Munich Re Earnings: Strong Results on Better Technical Performance in Life and Health

We think Munich Re has reported a very solid set of results for 2023, delivering EUR 33.88 in EPS. The company has raised the dividend to EUR 15 per share. Both these numbers are ahead of our estimates of EUR 30.31 and EUR 12.12 respectively for EPS and dividends per share. They are also ahead of company-compiled consensus of EUR 33.6 and EUR 12.6 in EPS and DPS respectively. Overall, Munich Re has delivered EUR 4.600 billion in net income, outperforming guidance by EUR 600 million that it set at the beginning of the year. The firm has also announced a new buyback of EUR 1.500 billion to be completed by the annual general meeting next year. It also raised guidance to an expectation of EUR 5.000 billion in net income for 2024. The results on Feb. 27 mean that Munich Re has delivered a 15.7% return on equity to shareholders and economic profits for the second consecutive year.