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Munich Re posts Q4'17 profit gain YOY, keeps dividend stable

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Munich Re posts Q4'17 profit gain YOY, keeps dividend stable

Munich Re Co. reported a year-over-year increase in fourth-quarter 2017 profit, but a lower annual profit due to natural catastrophe losses.

The German reinsurer reported profit attributable to equity holders of €530 million for the 2017 fourth quarter, up from €491 million a year ago.

Gross premiums written in the fourth quarter remained almost flat at €12.11 billion, compared to €12.07 billion in the fourth quarter of 2016. The investment result totaled €1.98 billion, up on a yearly basis from €1.63 billion. The combined ratio in the reinsurance business was 103.9%, compared to 101.9% in the year-ago quarter.

For the full year 2017, Munich Re's profit attributable to equity holders was €375 million, down from €2.58 billion in 2016. It said it achieved the adjusted small profit forecast in the wake of large losses stemming from hurricanes Harvey, Irma and Maria.

Its Solvency II ratio stood at about 240% at the end of 2017, compared to 242% at the end of 2016.

The company said it will pay a dividend of €8.60 per share, the same as in the previous year.

Munich Re said prices rose in various markets at the Jan. 1 renewals of reinsurance treaties, particularly in markets most affected by natural catastrophes.