Munich Re eyes growth in profits for 2018, digital transformation investment continues

By Johan De Mulder

German insurer Munich Re believes its profits will grow to between €2.1bn and €2.5bn in 2018.

Projections were released by the multinational firm this week as it seeks to steady the ship after a number of natural catastrophes in 2017 led to a significant payouts.

Munich Re is targeting the profit figure, which represents an increase on its guidance for last year, after admitting that as a cost-saving measure it will be cutting around 900 jobs in Munich and the United States.

See also:


Digital transformation is high on its agenda as it looks to respond to the growing demand for digital solutions in the insurance market. 

"Munich Re is again poised for growth," said Chairman Joachim Wenning. "Our target for 2018 is slightly higher than the profit guidance for the previous year.

"Our growth initiatives in reinsurance are benefiting from tailwinds as prices rise. We are investing heavily in digitalisation and are cutting costs to prepare for digital transformation and make Munich Re fit for the future."

The company also announced that it would launch another share buy-back programme to repurchase €1bn worth of shares before the 2019 Annual General Meeting. A buy-back programme of the same scale is ongoing and scheduled to be completed before this year’s AGM.

Share

Featured Articles

Musk’s multibillion hostile Twitter takeover – the timeline

As billionaire entrepreneur Elon Musk buys Twitter for US$44bn, we draw up a timeline, from the buying of shares to the critical tweets and unsolicited bid

Sustainable moves businesses can make to win customers, IBM

With half of consumers saying environmental sustainability is more important today than a year ago, businesses should up their eco action, says IBM report

Banks and consultancies top workplaces to grow career in UK

Financial and professional services firms rank highest in LinkedIn Top 25 best workplaces list – from Barclays, Lloyds and HSBC, to PwC, Deloitte and EY

Top 10 women in technology in Europe

Leadership & Strategy

The value of ESG links sustainability to business returns

Sustainability

Top 10 European football clubs by revenue 2022 – Deloitte

Corporate Finance