The German reinsurance giant Munich Re said on Tuesday that its net result for the fourth quarter fell to €1.01 billion ($1.10 billion) from last year's €1.15 billion, a drp of 12%.
Earnings per share or EPS was €7.51, down 9.7% from last year's €8.31. Operating results were €585 million. Insurance revenue increased 9.3% to €14.98B from last year's €13.71B.
The board proposed a dividend of €15 per share for 2023, a 29.3% increase. New share buy-back of €1.5B was announced.
For fiscal 2024, the firm is aiming for a net result of €5 billion and insurance revenue of €59 billion. The reinsurance field is to contribute €4.2 billion to the net result and €39 billion to insurance revenue in 2024.
In 2023, net result was €4.60billion, and insurance revenue was €57.88 billion. Munich Re shares were trading at €426.70 in Germany, up 1.23%.
