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17 March 2004 | Translation of the German ad-hoc announcement

Munich Reinsurance Company

Key figures for the business year 2003

The Munich Re Group's underwriting business produced a profit of 2.0bn EUR before tax and amortisation of goodwill. This success is mainly attributable to lower combined ratios, which fell to 96.7% in reinsurance and 96.4% in primary insurance. Total gross premiums rose slightly to 40.4bn EUR.

Tax expenditure of 1.8bn EUR and the amortisation of goodwill resulted in a consolidated loss of 434m EUR. The after-effects of the weak stock markets prevailing until March 2003 have thus been absorbed.

Payment of a dividend of 1.25 EUR per share will be proposed to Munich Re's Supervisory Board and the Annual General Meeting.

Further details regarding reinsurance, primary insurance and investments in the business year 2003 will be available in the press release published immediately after the release of this ad-hoc announcement.

Munich, 17 March 2004
Munich Reinsurance Company – The Board of Management

This announcement contains and refers to statements relating to the future. Such forward-looking statements are based on current expectations, estimates, forecasts and prognoses as well as assessments and assumptions of the management of Munich Reinsurance Company. Such statements contain in particular comments regarding plans, strategies and outlooks. Words such as "expect" and similar forward-looking expressions are no guarantee that events or results will actually materialise in the future and are subject to risks, uncertainties, and assumptions that are difficult to foresee. Therefore, actual consequences and results could deviate substantially from those anticipated in these forward-looking statements.