• Germany's news in English
 

Munich Re weathers natural disasters to deliver profits

Published: 03 Feb 2011 15:42 GMT+01:00

The result represented a slide of five percent from the 2009 figure of €2.56 billion but was in line with an average analyst forecast of €2.46 billion compiled by Dow Jones Newswires.

Shares in the re-insurance group showed a slight gain in early trading.

Total losses from natural catastrophes last year amounted to roughly €1.56 billion, more than seven times the 2009 figure of €200 million, a statement said.

"Despite weighty major losses, which also affected us at the end of the year, we are presenting a good result," finance director Joerg Schneider said. "Our shareholders are to benefit without delay."

Munich Re's board will recommend an increased dividend of €6.25 per share, up from with €5.75 in 2009, he said.

The group also planned to buy back shares worth €500 million before its annual general meeting in 2012, the statement said.

Gross premiums written by the group last year gained almost 10 percent to €45.5 billion.

But the world's biggest re-insurance company in terms of gross premiums was hit like its rivals by a series of natural disasters in 2010, the largest of which for Munich Re was "the devastating earthquake in Chile," it said.

An earthquake in New Zealand and flooding in northeastern Australia lead to respective claims of €340 million and €270 million. Looking ahead, Munich Re said only that in 2011, it "expects a somewhat better technical result than in 2010 and a consolidated result of around the same level."

Digging into the data, Munich Re's income from investments showed a gain of almost 10 percent last year to €8.6 billion.

And the ERGO insurance group, in which Munich Re has concentrated its primary insurance activities, reported a profit of €355 million, more than double the 2009 figure of €173 million.

Shares in the group edged 0.13 percent higher to €117.50 in opening trading on the Frankfurt stock exchange, while the DAX index of German blue-chips was flat overall.

AFP/rm

The Local (news@thelocal.de)

Your comments about this article

11:45 February 4, 2011 by auniquecorn
You can never go wrong with investing in an insurance firm.

At the fee´s they rape their customers with, it can only increase.

Of course that is something to brag about.
Today's headlines
Teachers to strike nationwide from Monday
Photo: DPA

Teachers to strike nationwide from Monday

Teachers all over the country are expected to stike starting Monday, German education trade union GEW said, after negotiations with the wage commission of the federal states (TdL) failed to achieve results. READ  

EU court deals blow to US Iraq objector's hopes
Andre Shepherd at the European Court of Justice in June 2014. Photo: DPA

EU court deals blow to US Iraq objector's hopes

American soldier Andre Shepherd, who applied for asylum in Germany as a conscientious objector against the war in Iraq after going AWOL from his unit, saw a judgement by the Court of Justice of the European Union (CJEU) go against him on Thursday. READ  

Intersex person sues clinic for unncessary op
Photo: DPA

Intersex person sues clinic for unncessary op

Intersex person Michaela Raab is suing doctors in a Nuremberg court, who she said operated on her genitals and put her through female hormone therapy without having told her she was genetically a man. READ  

Greece bailout
Greece bailout passes with massive majority
Wolfgang Schäuble addressing the Bundestag on Friday. Photo: DPA

Greece bailout passes with massive majority

UPDATE:German MPs voted 542-32 in favour of extending Greece's bailout programme on Friday. READ  

German soars into ski jump top spot
Photo: DPA

German soars into ski jump top spot

Germany is a "Weltmeister" again, this time in ski-jumping. Severin Freund's 134-metre vertical jumps, and new world distance record of nearly 136 metres, ended the nearly decade-and-a-half wait for German ski jump fans starved for gold. READ  

Muslim Council says Jewish fears 'justified'
Muslims at prayer in Frankfurt's Abubakr Mosque. Photo: DPA

Muslim Council says Jewish fears 'justified'

After the president of the Central Council of Jews warned against anti-Semitism in Muslim areas of German cities, his Muslim opposite number agreed that 'these fears are justified”. READ  

Consumer rights office slams Facebook
Photo: DPA

Consumer rights office slams Facebook

The Federation of Consumer Protection Offices (vzbv) has warned Facebook over legal breaches in its terms and conditions, saying that its claim on the homepage that “Facebook is free and always will be” is misleading. READ  

Spoof hails Varoufakis: puts 'hell' in 'Hellenica'
Yanis Varoufakis, Greece's "Minister of Awesome". Photo: DPA

Spoof hails Varoufakis: puts 'hell' in 'Hellenica'

An offering that rehabilitates the much-maligned German sense of humour is rocking the internet with a searing spoof metal tribute to Greece's formidable new finance minister Yanis Varoufakis, filled with painful moments of self-mockery. READ  

This Week in History
Kafka's Metamorphosis: 100 years of perplexity
Franz Kafka. Photo: DPA

Kafka's Metamorphosis: 100 years of perplexity

100 years ago, Franz Kafka published The Metamorphosis, now seen as one of the most significant works of 20th century German literature. The Local speaks to the academic who has reinterpreted it for a modern audience. READ  

Nurse jailed for life for serial patient murders
Niels H. in court. The five murder counts against the former nurse may just be the start. Photo: DPA

Nurse jailed for life for serial patient murders

A male nurse who injected patients with overdoses of heart medication for the thrill of resuscitating them was on Thursday sentenced to life imprisonment on five counts of murder. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Features
Kafka: puzzling translators 100 years on
Business & Money
France or Germany: Which country really is the best country to work in?
Photo: Police
Rhineland
Student driver crashes tank into family garden.
Photo: DPA
Politics
There was a notable absence at the Anti-Semitism Commission
Sponsored Article
Tourist or lifer: what sort of expat are you?
National
How Dresden bombing still divides Germany, 70 years on
Sponsored Article
Are you an American expat? How to face FATCA
Photo: DPA
Gallery
Take a cute break with this gallery of baby animals
International
What's keeping UK expats from voting?
Photo: DPA
National
Terror alert at a new high. Should you be worried?
Gallery
The best regional foods TTIP opponents want to protect
Photo: DPA
Features
All you ever needed to know about Pegida
Photo: Shutterstock
Culture
This cosplayer did not think his plan through
National
Europe in statistics - from Spain to Sweden
Gallery
Top 12 German idioms
Culture
10 top tips for partying in Germany
Photo: DPA
Technology
What does the Chancellor see as the future of the internet?
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,381
jobs available
Toytown Germany
Germany's English-speaking crowd