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Munich Re posts Q3 profit helped by lower claims

Munich Re posts Q3 profit helped by lower claims

German reinsurer Munich Re says net profit jumped by nearly 19 percent in the third quarter after a milder than usual hurricane season, and is raising its profit guidance for the year.
The company based in Munich reported Tuesday net income rose 18.8 percent to (EURO)764 million ($1.06 billion) from (EURO)643 million in the same period a year ago.
It says it now expects a profit of some (EURO)2.4 billion in 2010, compared to its previous forecast of (EURO)2 billion, citing high returns from investments and lower claims in the third quarter.
Reinsurers sell backup coverage to other insurers, spreading risk so the system can handle large or widespread losses.


Updated : 2021-10-20 07:41 GMT+08:00