Munich returns to YTD profit but investments drag
Munich Re reported an earning miss for its third quarter results as foreign exchange (fx) losses, lower investment income and a one-off charge on Greek debt write-downs dragged on profitability.
Net income for the quarter was EUR290mn on a combined ratio of 89 percent - a slight improvement from the 93.8 percent in the same period of last year and a welcome return to profit for the year after a cat-affected H1.
Due to the seemingly interminable Eurozone sovereign debt...
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