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| Name | Symbol | Market | Type |
|---|---|---|---|
| Muenchener Rueckversicherungs Gesellschaft AG (PK) | USOTC:MURGY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.18 | -1.42% | 12.50 | 12.35 | 12.60 | 12.506 | 12.326 | 12.326 | 150,557 | 20:09:49 |
From Mar 2023 to Mar 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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