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    Thursday, November 05, 2009

    Munich Re Swings To Profit As Investments Improve

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    By Simon Kennedy
    MarketWatch Pulse
       

      LONDON -- Reinsurance group Munich Re said Thursday that it swung to a third-quarter net profit of 644 million euros from a loss of 3 million euros a year earlier as the amount of premiums written rose and its investment performance improved. The group said net earned premiums increased 12.7% to 9.98 billion euros and its investment result rose to 2.24 billion euros from 662 million euros a year earlier. For 2009 the group said it is expecting a profit of between 2.2 billion euros and 2.5 billion euros, or at least 700 million euros more than for 2008. The latest result was below the consensus forecast of 727 million euros.

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