The FINANCIAL -- Munich Re is reckoning with a higher consolidated result for 2010 than previously expected: following a profit of €1,955m for the first nine months of 2010 (same period last year: €1,784m), Munich Re is now anticipating a consolidated profit of around €2.4bn for the year as a whole, compared with the guidance to date of over €2bn.
In the third quarter, the Group posted a profit of €761m (650m), based on a good underwriting result of €785m (852m) and – as in the first half-year – a high investment result.
For the full results breakdown, follow the link: http://finchannel.com/Main_News/Insurance/75091_Munich_Re_raises_profit_guidance_for_2010/
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Very good news for the insurance market and not the only good results today, as you’ll find out in a few posts time. With the life insurance market becoming stronger, the more and more the economy is looking like recovering and most importantly, avoiding that dreaded double dip recession.
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