In a brief announcement the Munich Re Group said its consolidated profit for the year 2004 would be between 1.7 and 1.9 billion euros ($2.22-$2.48 billion) despite special writedowns by the HVB Group.
“The HVB Group has informed us today that among other things it intends to make special writedowns of 2.5 billion euros ($3.265 billion) in its annual financial statements for 2004,” said the bulletin. “Given that HVB is an associated company of the Munich Re Group, our figures are also affected. Essentially, our expenditure results from our share of 18.34 percent in HVB’s equity capital. The amount to be included in our consolidated annual financial statements for 2004 cannot be precisely quantified yet from the information available at this time.”
The bulletin also noted that work on the Group’s annual financial statements for 2004 is currently ongoing.
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