Plus   Neg

Munich Re Q4 Profit Declines; Issues FY21 Guidance

Munich Re (0KFE.L) reported fourth-quarter net income of EUR 212 million or EUR 1.48 per share compared to EUR 217 million or EUR 1.52 per share last year. The company noted that the 2020 financial year was marked by high losses in connection with COVID-19.

Gross premiums written totaled EUR 13.6 billion, higher than the previous year's EUR 12.5 billion.

Joachim Wenning, Chairman of the Board of Management, said, "In spite of the tremendous challenges posed by COVID-19, Munich Re closed out 2020 with a clear profit - and our dividend remains dependable. In 2021, we expect to meet the profit target that we envisaged prior to the pandemic. All the pieces are in place..."

For fiscal 2021, the company expects profit of EUR 2.8 billion, group premium income to rise to about EUR 55 billion, and return on investment to be above 2.5%, the persistently very low interest rates notwithstanding.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Johnson & Johnson's (JNJ) Covid-19 vaccine is expected to be back on track as early as this weekend as a decision is expected after the advisory panel meeting of the U.S. Centers for Disease Control and Prevention (CDC) slated on April 23, according to Dr. Anthony Fauci, the chief medical adviser to President Joe Biden. MK-4482, the experimental antiviral drug for COVID-19, showed promise to prevent and treat SARS-CoV-2 infection in hamster study, according to the scientists of National Institutes of Health or NIH. The drug significantly decreased levels of virus and disease damage in the lungs of hamsters treated for SARS-CoV-2 infection. MK-4482, delivered orally, is now in Phase 2 and 3 human clinical studies. Beverages giant Coca-Cola reported a 19 percent decline in profit for the second quarter from last year as a revenue growth of 5 percent and improved margins were offset by higher income taxes and interest expense. However, adjusted earnings per share and revenues topped analysts' expectations. The company also maintained its adjusted earnings and organic revenue growth outlook for fiscal 2021.
Follow RTT