Munich Re profit lower in FY23, raises dividend, sees better FY 24
The German reinsurance giant Munich Re said on Tuesday that its net result for the fourth quarter fell to €1.01 billion ($1.10 billion) from last year's €1.15 billion, a drp of 12%.
Earnings per share or EPS was €7.51, down 9.7% from last year's €8.31. Operating results were €585 million. Insurance revenue increased 9.3% to €14.98B from last year's €13.71B.
The board proposed a dividend of €15 per share for 2023, a 29.3% increase. New share buy-back of €1.5B was announced.
For fiscal 2024, the firm is aiming for a net result of €5 billion and insurance revenue of €59 billion. The reinsurance field is to contribute €4.2 billion to the net result and €39 billion to insurance revenue in 2024.
In 2023, net result was €4.60billion, and insurance revenue was €57.88 billion. Munich Re shares were trading at €426.70 in Germany, up 1.23%.