(News Bulletin 247) – The German reinsurance giant Munich Re reported quarterly results on Thursday that exceeded expectations, thanks in particular to the good performance of its life and health activities.
In the fourth quarter, the group’s net profit almost doubled to reach more than 1.5 billion euros, against 871 million euros a year earlier, while analysts expected a profit of around 1.4 billion.
Over the whole of the 2022 financial year, Munich Re says it has made a net profit of 3.4 billion euros, against 2.9 billion in 2021, a performance beyond its initial target set at 3.3 billion .
The reinsurer also said it was on track to achieve the forecasts established under its strategic plan ‘Ambition 2025’, forecasting a net profit of four billion euros this year.
Despite these announcements, the title lost 3.8% Thursday at midday, signing one of the largest declines in the DAX index of the Frankfurt Stock Exchange, which shows an increase of 0.4%.
The company had announced yesterday evening its intention to buy back nearly one billion euros of its own shares between May 2023 and April 2024, which – in addition to the annual dividend of 11.60 euros per share – represents a remuneration of 2.6 billion euros for shareholders.
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