Easing in natural disasters helps lift Munich Re profit 10 percent in Q2
August 8, 2012, 3:28 pm TWN
FRANKFURT -- Reinsurer Munich Re saw its second-quarter profit improve 10 percent from a year ago thanks to a better investment returns and fewer expenses for natural disasters.
The company said Tuesday that net profit during the period rose to 812 million euros (US$1.0 billion) from 738 million in the second quarter last year. Gross premiums rose 5.5 percent to 12.63 billion euros. It benefited from not having to write down Greek government bonds, which cost it 125 million euros in the same quarter a year ago. That quarter's earnings had also been burdened by claims for tornados in the United States.