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Reinsurer Munich Re has 2Q profit of euro703 million

 

Wednesday, Aug 05,2009, 11:49:37 PM   Click:

FRANKFURT_German reinsurer Munich Re AG said Tuesday its second-quarter net profit rose nearly 12 percent on solid growth in written premiums.

The Munich-based reinsurer earned euro703 million ($1 billion) in the April-June period compared with euro628 million a year earlier.

Gross written premiums, a key measure of revenue, were 14.6 percent higher at euro10.3 billion in the quarter compared with euro9 billion in the second quarter of 2008.

Investment returns also gained in scope, rising nearly 38 percent to nearly euro2.2 billion compared with nearly euro1.6 billion last year.

Munich Re is the world's biggest reinsurance company by gross written premiums. Reinsurers sell back up coverage to primary insurers to absorb shocks in case of large losses or catastrophes. The company also sells primary insurance.

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