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Member, Beacon International Group, Ltd.
MUNICH, Germany--Munich Reinsurance Co. posted a profit of 1.53 billion euros ($1.86 billion) for the first nine months, up from a loss of 487 million euros ($534.4 million) for the comparable period last year.
Munich Re restated the 2003 nine-month result--which was largely caused by investment writedowns--under International Financial Reporting Standards.
The Munich, Germany-based reinsurer said that, despite estimated windstorm losses of 550 million euros ($669.3 million) in the third quarter of 2004, it posted a profit of 365 million euros ($444.2 million) in that three-month period, compared with a restated profit of 42 million euros ($46.1 million) for the comparable period last year.
Munich Re said in a statement that the improved result was due, in part, to a more-selective underwriting policy and improved investment results.
For the first nine months of 2004, the company's gross written premiums totaled 28.9 billion euros ($35.2 billion), down 5.6% from the comparable period in 2003.