Munich Re Targets Higher Profit in 2024, in Line With Expectations

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.

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(END) Dow Jones Newswires

December 15, 2023 02:45 ET (07:45 GMT)

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