Munich Re posts record FY profit on favourable climatic environment |
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Published
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Wed, 28 Feb 2007 08:49
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MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.In 2007, Munich Re said it expects net profit to decline to 2.8-3.2 bln eur as the burden from natural catastrophes is now already well above the same period in 2006.Munich Re expects a combined ratio of under 97 pct in reinsurance and of under 95 pct in its primary operations, while premium income is expected to remain flat in the current year.Net profit in the fourth quarter dropped to 675 mln eur from 1.361 bln a year earlier when earnings were boosted by a one-off gain from selling HVB shares to Unicredit.Full year gross premium income declined to 37.436 bln eur from 38.199 bln, while net premiums dropped to 35.714 bln eur from 36.210 bln.The combined ratio for the reinsurance property/casualty operations improved to 92.6 pct from 111.7 pct the previous year.The combined ratio for the primary insurance operations was at 90.8 pct from 93.1 pct.A combined ratio above 100 pct means that an insurer paid out more in claims than it took in in premiums.Munich Re's investment result declined to 8.876 bln eur from 10.818 bln.judith.csaba@thomson.comjcs/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Allianz's Munich Re stake falls to around 5 pct from 9.4 pct on bond redemption 