Munich Re’s Declining Profit – A Deep Dive into the German Insurance Giant’s Financials
Munich Re, the German reinsurance giant, has announced a 12% decline in fourth-quarter net profit to €1.01 billion, down from €1.15 billion in the year-earlier period. Despite this, the company has proposed a dividend increase of 29.3% to €15 per share for 2023, with a new share buyback of €1.5B. Looking ahead, Munich Re aims for a net profit of €5 billion and insurance revenue of €59 billion in fiscal 2024. The 2023 net profit was €4.60 billion, and insurance revenue was €57.88 billion. With shares trading at €426.70 in Germany, up 1.23%, Munich Re remains a significant player in the industry.