Munich Re: exceeds FY 2021 earnings target

(CercleFinance.com) - On Wednesday Munich Re said that it has exceeded its financial targets for 2021, buoyed by strong results in its property and casualty reinsurance business and a decline in Covid-19 claims.


The world's largest reinsurer reported an annual net profit of 2.9 billion euros, up from 1.2 billion euros in 2020, above its forecast of a profit of 2.8 billion euros.

For 2022, Munich Re says it has set an annual net profit target of 3.3 billion euros.

While the first year of its strategic plan "Ambition 2025" has now passed, the group now believes it is well on its way to achieving all of its 2025 targets.

The reinsurer has also planned to increase its annual dividend to 11 euros per share and to start a share buyback program worth one billion euros.

However, shortly before noon the stock was down 1.7%, bringing its YTD fall to nearly 3%.


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