Munich Re has reported an overall profit of €0.71 billion for 2011, representing a decline of 70.7 percent on the previous year’s profits of €2.43 billion.
The 2011 result benefitted from €550 million of tax income, due to the tax deductibility of severe natural catastrophe losses in 2011, along with the relief effect of earlier losses in the United States.
Munich Re’s chief financial officer, Jörg Schneider, said that this result was ‘respectable’ given the exceptional catastrophe losses during 2011.
“We have never experienced a year like 2011 before – extreme burdens from natural catastrophes combined with the financial crisis, which flared up again after the slight recovery in 2009 and 2010,” he says.
“Given the huge strains these placed on results, it is a notable achievement that we still posted a profit of €0.71bn.”
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Munich Re, profit