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by : Alpha Insurance Analysts

Munich Re said it expects a higher consolidated result for 2012 than previously envisaged.

Following a profit of €2.7 billion [$3.47 billion] for the first nine months of 2012 (same period last year: €80 million [$102.7 million]), Munich Re said it is now looking at a consolidated profit of around €3 billion [$3.852 billion] for the year as a whole.

Munich Re said that total premium income across all lines showed growth of 3.6 percent to €13.9 billion [$17.85 billion] for the period from January to September, with €4.4 billion [$5.65 billion] in the third quarter. Gross premiums written in the first three quarters decreased to €12.9 billion from €13.2 billion [$16.95 billion].

The combined ratio for the property-casualty segment (including legal protection insurance) amounted to 96.9 percent (98.2 percent) for the period January to September.

Please click on the link below to view the full press release.