Munich Reinsurance Co. reported profits of $3.51B for first nine months of 2012.
Citing unusually low claims costs for natural catastrophes, Munich Reinsurance Co. on Wednesday reported net income of €2.73 billion ($3.51 billion) for the first nine months of 2012, a 3,312.5% increase over the prior-year period.
The Munich-based insurer and reinsurer’s gross written premiums grew 5.3% in the nine-month period to €39.13 billion ($50.24 billion). Munich Re’s combined ratio for its reinsurance unit improved to 93.6% from 118.1% in the nine-month period, while the combined ratio of its primary insurance unit improved to 96.9% from 98.2%.
Munich Re reported net income of €1.13 billion ($1.45 billion) for the third quarter, an increase of 295.1% over the same period a year ago. Gross written premiums grew 8.3% to €13.24 billion ($17 billion). The company’s combined ratio for its reinsurance unit was 89.4%, compared with 87.3% in the third quarter of 2011, while the combined ratio for its primary insurance unit improved to 100.3% from 102.7%.
“Our forward-looking risk management, prudent investment policy and profit-oriented underwriting approach are proving particularly effective in this difficult macroeconomic climate,” Munich Re Chief Financial Officer Jörg Schneider said in a statement.
