Munich Re Targets Higher Profit in 2024, in Line With Expectations
15 December 2023 - 7:00PM
Dow Jones News
By Helena Smolak
Munich Re is targeting a higher net profit for 2024 than what it
expects for this year, broadly in line with analysts'
forecasts.
The German reinsurer said Friday that it aims to reach a net
profit of 5 billion euros ($5.50 billion) next year. Analysts had
estimated Munich Re 2024 net profit at EUR4.98 billion, according
to a FactSet-provided consensus.
The figure compares with Munich Re's guidance of a net profit of
EUR4.5 billion in 2023.
The company also anticipates its return on investment above 2.8%
with a revenue totaling EUR59 billion in 2024.
In property-and-casualty reinsurance, Munich Re's combined ratio
is expected to improve to 82% in 2024, it said.
Munich Re anticipates revenue from its reinsurance business
amounting to EUR39 billion and a net profit of EUR4.2 billion in
2024. The group's ERGO business is estimated to generate revenue of
EUR20 billion next year leading to a net profit of EUR4.2 billion,
it said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
December 15, 2023 02:45 ET (07:45 GMT)
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