Munich Re raises dividend after 'pleasing' profits in 2015
Munich Re, the world's leading reinsurer, said Thursday that it would increase its dividend payout to shareholders for 2015 after profits last year were "pleasing".
"Despite a difficult market environment, Munich Re posted a consolidated result of 3.1 billion euros ($3.4 billion)for 2015 -- which almost matched the very good result of 3.2 billion euros from the previous year," the group said in a statement.
"Shareholders are to participate in last year's success through a much higher dividend: subject to approval by the supervisory Board and annual general meeting, the dividend will rise to 8.25 euros per share from 7.75 euros," it said.
"Due to the fact that the market environment is so challenging, the 2015 result is pleasing," said chief financial officer, Joerg Schneider.
"The good result is mainly due to our operational profitability and rock-solid balance sheet," he said.
Underlying or operating profit rose to 4.8 billion euros in 2015 from 4.0 billion euros a year earlier.
Gross premiums increased to 50.4 billion euros from 48.8 billion euros, Munich Re said.
© 2016 AFP