunities in markets that continue to harden.”
With the upcoming renewal of contracts with insurers and brokers on July 1, six percent more business was written, with stable prices.
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