Munich Re aims for record, Berkshire happy
Munich Re is celebrating a successful first half, while major reinsurance operator Berkshire Hathaway is also celebrating.
The German reinsurer has returned a primary insurance and reinsurance profit of €2.1 billion ($3.4 billion). Chairman Nikolaus von Bomhard says the result is about two-thirds of the full-year target for 2007.
“We have made such good progress to date that we are increasing our profit guidance and… are even setting our sights on a new record result,” he said.
Berkshire Hathaway’s combined reinsurance companies reported a $US909 million ($1.05 billion) before-tax profit for the first half – a 293.5% increase on the corresponding period last year. The General Re operation reported a 44.6% rise in before-tax profit to $US260 million ($302.8 million).
The German reinsurer has returned a primary insurance and reinsurance profit of €2.1 billion ($3.4 billion). Chairman Nikolaus von Bomhard says the result is about two-thirds of the full-year target for 2007.
“We have made such good progress to date that we are increasing our profit guidance and… are even setting our sights on a new record result,” he said.
Berkshire Hathaway’s combined reinsurance companies reported a $US909 million ($1.05 billion) before-tax profit for the first half – a 293.5% increase on the corresponding period last year. The General Re operation reported a 44.6% rise in before-tax profit to $US260 million ($302.8 million).