Insurance provider, Munich Re grows profit by 74 percent to $1.61 billion

Admin l Thursday, February 23, 2023

 

MUNICH, Germany –  Profits in the fourth quarter rose at German reinsurance provider Munich Re Group, according to results released on Thursday. Consolidated profit climbed 74% to €1.52 billion ($1.61 billion) from last year’s €871 million.

Earnings per share were €11.05, 78.3% higher than €6.20 a year ago. Reinsurance gross premiums written increased 11.5% to €11.72 billion from last year’s €10.51 billion.

Ergo gross premiums written grew 2.7% from last year to €4.51 billion. Looking ahead for fiscal 2023, Munich Re continues to expect consolidated profit of €4.0 billion.

The Group’s insurance revenue, which will supersede “premium income” in future, is still expected to reach around €58 billion in 2023. It is anticipated that the return on investment will amount to at least 2.2%.

In fiscal 2022, Munich Re posted a profit of €3.42 billion, and gross premiums written of €67.13 billion. The company further said it is on course to achieve its targets in 2025.

The Board of Management and Supervisory Board proposes to pay shareholders a dividend of €11.60 per share for the 2022 financial year, an increase of 5.5%, subject to approval by the Annual General Meeting.