Munich Re profit declines

(Reuters) — German reinsurance giant Munich Re said Tuesday that its fourth-quarter net profit fell to 12% to €1.01 billion ($1.10 billion) €1.15 billion in the year-earlier period.

Earnings per share totaled €7.51, down 9.7% from €8.31. Insurance revenue increased 9.3% to €14.98 billion from €13.71 billion.

The board proposed a dividend of €15 per share for 2023, a 29.3% increase. A new share buyback of €1.5B was announced.

For fiscal 2024, Munich Re is aiming for a net profit of €5 billion and insurance revenue of €59 billion. Reinsurance is projected to contribute €4.2 billion to the net result and €39 billion to insurance revenue.

The 2023 net profit was €4.60 billion, and insurance revenue was €57.88 billion. Munich Re shares were trading at €426.70 in Germany, up 1.23%.