Standard & Poor's said today that the A+ rating and stable outlook on Munich Re are unaffected...

Standard & Poor's said today that the A+ rating and stable outlook on Munich Re are unaffected by the group's first quarter 2005 results.

Munich Re announced a first-quarter combined ratio for non-life reinsurance of 96.5%, with a group profit of €688m (£469m).

"The significant improvement in the reinsurance result demonstrates the actively managed organic reduction in premiums coupled with continuing attractive pricing available," said Standard & Poor's credit analyst Wolfgang Rief.

He went on: "The primary insurance result, although still in line with Standard & Poor's expectations, was negatively affected by increased losses due to European storms and to worse-than-average winter weather."

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