MUNICH (dpa-AFX) - German reinsurer Munich Re (0KFE.L) reported that preliminary fourth-quarter profit attributable to equity holders increased to 530 million euros from last year's 491 million euros. It will pay a dividend of 8.60 euros per share, as in the previous year.
CFO Jörg Schneider said, '..... In 2018, we will be pressing ahead with the digital transformation of Munich Re, and also seizing opportunities for profitable growth in traditional business. Reinsurance prices improved slightly in large sections of the market at the January renewals - a trend likely to strengthen in coming renewal rounds.'
Operating result for the quarter was 864 million euros up from 823 million euros in the previous year.In the fourth quarter, the US tax reform led to tax relief of more than 70 million euros.
Gross premiums written was 12.11 billion euros, up from 12.07 billion euros in the previous year.
Munich Re expects market conditions to continue to improve in the remaining renewal rounds in 2018, although claims experience in the individual market segments will play a major role. The renewal date of 1 April is mainly for reinsurance treaties in Japan, whereas 1 July is the renewal date for the USA, Australia and Latin America.
Copyright RTT News/dpa-AFX