Global reinsurance giant Munich Re posted a seven-fold rise in net profits for Q4, helped by reviving financial markets.
Quarterly net profit was €780m, up from €105m in Q4 2008, and ahead of the €608m average forecast in an analysts poll. Earlier this week, investment guru Warren Buffett upped his stake in the company. He now owns, directly or indirectly, more than 5% of the voting rights in Munich Re, after taking options on 1.945% of its capital in addition to a previous stake of 3.08% owned by his investment fund Berkshire Hathaway. The reinsurer said in a statement it profited from exceptionally-low claims costs for natural catastrophes. Gross premiums written by the Group in the financial ye...
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