Munich Re CEO Joachim Wenning, Source: Munich Re
Pressure on the reinsurance operations and investment income are increasingly weighing on Munich Re’s results, but the new CEO Joachim Wenning says that there is not much he can do about the main factors behind it as they are beyond the company’s control.
Munich Re posted a consolidated profit of €733 million for the second quarter of 2017 compared with €974 million in the same period a year earlier.
In property/casualty (P&C) reinsurance, Munich Re continues to shed business as rates remain under pressure.
“We are reacting to the global price pressure in P&C, particularly in the non-proportional segment, and we are prepared to shed (more) business,” said Torsten Jeworrek, board member responsible for reinsurance, during the reinsurer’s Aug. 9 second quarter media presentation.
Munich Re, Results, Reinsurance, Insurance, Europe, Joachim Wenning, Torsten Jeworrek, Jörg Schneider