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German Munich Re reports USD1.45b profit in Q3  Join our daily free Newsletter

MENAFN - 07/11/2012

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(MENAFN) German re-insurer Munich Re said its quarterly profits almost quadrupled on higher investment income, Bloomberg reported.

The world's biggest re-insurer said it made USD1.45 billion net profit during the third quarter, up from USD366 million a year earlier. Investment income surged 65 percent to USD2.84 billion.

CFO Joerg Schnider said the group expects USD3.84 billion net profit for the full year 2012, despite Hurricane Sandy.

In August, CEO Nikolaus von Bomhard expected the company to "slightly surpass" USD3.2 billion target for the year.

 






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