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Munich Re aims for 2024 profit of 5 billion euros

Reuters
·1-min read
Illustration shows a smartphone with displayed Munich Re Group logo

FRANKFURT (Reuters) - German reinsurer Munich Re said on Friday that it was targeting 5 billion euros ($5.49 billion) in net profit for next year, in line with analyst expectations but a further bullish statement from the sector.

The 2024 target for Europe's largest reinsurer is 11% above its 2023 forecast of profit of around 4.5 billion.

Competitor Hannover Re this week said that it expects net profit of at least 2.1 billion euros for 2024, a 24% increase over its guidance for the current year.

Munich Re attributed the expected profit gains to "consistently good operational performance in all business segments".

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The forecast is in line with analyst expectations for 2024 net profit of 4.95 billion euros, published in a consensus forecast on Munich Re's website.

($1 = 0.9102 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Rachel More)