Munich Re says profits up in 2013

4th February 2014, Comments 0 comments

Munich Re, the world's leading reinsurer, said Tuesday that it beat its own full-year forecasts and booked net profit of 3.3 billion euros ($4.5 billion) in 2013.

"According to provisional calculations, Munich Re improved its consolidated result in 2013 to 3.3 billion euros from 3.2 billion euros the previous year," it said in a statement.

In the fourth quarter alone, net profit more than doubled to 1.2 billion euros from 0.5 billion euros a year earlier.

As a result, Munich Re said it would propose an increased dividend of 7.25 euros per share for 2013, compared with 7.0 euros the previous year.

"The very good result, to which all the business fields contributed, demonstrates Munich Re's earnings strength. We have clearly surpassed our profit guidance of 3.0 billion euros," said chief financial officer Joerg Schneider.

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© 2014 AFP

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