The German reinsurer Munich Re today said it posted a 12% fall in net profit in the fourth quarter, a drop that was not as steep as analysts had expected and a result that helped the company surpass its full-year earnings target.
Net profit in the quarter of €1.004 billion compares with €1.141 billion a year ago. Analysts had expected net profit of €980m.
Full-year profit of €4.597 billion was down from €5.309 billion a year earlier but slightly greater than the €4.572 billion that analysts had expected. The company had targeted €4.5 billion after raising its goal from €4 billion late in 2023.
The company reiterated that it expects to earn a net profit of €5 billion in 2024.
"We beat our annual profit target for the third consecutive time," the company's chief executive Joachim Wenning said today.
