Wednesday, November 7, 2012

Munich Re raises profit forecast despite Sandy

FRANKFURT, Germany (AP) ? Reinsurance company Munich Re expects profits to rise substantially this year even after looming claims from Superstorm Sandy.

The Germany company is forecasting profits of ?3 billion ($3.8 billion) this year, up ?2.5 billion.

Wednesday's forecast came as it revealed higher third-quarter net profits of ?1.14 billion against ?290 million a year ago.

The improvement came from lower disaster payouts, and much stronger returns on its investments thanks to healing financial markets.

Revenue from gross premiums rose 8.3 percent to ?13.2 billion.

Reinsurance companies provide backup coverage for retail insurance firms so the insurance industry can handle huge disaster losses.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-11-07-Germany-Earns-Munich%20Re/id-16a430848a2749a8b768203cb4315e98

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