Treaty renewals in 2024 should hold market’s latest gains: Munich Re
The treaty reinsurance market should not backslide from recent gains during the remaining renewal periods in 2024, the CEO of global reinsurance group Munich Re, Joachim Wenning, has declared.
“We don't expect this trend to weaken during this year's remaining renewal rounds,” Wenning told his company's shareholders at the launch of Munich 2024 AGM, citing “further improvements” in the Munich Re portfolio achieved in renewals in 2024 to date.
Comments came part and parcel with a confirmation of the group's 2024 guidance for €5.0 billion in net profit on €59 billion in insurance revenues, IFRS17's margin inclusive top-line measure.
“That is the plan, at any rate,” Wenning said in a tip of the hat to the vagaries of large loss and natural catastrophe. For 2024, geopolitical risks and ensuant macroeconomic risks could loom as large or larger, he suggested.
Plans are apparently meant for being beaten. Wenning repeatedly stressed his company’s three-year streak of beating annual targets, of which 2023 was only “the latest pinnacle in a winning streak of good years.”
Group guidance as initially issued included €4.2 billion in net profit from the reinsurance wing on €39 billion in reinsurance revenue alongside a roughly 82% combined ratio in P&C reinsurance.
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