Profits sink at Munich Re in Q3
Munich Re reported a slip in profits in the third quarter of 2015 as capital market turbulences took their toll.
Profits at the reinsurer dropped to €535 million in the quarter, compared with €736 million in the third quarter of 2014.
Jörg Schneider, chief financial officer of Munich Re, said: "The capital market turbulences have left their mark on the investment result, with below-average realised gains on disposals, write-downs of equities, and losses from derivative hedging instruments.”
However, the reinsurer’s gross premiums written increased in the third quarter by 3.6 percent to €12.5 billion, compared with €12.1 billion in the same period of the prior year.
This was mainly driven by solid growth in the reinsurance business, with GWP growth of 5.7 percent to €7.1 billion in the third quarter of 2015. Munich Re’s life reinsurance segment posted premium growth of 3.6 percent, while its property and casualty reinsurance segment reported premium growth of 6.9 percent.
Jörg Schneider, chief financial officer of Munich Re, said: "With a quarterly profit of €525 million, we remain on course for another gratifying result for the year.
"The capital market turbulences have left their mark on the investment result, with below-average realised gains on disposals, write-downs of equities, and losses from derivative hedging instruments.”
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