Second quarter profit not enough to lift Munich Re out of red
Global reinsurer Munich Re says it is on track to return to profit for 2011 despite posting a first-half loss of EUR210mn.
Second quarter profit increased by 4 percent year-on-year to EUR738mn, but this was not enough to outweigh the catastrophe losses recorded in the first quarter.
In contrast, fellow reinsurance giant Swiss Re scraped a $295mn profit for the half-year after reserve releases helped it to lift Q2 profit by 9 percent to $960mn.
Munich Re posted strong expansion...
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