A substantial progression of Munich Re profits in 2009

The 2009 net profit of the German reinsurer have jumped by 62% reaching 2.56 billion EUR (3.6 billion USD) beyond all expectations. Analysts were expecting a figure like 2.392 billion EUR (3.4 billion USD). The recovery of the financial markets partially explains this figure. The volume of gross premiums has attained 41.4 billion EUR (59.3 billion USD). The combined ratio is of 95.3%. The volume of renewed business by January 1, 2010 has decreased. It has declined by 6.7 % in comparison with January 1, 2009. Munich Re explains this regression by its stiff underwriting policy for some risks and by the decline of tariffs.