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Munich Re Q4 profit down 76%

Munich Re was impacted by the turbulent developments of the financial markets

Munich Re has reported that its profit attributable to equity holders for the fourth quarter ended December 31, 2008 was E133 million, a decline of 75.9% from E552 million for the fourth quarter ended December 31, 2007.

Gross premiums written for the fourth quarter of 2008 were E9.71 billion, an increase of 5.7%, compared to E9.18 billion in the same quarter of 2007. For the fourth quarter of 2008, net earned premiums increased 4.1% to E9.63 billion from E9.25 billion in the comparable quarter of 2007.

Profit attributable to equity holders for the year ended December 31, 2008 was E1.5 billion, representing a decrease of 60.9% from E3.84 billion for the year ended December 31, 2007.

For the year 2008, gross premiums written were E37.83 billion, an increase of 1.5%, as compared to E37.26 billion for the year 2007. Net earned premiums for the year 2008 were E35.72 billion, compared to E35.67 billion for the year 2007, an increase of 0.2%.

The operating result for July to September 2008, which also includes the reinsurance investment result, fell by 83.5% to E132m compared with the same period last year and totalled E2,700m for the first nine months.