Munich Re reported year over year net income dropped 62 percent, but the company still showed a profit despite the economic downturn, and management is optimistic the slump in premium pricing is over.
"In view of the financial crisis, the result for 2008 is satisfactory," said J?rg Schneider in a statement. "Thanks to our pronounced risk management and a diversified investment portfolio, we have come through the crisis relatively well so far."
Munich Re reported net income for 2008 of EUR1.5 billion (U.S. $1.93 billion at the current exchange rate) down from 2007 net income of EUR3.9 billion ($5.7 billion in 2007). The company said the 2007 results benefited from an extraordinary tax benefit of EUR400 million ($584 million in 2007).
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