Frankfurt: Munich Re, the world’s biggest reinsurer, said on Tuesday its profit increased by more than four fold in 2012 on lower losses from natural catastrophes.
Munich Re said in a statement it booked net profit of €3.2 billion ($4.3 billion) last year, compared with €0.71 billion a year earlier.
Operating profit also more than quadrupled, soaring to €5.4 billion in 2012 from €1.2 billion in 2011 and gross premium income was up 5.1% at €52 billion, the statement said.
“This very pleasing profit is founded on our rigorous risk management, disciplined underwriting policy and the realization of profitable business opportunities,” said chief financial officer Joerg Schneider.
“Our core business in insurance and reinsurance is healthy, while the claims burden from major losses was slightly below average. We also achieved a good investment result,” Schneider said.
“2012 thus brought good progress,” he continued and added that the dividend would be “substantially increased” to €7 per share for 2012 from €6.25 a year earlier.