Munich Re has posted second-quarter net profits of €1.150bn, more than five times the €185m the insurer saw in the second quarter of 2005 and well ahead of market consensus of €782.11m.
Second quarter pretax profit increased by 68.6% to €1.85bn.
The insurer's combined ratio in property and casualty reinsurance improved considerably to 92.1% from 103.0%.
The company said net profits were underpinned by increases in the insurer's primary insurance business, the net result of which rose 52.7% to €310m, boosted by a combined property-casualty ratio that improved to 87.2% from 90.3%.
Gross premiums in the primary insurance unit, however, dropped 7.3% to €3.964bn from €4.278bn.
Munich Re reiterated its outlook for 2006, saying that even it were to be affected by major losses or by a further moderate price fall on stock markets, the target of a 15% return on risk-adjusted capital (RORAC) is still within reach.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
