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News Focus - Munich Re claims record profit.
(From Reinsurance)
Munich Re Group has achieved a record profit of over EUR2.7bn (roughly $3.3bn) in 2005.
The company posted a consolidated profit of $3.3bn, a further increase on the previous year ($2.3bn), to which both reinsurance and primary insurance contributed.
Despite the fact that 2005 was a record hurricane year, the Group posted a profit of $1.7bn in reinsurance. The operating result (before tax and finance costs) was again high at $2.9bn, despite the hurricane losses ($2.8bn after retrocession) and the reserve strengthening at American Re ($472bn before tax and after relief of $1.1bn from IBNR reserves). These two events accounted for 15.4% and 2.6% of the combined ratio respectively, giving an overall ratio of 110.5%, which it said reflects the high quality of its non-life portfolio.
However, the company's results were boosted by a 35% increase in its investment results, from $9.7bn to $13.1bn, and without this injection of money, Munich Re ...
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