At its recent annual general meeting, Munich Re approved a dividend of $15 per share for the 2023 financial year, up from $11.60 in 2022, resulting in a total dividend payout of approximately $2.0 billion.
Additionally, Roland Busch, Julia Jäkel, Victoria Ossadnik, and Jens Weidmann were elected to the reinsurer’s supervisory board.
During his address to the shareholders, Joachim Wenning, chair of Munich Re’s board of management, reflected positively on the company's performance.
“2023 is the latest pinnacle in a winning streak of good years,” Wenning said. He also credited the success to the “Ambition 2025” strategy, which has consistently led Munich Re to exceed its annual profit targets since its inception.
Wenning reported a net result of $4.6 billion for the past financial year and projected a result of $5.0 billion for 2024. He expressed optimism about the continuing favorable conditions for property-casualty reinsurers and the outcomes of recent contract renewals, which he described as positive in terms of profitability and portfolio quality.
“What’s more, we don’t anticipate this trend to weaken during this year’s remaining renewal rounds,” he said.
However, Wenning shifted to express concerns regarding the economic challenges in Europe, particularly in Germany. He highlighted issues such as demographic shifts, fewer working hours compared to other countries, high energy costs, excessive bureaucracy, complex authorization processes, and high corporate taxes as factors impairing Germany's economic strength.
To address these challenges, Wenning advocated for a “comprehensive turnaround program” that includes bold decision-making, budget reprioritization, and potentially expanded government borrowing to stimulate investment and work incentives.
He concluded by suggesting the need for an ambitious long-term plan, referred to as Agenda 2030, 2035, or 2040, to rejuvenate Germany's economic landscape.
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