Page 19 - Insurance Times December 2015 SAMPLE

International
Munich Re generates
third-quarter profit of
•525m in a challenging
environment
Munich Re posted a consolidated
profit of
•2.4bn for
the first nine the two organisations to
months of
2015. In the
third quarter, the Group realised a
profit of •525m. For the current fi-
nancial year, Munich Re is still aim-
ing for a profit of at least •3bn.
CFO Jörg Schneider summed up the
figures, "With a quarterly profit of
•525m, we remain on course for an-
other gratifying result for the year."
As regards the developments in the
third quarter, Schneider said, "The
capital market turbulences have left
their mark on the investment result,
with below-average realised gains on
disposals, write-downs of equities,
and losses from derivative hedging
instruments."
In the third quarter, the operating
result was below the figure for the
same quarter last year at •579m.
Gross premiums written increased in
the third quarter by 3.6% to •12.5
bn. In reinsurance business, the op-
erating result for the third quarter
came to •424m.
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News
London and Singapore Industry Associations
announce partnership
The IUA and SRA's partnership was able Singapore companies to tap into
formally announced at the 13th ongoing developments on the London
Singapore International Reinsurance Market's modernisation initiatives.
Conference held at the Sands Expo and
Convention Centre, Singapore.It was Dave Matcham, chief executive of the
declared that the affiliated IUA, said,"There are clear links be-
partnership will enable
tween London and
better serve their common Singapore which operate
membership. as complementary under-
writing hubs for the global
The relationship will en- insurance and reinsurance
able a broader range of services for industry. The IUA
multinational companies with offices in recognises this fact and is keen to
both underwriting hubs. Together the adapt its service offering to reflect the
IUA and SRA would cooperate to pro- business models of its members".
vide enhanced research facilities, im-
proved statistical data and responses The IUA's London Company Market
to regulatory developments affecting Statistics Report shows that in 2014
their respective international gross premium written in London to-
(re)insurance markets. talled £15.855bn. Yet a further
£7.079bn was identified as overseen by
In addition, the partnership would en- London operations but written in other
locations around the world.
Swiss Re's share buy-back programme commences on
12 November 2015
Swiss Re's share buy-back programme of up to CHF 1 billion started on 12 No-
vember 2015. The programme, will run until 2 March 2016. The previously
announced share buy-back programme has been established to achieve Swiss
Re's objective of returning capital to shareholders when excess capital is avail-
able, no major loss event has occurred and other business opportunities do not
meet Swiss Re's strategic and financial objectives. As the tax privileged legal
reserve from capital contribution was exhausted with the payment of the regu-
lar and special dividends in 2015, the share buy-back is the appropriate tool for
excess capital management measures.
The Insurance Times, December 2015 15