Munich Re posts first-quarter profits

26th May 2004, Comments 0 comments

26 May 2004, MUNICH - Munich Re, the world's largest reinsurer, posted a profit in the first quarter of EUR 534 million following a loss of EUR 557 million in the same period last year. "We have made a good start to the year," Nikolaus von Bomhard, chairman of Munich Re's board of management, said in a report Wednesday to shareholders at the company's annual meeting. "Our reinsurance business is continuing to go well, primary insurance has returned to the profit zone, and the investment result is back to n

26 May 2004

MUNICH - Munich Re, the world's largest reinsurer, posted a profit in the first quarter of EUR 534 million following a loss of EUR 557 million in the same period last year.

"We have made a good start to the year," Nikolaus von Bomhard, chairman of Munich Re's board of management, said in a report Wednesday to shareholders at the company's annual meeting.

"Our reinsurance business is continuing to go well, primary insurance has returned to the profit zone, and the investment result is back to normal."

Gross premium income fell 4.3 percent to EUR 10.4 billion in the first quarter. Investment income totalled EUR 1.85 billion, compared with a restated EUR 812 million loss a year ago.

Complete quarterly results will be published on 3 June.  

DPA 

Subject: German news

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