Connect with us

Hi, what are you looking for?

Loan And Finance

Munich Re announces record GWP growth

0270 637812054817139598

The reinsurance arm of the business contributed €2.328 billion to the consolidated result in the 2021 financial year, of which €734 million was in Q4. This was despite numerous natural catastrophes and losses resulting from COVID in life and health reinsurance. 2021 saw GWP for the business climb to €41.354 billion, up from €37.321 billion in 2021.

In the reinsurance renewals as of January 01, 2022, Munich Re saw business volume increase 14.5% to €14.8 billion and, despite increasing market pressure, expects the market environment to remain positive and to present attractive growth opportunities in the upcoming April and July renewal rounds.

Munich Re’s ERGO arm generated a profit of €605 million in 2021, of which €137 million was in Q4. Overall premium income across all lines of the business rose substantially to €19.166 billion (from €18.448 billion in 2020) and gross premiums written increased to €18.213 billion (up from €17.569 billion in 2020). 

In an earnings release, Munich Re noted that having now completed the first year of its Ambition 2025 strategy program, it is on track to meet the financial targets specified by the program.

Commenting on the results, CEO Joachim Wenning said 2021 was a good year for Munich Re. The group beat its profit target, he said, while making its balance sheet even stronger despite high inflation.

“Both an increased dividend and a new share buy-back will enable our shareholders to share in this success,” he said. “Our Ambition 2025 strategy program got off to a very good start and is picking up speed. Propelled by this momentum, we will resolutely tap into the favorable market environment as we increase our profit to €3.3 billion in 2022.”


Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply



Calm, the meditation and relaxation tech startup featuring a medley of celebrity voices, has laid off a fifth of its staff. The company is...


Placeholder while article actions load The de facto leader of Samsung received a presidential pardon on Friday, wiping clean the billionaire scion’s criminal record...


COVINGTON, Ga. — One area team opened a new season with a win while the other began with a loss. Social Circle downed Newton...


The power of TikTok was on full display this week after a Houston woman went viral for rescuing a puppy discovered hidden in piles...

Online Business Success

A pump is seen at a gas station in Manhattan, New York City, US, on August 11, 2022. — Reuters Brent crude futures were...


Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here. Can AI-driven fitness...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...