Business Services Industry
Updates; Investments boost Munich Re profits.(World)(Allianz A.G and Converium Holding Ltd's income)
Business Insurance, March, 2006
Munich Reinsurance Co. posted a profit of e2.74 billion ($3.25 billion) for 2005, up 45.4% from a restated profit for 2004, but its American Re Corp. unit posted a $1.56 billion net loss, largely because of a $1.4 billion reserve boost in the second quarter of 2005. Munich Re said that its profit for 2005 was boosted by investment income of e10.82 billion ($12.81 billion), up 34.5% from the previous year.
Allianz sees net income increases Allianz A.G. posted net income of e4.38 billion ($5.19 billion) for 2005, up 30.7% over 2004. Munich, Germany-based Allianz posted net income of e3.55 billion ($4.20 billion) for property/casualty business, up 2.4% over the comparable period last year. For property/casualty insurance, the company's combined ratio was 92.3%...
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