NU Online News Service, Oct. 17, 11:33 a.m. EDT
BERLIN, Oct. 17 (Reuters)—Munich Re expects further writedowns on its holdings of Greek sovereign bonds in the third quarter, its chief financial officer said on Monday.
“We are continuing to mark to market,” Joerg Schneider said on the margins of an insurance conference, adding that its third quarter Greek writedowns would be less than those in the second quarter.
The world's biggest reinsurer took a 703 million euro ($974.7 million) writedown on Greek sovereigns in the second quarter, which hit net profit by 125 million euros.
Munich Re still expected to turn a profit for the full year 2011 and was capable of paying a dividend, though it was too early to discuss details, Schneider said.
Munich Re and the insurance sector in general were happy to continue financing the region's banks, he added.
(Reporting by Jonathan Gould)
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