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."