Munich Re 4Q Profit Fell
February 25 2021 - 1:27AM
Dow Jones News
By Giulia Petroni
Munich Re AG said Thursday that profit fell in the fourth
quarter of last year as its business suffered high losses due to a
hit from the coronavirus pandemic.
The German reinsurance company reported a net profit of 212
million euros ($257.6 million) for the quarter, down from EUR217
million a year earlier.
For the full year, net profit fell to EUR2.11 billion from
EUR2.71 billion in 2019, while gross premiums written went up to
EUR54.89 billion, from EUR51.46 billion the previous year.
The company said it will propose a dividend of EUR9.80 a share
for 2020, stable on year. It won't launch a new share buyback
program at this time, it said.
Looking ahead, Munich Re targets a profit of EUR2.8 billion and
gross premium income of about EUR55 billion in 2021, and expects
Covid-19-related effects to be lower than in the previous year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 25, 2021 02:12 ET (07:12 GMT)
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