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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Muenchener Rueckversicherungs Gesellschaft AG | TG:MUV2 | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.40 | -0.40% | 603.60 | 602.00 | 605.00 | 607.60 | 599.80 | 605.00 | 14,941 | 20:59:11 |
From Apr 2023 to Apr 2025
By Helena Smolak
Munich Re is targeting a higher net profit for 2024 than what it expects for this year, broadly in line with analysts' forecasts.
The German reinsurer said Friday that it aims to reach a net profit of 5 billion euros ($5.50 billion) next year. Analysts had estimated Munich Re 2024 net profit at EUR4.98 billion, according to a FactSet-provided consensus.
The figure compares with Munich Re's guidance of a net profit of EUR4.5 billion in 2023.
The company also anticipates its return on investment above 2.8% with a revenue totaling EUR59 billion in 2024.
In property-and-casualty reinsurance, Munich Re's combined ratio is expected to improve to 82% in 2024, it said.
Munich Re anticipates revenue from its reinsurance business amounting to EUR39 billion and a net profit of EUR4.2 billion in 2024. The group's ERGO business is estimated to generate revenue of EUR20 billion next year leading to a net profit of EUR4.2 billion, it said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
December 15, 2023 02:45 ET (07:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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