The world's biggest reinsurer Munich Re said it was back in the black last year, when it saw net profit of €1.8 billion compared with a bottom-line loss of €400m the previous year.
The figure was in line with a forecast issued by the group last month when it said it expected 2004 net profit to amount to between €1.7 and €1.9 billion.
That range represented a downward revision from the reinsurer's previous target of €1.8 to €2 billion, following heavy writedowns by partner bank HypoVereinsbank, in which Munich Re holds a stake of 18.34%.
Munich Re also announced it planned to pay shareholders a dividend of €2 per share for 2004, up from €1.25 for 2003.
