Annual General Meeting approves increased dividend of €11.60 per share
- 2022 financial year: Profit of €3.4bn beats expectations
- Annual General Meeting approves dividend proposal of €11.60 per share
With a profit of €3.4bn, we surpassed our expectations last year. The diversification of our Group provided the financial resilience against all the burdens that 2022 brought with it.
Shareholder address by Joachim Wenning, Chair of the Board of Management
In his address to the shareholders, Joachim Wenning, Chair of Munich Re’s Board of Management, expressed his continued satisfaction with the execution of the Ambition 2025 corporate strategy. “If we keep up the great work, by 2025 Munich Re will be more resilient, efficient, competitive and attractive to capital markets than ever before,” he stressed, adding that the company was well on track to achieve its five-year targets.
Despite losses attributable to the war in Ukraine, ongoing inflation, and high market losses due to natural disasters, Munich Re exceeded its profit target of €3.3bn by €100m for the 2022 financial year. What really paid off here, Wenning said, was portfolio diversification. He continued by stating that Munich Re intended to generate a net result of €4.0bn in 2023, based on the new IFRS 17 reporting standard.
Turning his attention to the non-financial targets, Wenning emphasised the progress the Group had made in decarbonising its investment and insurance portfolio. “As for our investment activities, our greenhouse gas emissions were 46% lower than in 2019, the base year for our Ambition 2025. In our primary insurance and reinsurance business, we have reduced emissions compared to baseline values by as much as 40% in, for example, property business regarding oil and natural gas production.”
With reference to the fight against climate change, Wenning reiterated that greater government leadership was still needed. “Elected officials must take charge and be responsible for their countries’ energy supplies going forward. They must also assume responsibility for the pace, the costs, and specific steps in the transition to sustainable energy.” He was also critical of increasingly substantial sustainability reporting requirements, saying that the continual development of increasingly extensive standards would be a considerable financial burden for companies, without solving the actual problem of rising emissions.
Annual General Meeting resolutions
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
This media 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 make them conform to future events or developments.