FRANKFURT, Feb 26 (Reuters) - The German reinsurer Munich Re on Thursday posted a steeper-than-expected 12% fall in net profit in the fourth quarter on the back of negative currency effects due to a
Munich Re Q4 Profit Falls 12% as Weak Dollar Weighs on Results
Munich Re Q4 Earnings and Currency Impact
FRANKFURT, Feb 26 (Reuters) - The German reinsurer Munich Re on Thursday posted a steeper-than-expected 12% fall in net profit in the fourth quarter on the back of negative currency effects due to a weaker U.S. dollar.
Quarterly Net Profit vs Expectations
Net profit in the quarter of 945 million euros ($1.12 billion) compares with 1.068 billion euros a year ago. Analysts had expected net profit of 1.030 billion euros.
Full-Year Profit Beats Target
For the full year, Munich Re posted net profit of 6.121 billion euros, up from 5.690 billion euros a year earlier, ahead of a target of 6 billion euros.
Renewals and Underwriting Discipline
The world's largest reinsurer said that renewals of business at the start of the year dropped 7.8% as the company "deliberately opted to not renew or write business that did not meet expectations with respect to return requirements or terms and conditions".
Exchange Rate Reference
($1 = 0.8464 euros)
(Reporting by Tom Sims and Alexander HuebnerEditing by Ludwig Burger)
