Munich Reinsurance Company
First nine months of 2002:
Details of the Munich Re Group's figures:
Positive overall result expected for 2002
For the business year 2002 as a whole, with further organic growth, Munich Re expects premium income to show an increase of 10% to Euro 40bn, due especially to the price improvements (some substantial) in all business sectors. The overall result for 2002 will be largely influenced by the above-mentioned effects from the first half year: realized capital gains of Euro 4.7bn, expenditure for additional reserves for US business and the WTC loss totalling US-Dollar 2.5bn (equivalent to Euro 1.8bn after tax), and the writedowns on equities of Euro 4.3bn which had an impact of Euro 2.0bn on the Group result for the first nine months. The overall net result for the year will be higher than that of last year (Euro 250m). Barring any exceptional developments before the end of the year, the Board of Management will propose allocating an amount to the revenue reserves and paying a dividend of Euro 1.25 per share, as in the two previous years.
The publication of the detailed press release will follow directly after this ad-hoc-announcement.
Munich Reinsurance Company – Board of Management