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Munich Re posts €0.71bn profit for 2011
02 February 2012
In spite of substantial cat losses, the German reinsurance giant has revealed a profit for both the full year and the final quarter of last year.
Munich Re has declared a preliminary profit of €0.71bn for the full year of 2011, alongside a profit or €0.63bn for the fourth quarter of the year.
This year's figures mark a steep drop from 2010, in which Munich Re posted a profit of €2.43bn, something the reinsurer put down to a combination of a punitive cat year alongside the European sovereign debt crisis.
The reinsurance giant estimated that its claims costs from earthquakes in New Zealand and Japan are likely to reach...
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