MUNICH (dpa-AFX) - German reinsurance major Munich Re (0KFE.L) reported weak profit in its fourth quarter, despite higher insurance revenues.
For the fourth quarter, net result attributable to equity holders was 991 million euros, down 1.9% from last year's 1.011 billion euros. Earnings per share, however, edged up 0.4 percent to 7.54 euros from 7.51 euros last year.
Operating result, however, surged 180 percent to 1.64 billion euros from 585 million euros last year.
Insurance revenue from insurance contracts issued was 15.32 billion euros, up 2.3 percent from 14.98 billion euros a year ago.
Further, the Board of Management proposes to pay shareholders a dividend of 20 euros per share for the 2024 financial year, subject to approval by the Annual General Meeting.
The company also announced a new share buy-back with a considerably higher volume of 2 billion euros, which will be completed by 2026 Annual General Meeting.
Looking ahead, for fiscal 2025, the company projects net result of 6 billion euros, and insurance revenue from insurance contracts issued of 64 billion euros.
In fiscal 2024, net result attributable to equity holders was 5.69 billion euros and insurance revenue from insurance contracts issued was 60.83 billion euros.
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