Munich, Feb. 23, (dpa/GNA) - 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.
GNA