Munich Re ups full-year forecast as Q3 profits rise 17%
Munich Re has lifted its 2010 profit forecasts after posting a 17 percent year-on-year rise in third-quarter profit to EUR761mn, crediting investment results and favourable claims for the improved outlook.
The global reinsurer now expects to post an EUR2.4bn annual profit, ahead of previous guidance of EUR2bn.
Jörg Schneider, CFO of Munich Re, said that, besides normal claims development, the factors that would determine whether it would achieve this were share prices, interest rates and currency movements.
For the first...
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