Munich Re's Q3 Net Income Jumps To Euro651 Million

BERLIN (AP) — German reinsurer Munich Re AG said Thursday that its net income surged to euro651 million ($960.9 million) during the third quarter, lifted by a significant boost in investment revenue and fewer weather-related claims.

The company, based in Munich, said the July-September figure was dramatically better than the euro2 million it reported a year earlier.

Gross written premiums, a measure of revenue, were 12 percent higher at nearly euro10.4 billion compared with nearly euro9.3 billion a year earlier.

Investment returns, the primary driver behind its improved profit, skyrocketed to euro2.2 billion from euro662 million in the third quarter 2008.

Munich Re is the world's biggest reinsurance company by gross written premiums. Reinsurers sell backup coverage to primary insurers to absorb shocks in case of large losses or catastrophes. The company also sells primary insurance.

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