Ad-hoc announcement from 27 March 2003

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27 March 2003 | Translation of the German ad-hoc announcement

Munich Re key figures for 2002:

Despite stock market slump, profit for the year nearly Euro 1.1bn / Premium growth of almost 11% / Board of Management expects continuation of positive development in 2003

Group premium growth of 10.8% to Euro 40bn driven by an upswing in reinsurance business; a quadrupled profit for the year of nearly Euro 1.1bn; and earnings per share of Euro 6.08 (previous year: Euro 1.41) – these are the positive key figures for Munich Re's business year 2002, despite the stock market slump worldwide. The adjusted combined ratio of 106.5% (112.7%) reflects the substantial improvements as regards both premiums levels and terms of trade compared with the previous year, but also underlines the need for further efforts in this direction. The Group began the current year with appreciable successes in the renewal of its reinsurance treaties, and the Board of Management expects business to continue developing positively overall. At the Annual General Meeting on 11 June 2003, payment of an unchanged dividend of Euro 1.25 per share will therefore be proposed.

Details regarding reinsurance, primary insurance, investments and outlook for 2003, as well as the table of provisional figures for 2002, are contained in the press release to be published directly after this ad hoc announcement.

Munich, 27 March 2003
Munich Reinsurance Company
The Board of Management


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