Munich Re posts a net profit of 2.7 billion USD in 2016
Munich Re closed the financial year 2016 with a net profit of 2.6 billion EUR (2.7 billion USD). This result exceeded the expectations of the German reinsurer, which targeted an amount of 2.3 billion EUR (2.4 billion USD).
Total premiums written by the group fell by 5% to 48.3 billion EUR (51 billion USD). This decrease is mainly due to the sale of the subsidiary Ergo in Italy in January 2016.
Reinsurance turnover amounted to 27.8 billion EUR(29.3 billion USD) for a combined ratio of 95.7%. Reinsurance profit for the year was 2.5 billion EUR(2.6 billion USD). It represents 97% of the group's total profit.
Set at 8.25 EUR(9 USD) per share in 2015, the dividend paid to shareholders increased by 5% at 8.60 (9 USD) per share in 2016.
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