Munich Re, 2017 results below expectations
Munich Re achieved a net result of 392 million EUR (469.6 million USD) at the end of 2017.
The group, which expected a result ranging between 2 and 2.4 billion EUR (2.4 and 2.9 billion USD) at the beginning of the year, was strongly affected by the series of major natural disasters that occurred during the second half of the year under consideration.
Compensation for these events amounted to 3.7 billion EUR (4.43 billion USD),2.7 billion EUR (3.23 billion USD) of which were generated by the three hurricanes Harvey, Irma and Maria. The Group's turnover increased slightly to 49.12 billion EUR (58.85 billion USD) compared to 48.85 billion EUR (51.47 billion USD) in 2016.
The combined ratio of the non-life reinsurance business deteriorated by 18.4 points from 95.7% in 2016 to 114.1% twelve months later.
Despite these results, the German reinsurer plans to pay its shareholders, a dividend identical to the previous year, that is 8.6 EUR (10.3 USD) per share.
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