Munich Re reports rising Q2 profits

Munich Re has reported that in the second quarter of 2012 it made a consolidated profit of €812m, up from the €738m it achieved during the corresponding period in the previous year.

This is also a modest improvement on the preceding quarter (Q1 2012), when the firm made €782m.

In the first six months of 2012 Munich Re posted a consolidated profit of €1.6bn, well over half its target of €2.5bn for the full year.

Chief Executive Officer Nikolaus von Bomhard described the firm’s performance as satisfying, adding that its conservative approach in turbulent times was proving robust.

Munich Re considers the challenge of very low interest rates to be more significant than the difficulties posed by volatility in financial markets or the worsening economic landscape.

Von Bomhard forecast that the firm would manage to slightly surpass its annual target of €2.5bn profits for 2012.

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Category: Financials, Insurance News