MUNICH (dpa-AFX) - Munich Re, the world's largest reinsurer, has exceeded its raised profit target for the past year. The bottom line was a profit of around 4.6 billion euros, a good 13 percent less than a year earlier, as the DAX-listed group announced in Munich on Tuesday. Analysts had expected a result of this magnitude. In the fall, CEO Joachim Wenning had raised his profit target from 4 to 4.5 billion euros. In the current year, the surplus is expected to rise to around 5 billion euros as announced.

In 2022, Munich Re benefited greatly from positive interest rate effects and changes in loss reserves. Since 2023, large insurers have been calculating their business figures according to the new rules. The previous year's figures have been adjusted accordingly.

In the treaty renewals with primary insurers such as Allianz and Generali, Munich Re was again able to push through higher prices as at January 1. Adjusted for changed risks, the increase was 0.3 percent, according to the information provided. The reinsurer increased its premium volume by 3.5 percent to 15.7 billion euros./stw/stk