In a move it describes as reducing
its portfolio risk, Munich Re has reduced its stake in Swiss
composite insurer Helvetia from 8.2% to under 3%. The reduction
involved the sale of Helvetia shares worth €119m ($160m) on which
the German insurer and reinsurer said it realised a gain of about
€90m.
Munich Re, which has had an
association with Helvetia since 1988, emphasised that the reduction
of its stake does not reflect any change in its assessment of the
present or future performance of Helvetia.
Go deeper with GlobalData
“Business relations with Helvetia
remain unaffected by this step”, stressed Georg Daschner, board
member responsible for Munich Re’s reinsurance business in
Switzerland.
Helvetia reported a net profit of CHF320.5m ($300m) in 2009, up
40% compared with 2008. Gross premium income and deposits in 2009
totalled CHF6.06bn, of which life insurance contributed
CHF4.09bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
