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Rising large debts and adverse currency effects caused the surplus to fall by 14 percent year-on-year to around 1.3 billion euros, the Dax group announced in Munich on Wednesday. The earthquake in Turkey cost Munich Re about 600 million euros. However, CFO Christoph Jurecka sees more chances for Munich Re to exceed its profit target of around 4.0 billion euros this year.
The figures were calculated for the first time in accordance with the new accounting standards IFRS 17 and IFRS 9, which have been applicable to large insurance companies since the beginning of 2023. The previous year’s figures for the first quarter have been adjusted accordingly. In the first quarter, the group increased its insurance sales by almost eight percent to 14.3 billion euros.
Investments also generated significantly higher returns, thanks to the rise in interest rates. The Board of Directors continues to expect a return on higher prices in property-accident reinsurance: when deals were renewed on April 1, Munich Re received 4.7 percent higher prices from customers and expanded its business by 11.1 percent.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
