MUNICH (dpa-AFX) - German reinsurance provider Munich Re Group (0KFE.L) reported Thursday that its fourth-quarter consolidated profit climbed 74 percent to 1.52 billion euros from last year's 871 million euros.
Earnings per share were 11.05 euros, 78.3 percent higher than 6.20 euros a year ago.
Reinsurance gross premiums written increased 11.5 percent to 11.72 billion euros from last year's 10.51 billion euros.
Ergo gross premiums written grew 2.7 percent from last year to 4.51 billion euros.
Looking ahead for fiscal 2023, Munich Re continues to expect consolidated profit of 4.0 billion euros.
The Group's insurance revenue, which will supersede 'premium income' in future, is still expected to reach around 58 billion euros in 2023. It is anticipated that the return on investment will amount to at least 2.2 percent.
In fiscal 2022, Munich Re posted a profit of 3.42 billion euros, and gross premiums written of 67.13 billion euros.
The company further said it is on course to achieve Ambition 2025.
The Board of Management and Supervisory Board proposes to pay shareholders a dividend of 11.60 euros per share for the 2022 financial year, an increase of 5.5 percent, subject to approval by the Annual General Meeting.
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