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13 March 2012

Munich Re with positive outlook for 2012 – Profit guidance of €2.5bn

Munich Re has made a good start to 2012 and is aiming for a profit of around €2.5bn. CEO Nikolaus von Bomhard was optimistic about the Group's business prospects. Munich Re concluded the financial year 2011 with a profit of €712m, despite an extremely difficult environment. Thanks to its financial strength, Munich Re intends to pay an unchanged dividend of €6.25 per share for the financial year 2011. This proposal is subject to the approval of the Annual General Meeting.

In the financial year 2011, the insurance industry faced an unprecedented cluster of severe natural catastrophes. At the same time, the financial crisis worsened, with interest-rate levels generally remaining low. CEO Nikolaus von Bomhard summed up the year 2011 for Munich Re: "In this exceptional situation, our integrated business strategy – combining primary insurance and reinsurance under one roof – proved its worth. We were able to conclude 2011 with a respectable annual result, a notable achievement and impressive testimony to the Group's resilience."

"With our still robust capitalisation and favourable earnings prospects, we will be able to propose an unchanged dividend of €6.25 a share at the Annual General Meeting", von Bomhard emphasised, adding that Munich Re had sufficient financial strength to exploit opportunities for growth in all three fields of business.

Von Bomhard was optimistic regarding 2012: "Particularly after major losses of the kind we experienced in the past financial year, risk awareness is heightened. Our global presence enables us to take specific advantage of business opportunities in attractive markets and segments." He stated that the satisfactory renewals of reinsurance treaties in the property-casualty segment at 1 January 2012 had provided a good start to the year. Furthermore, Munich Re anticipated that demand for reinsurance solutions would continue to rise in the further course of the financial crisis and as a result of the introduction of Solvency II.
"In primary insurance, ERGO will further advance the internationalisation of its business, while in Germany its objective is to expand mainly in the profitable property-casualty insurance sector", said the CEO.

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This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

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Johanna Weber, Media Relations Munich
Phone: +49 89 3891-2695

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