Munich Re: hits 2018 profit target; proposes dividend hike

(CercleFinance.com) - Munich Re has proposed to increase its dividend by 7.
5% on Wednesday, after posting profit of 2.3 billion euros for 2018.

The German reinsurer said it generated a profit of 2.27 billion euros last year, up from 392 million euros in 2017, with earnings of 238 million euros in the fourth quarter.

"We increased our profit and achieved our result target - despite the volatile capital markets and high losses from natural catastrophes in the fourth quarter," said CEO Christoph Jurecka.

"Munich Re has hit the mid-point of guidance in a testing environment," UBS analysts said.

he company's dividend will be increased to 9.25 euros per share, Munich Re said, although this failed to prompt a rise in the share price, with it currently down 0.1%.

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