Munich Re Withdraws 2020 Profit Guidance; Suspends Buyback
March 31 2020 - 12:11PM
Dow Jones News
By Giulia Petroni
Muenchener Rueckversicherungs-Gesellschaft AG, or Munich Re,
said Tuesday that it has withdrawn its profit guidance for the full
year and suspended its share buyback program due to the coronavirus
crisis.
"Owing to the great uncertainty concerning the macroeconomic and
financial impacts of Covid-19... Munich Re will not attain its
profit guidance of 2.8 billion euros [$3.1 billion] for 2020," the
German reinsurer said.
The company anticipates profit to be in the low three-digit
million euro range in the first quarter of 2020 as its
property-casualty reinsurance segment saw a considerable claims
burden mainly due to the cancellation and postponement of large
events.
Munich Re also said it would suspend its share buyback program
until further notice.
The company said the dividend increase proposal, which will be
discussed at the next annual general meeting on April 29, remains
unchanged.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 31, 2020 12:56 ET (16:56 GMT)
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