Munich Re grows 42% at July renewals
Munich Re CEO Joachim Wenning; Source: Munich Re
Munich Re will target higher profits by growing its property/casualty (P&C) reinsurance business, turning around its primary insurer ERGO, taking advantage of digitisation and by cutting costs, CEO Joachim Wenning explained during the reinsurer’s second-quarter results presentation.
The reinsurer seems to already be making headway on that front. Its net profit in the first half of 2018 increased by 20.5 percent year-on-year to reach €1.56 billion.
“With a half-year profit of €1.6 billion, we are most certainly on track to reach our profit target of €2.1–2.5 billion for the year as a whole,” said CEO Joachim Wenning. “We also made progress with the implementation of our strategy: Munich Re is becoming more profitable, more digital and leaner.”
Gross written premiums in its life and health (L&H) reinsurance division shrank by 25.3 percent year on year in the first six months of 2018 to reach €5.17 billion. However, its P&C reinsurance unit expanded, its gross written premiums growing by 13.2 percent year on year to reach €9.94 billion over the period.
Munich Re, Joachim Wenning, Growth, Insurance, Reinsurance, Results, P&C, Europe, North America