MUNICH (dpa-AFX) - Munich Re (0KFE.L) reported fourth-quarter net income of EUR 212 million or EUR 1.48 per share compared to EUR 217 million or EUR 1.52 per share last year. The company noted that the 2020 financial year was marked by high losses in connection with COVID-19.
Gross premiums written totaled EUR 13.6 billion, higher than the previous year's EUR 12.5 billion.
Joachim Wenning, Chairman of the Board of Management, said, 'In spite of the tremendous challenges posed by COVID-19, Munich Re closed out 2020 with a clear profit - and our dividend remains dependable. In 2021, we expect to meet the profit target that we envisaged prior to the pandemic. All the pieces are in place...'
For fiscal 2021, the company expects profit of EUR 2.8 billion, group premium income to rise to about EUR 55 billion, and return on investment to be above 2.5%, the persistently very low interest rates notwithstanding.
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