Munich Re’s ERGO Unit Expects Profit Decline for ’08
In a statement made by Munich Re's insurance unit ERGO on Tuesday, the insurer anticipates net profit to decline between 480-600 million euros ($728-$910 million) this year, due to lower tax benefits and investment earnings.
ERGO's net profit fell to 781 million euros in 2007 from 889 million the previous year.
Germany's second-biggest insurer repeated its outlook to nearly double net profit to 900 million by 2012.
Published on March 4, 2008
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