Munich Re Quarterly Profit Drops 12 Percent on Weak Dollar
Munich Re posted a 12 percent drop in fourth-quarter profit today as currency effects weighed. Full-year earnings reached 6.121 billion euros, beating targets.
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The prominent reinsurer Münchener Rückversicherungs-Gesellschaft AG in München, headquartered in Germany, reported a 12% decrease in its fourth-quarter net profit on Thursday, citing a weaker United States dollar as a significant factor. The company recorded a net profit of 945 million euros ($1.12 billion) for the quarter, compared to 1.068 billion euros in the same period a year earlier. This result was below the 1.030 billion euros anticipated by analysts.
