Munich Re reports H1 earnings of €1.6bn for 2012

Munich Re has announced a profit of €1.6bn for the first half of 2012.

The result was driven by the fact that Munich Re's claims expenditure was significantly lower than in the same period last year, when it had been hit with significant losses from several natural catastrophes.

Nikolaus von Bomhard, chief executive officer of Munich Re Group, said that the Group’s performance had been satisfying.

"With a profit of €1.6bn for the first half-year, we have achieved well over half of our target of around €2.5bn. So we are well on track to slightly surpass the originally envisaged profit for the year,” he said.