MUNICH (dpa-AFX) - German reinsurance provider Munich Re (0KFE.L) Friday announced guidance for 2024, where it expects net profit of 5 billion euros, citing stable operational activities in all business segments.
As announced earlier, the company now projects fiscal 2023 profit of 4.5 billion euros.
Group insurance revenue is expected to reach 59 billion euros in 2024.
On reinsurance front, the company expects insurance revenue of up to 39 billion euros and net profit of 4.2 billion euros for 2024.
The company said that it expects combined ratio to improve to 82% in property-casualty reinsurance segment.
For ERGO property casualty segment, the company envisages revenue of 20 billion euros. Combined ratio would be 87% for Germany segment and 90% for International segment.
Munich Re is scheduled to release its full-year 2023 financial figures on February 27.
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