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Munich Re reveals record GWP growth

The reinsurance division of the business contributed € 2,328 million to the consolidated results for fiscal year 2021, of which € 734 million was in the fourth quarter. This was despite the numerous natural disasters and losses caused by COVID in life and health reinsurance. In 2021, the business GWP increased from € 37.321 billion in 2021 to € 41.354 billion.

With the reinsurance renewal as of January 1, 2022, the Munich Re reinsurance volume increased by 14.5% to € 14.8 billion, and the market environment remains favorable despite increasing market pressure. Yes, we expect the upcoming April and July updates to bring attractive growth opportunities. round.

Munich Re’s ERGO division generated a profit of € 605 million in 2021, of which € 137 million was generated in the fourth quarter. Overall premium income across all lines of the business increased significantly to € 19.16 billion (from € 18.448 billion in 2020) and total premiums to € 18.213 billion (up from € 17.569 billion in 2020). Increased.

Munich Re said in its earnings announcement that it has completed the first year of the Ambition 2025 Strategic Program and is on track to achieve the financial goals specified in the program.

Joachim Wenning, CEO, who commented on the results, said 2021 was a good year for Munich Re. He said the group exceeded its profit targets while further strengthening its balance sheet despite high inflation.

“Both dividend increases and stock purchases allow shareholders to share this success,” he said. “Our Ambition 2025 Strategic Program has made a very good start and is accelerating. This momentum will drive us to increase profits to € 3.3 billion in 2022 and take full advantage of the favorable market environment. increase.”

Munich Re reveals record GWP growth

Source link Munich Re reveals record GWP growth

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