Profits nosedive at Munich Re
Munich Re announced its third quarter operating profit was down 88% to €402m (2010: €3.4bn) and its consolidated profit was down 96% to €80m (2010: €2bn).
This was despite third quarter GWP being up 9 % on the same period last year to €37.2bn (2010: €39.1bn).
Munich Re blamed "the difficult environment on the financial markets, currency translation
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