Loading LiveCycle Banners.
  1. News Articles
  2. Related News Articles
News Article Details

Munich Re Pays Out Nearly 1.1B Euros to Shareholders

Back | A- | A+
 Email This     Print     Subscribe

Posted on 29 Apr 2010

Munich Re is paying a slightly increased dividend of 5.75 euros per share for the financial year 2009 (previous year: 5.50 euros). This means Munich Re is making a total payout of nearly 1.1bn euros to its shareholders. In the first quarter of 2010, Munich Re achieved a clear profit, despite heavy burdens from natural catastrophes. For 2010 as a whole, Munich Re is aiming for a profit of over 2bn euros.

Looking back at the financial year 2009 and the profit for the year of 2.56bn euros, CEO Nikolaus von Bomhard told today's Annual General Meeting: “We are all proud of this result in the Group, which surpassed the market's expectations. It is founded on our broadly based business model with its diversification effects, the consistently economic and risk-based management of our business, and our fundamentally prudent approach.”

Besides the increased dividend, up from €5.50 to €5.75 per share, von Bomhard also drew attention to the recently concluded share buy-back program: Munich Re had repurchased shares with a volume of €1bn by 21 April.

Von Bomhard confirmed the target for the financial year 2010: “We are again aiming for a consolidated result of over €2bn.” The year 2010 to date has been marked by an exceptional accumulation of severe natural catastrophes – the earthquakes in Haiti and Chile, Winter Storm Xynthia over western Europe, severe weather events in Australia, and most recently a strong earthquake in China. Munich Re expects a gross claims burden from natural catastrophes in the region of €700m for the first quarter, with around €500m stemming solely from the earthquake in Chile. Von Bomhard: “Carrying risks is our core competence – this includes reinsuring losses from natural catastrophes of the sort we have already witnessed this year. The result for the first quarter will show that we are on track to meet our target for the year.” Munich Re will be publishing detailed figures for the first quarter of the current financial year on 7 May.

Summing up, von Bomhard said: “With our competence in the management of risks, our innovation capacity and our proximity to clients, we have a competitive edge that will continue to make Munich Re successful as a group in the future.”


Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000