Munich Re has abandoned its 2008 profits target after third quarter takings fell 99% on the same period last year.
The world’s largest reinsurer recorded profits of €12m in the three months to July, a huge fall from the €1.2bn posted in Q3 2007. It means the firm is likely to miss its forecasted 2008 profits of €2bn and its aim of achieving earnings per share of €10. Chief financial officer Joerg Schneider blames the drop on the “ongoing volatility” of the markets, adding it has led to an unreliable profits forecast for the year as a whole. “The 2008 financial year is proving difficult on account of the financial crisis,” he says. “But the Munich Re Group is acquitting itself well compared with its c...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes