- Profit of €534m in first quarter
- Improved combined ratio of 96.3% in reinsurance
- von Bomhard: "Our hard work is bearing fruit"
"We have made a good start to the year. Our reinsurance business is continuing to go well, primary insurance has returned to the profit zone, and the investment result is back to normal. The first-quarter profit of €534m (Q1/2003: -€557m*) and combined ratios of 96.3% (96.8%) in non-life reinsurance and 95.4% (98.5%) in property-casualty insurance show that we are on the right track" said Nikolaus von Bomhard, Chairman of Munich Re's Board of Management, in his report to the shareholders. Gross premiums fell by 4.3%, albeit from a high level, to €10.4bn. The Group's investment result totalled €1,854m (-€812m*), and shareholders' equity increased to €19.5bn (end of December 2003: €18.9bn). Details of Munich Re quarterly financial statements will be published as planned on 3 June 2004.
* Adjusted to take account of IAS 39 (rev.).
signed Dr. von Bomhard signed Küppers
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