Munich Re Profit Surges by More Than 60%
Filed under: Earnings Reports, Good news
When 2008 ended on a sour note, the reinsurance industry looked to 2009 with trepidation. Since the financial crisis struck late in the third quarter of 2008, it was clear at the time that the effects would spill over into the following year, though signs of stability in the reinsurance market left reason for hope. Now, we’re looking back on the year that was, for 2009, rather than the one to come, and Munich Re (0KFE) is putting it in the “win” column. The reinsurer logged a bottom-line result of €2.56 billion, up profoundly from €1.58 billion the year before. Munich Re has already announced that it’s raising its dividend to €5.75 per share.
According to Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, “We have brought the financial year 2009 to a successful close: with a profit of over €2.5 billion, we were even able to surpass expectations and achieve our long-term return target despite the difficult environment.”
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Munich Re Profit Surges by More Than 60% originally appeared on BloggingStocks on Thu, 11 Mar 2010 15:20:00 EST. Please see our terms for use of feeds.
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