Munich Re-insurer expects solid profits despite natural disasters
Munich (dpa) - Germany′s Munich Re AG, one of the world′s leading reinsurers, said Wednesday it expects to post a profit of more than 2 billion euros (2.7 billion dollars) this year, despite last month′s earthquake in Chile and a hefty winter storm in Europe.
The Munich-based insurer said it expects claims of up to 100 million euros resulting from a major storm in Europe this month, Xynthia, and a 400-million-euro bill for Chile′s devastating earthquake last month.
The group forecast 2010 net profit should top 2 billion euros.
At the same time, it said gross premium income is expected to be between 41 billion to 43 billion euros for 2010. This compares with 41.4 billion euros in 2009.
Without any major losses for natural disasters and with financial markets picking up, Munich Re said full-year net profit in 2009 was 2.52 billion euros, up from 1.56 billion euros in 2008.
This also came after fourth-quarter net profit last year rose to 760 million euros, from 123 million euros a year earlier. dpa amc ncs