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Munich Re closed the 2024 financial year with a net profit of 5.671 billion EUR (5.9 billion USD), up 23.4% over one year. For the fourth consecutive year, this performance surpassed the reinsurer's expectations, as it had anticipated a net profit of 5 billion EUR (5.2 billion USD) in 2024.
Reinsurance Revenue for the year ended 31 December reached 60.83 billion EUR (63.4 billion USD), reflecting a 5.1% increase compared to the same period in 2023.
Operating income climbed by 39.8% to 7.969 billion EUR (8.3 billion USD). The reinsurer's return on equity (ROE) stood at 18.2%, with a solvency ratio of 287%, above the optimum range of 175-220%.
The company incurred natural catastrophe losses amounting to 2.644 billion EUR (2.8 billion USD). The two most costly events for Munich Re were hurricanes Helene and Milton, which respectively cost 500 million EUR (520.8 million USD) and 400 million EUR (416.6 million USD).
The German reinsurer is expecting losses worth 1.2 billion EUR (1.3 billion USD) as a result of the forest fires in Los Angeles, California.
At its next Annual General Meeting, Munich Re will propose a dividend of 20 EUR (20.8 USD) per share for the year 2024.
