Munich Re: first quarter was very satisfactory
Based on initial estimates CEO Nikolaus von Bomhard commented on the first quarter 2012 at today's Annual General Meeting: "Although the picture is not yet complete, the data we have shows that the volume of major losses remained far below last year's level. At the same time, the situation in the financial markets has calmed down somewhat, at least for the moment. Altogether, the result of the first quarter is therefore likely to be gratifying. We believe that we have achieved a quarterly profit of over €750m." Von Bomhard was also optimistic regarding the further business prospects for 2012: "In reinsurance, we expect price increases, particularly in loss-affected regions." In primary insurance, ERGO will further advance the internationalisation of its business, its latest start-up being a life insurance company in China.
Von Bomhard confirmed the target for the financial year 2012: "We are aiming for a consolidated result of around €2.5bn."
Munich Re will be publishing detailed figures for the first quarter of the current financial year on 8 May 2012.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.