Munich Re has claimed "a good start to 2012" and is aiming for a profit of around €2.5bn, its annual report states.
Munich Re concluded the financial year 2011 with a profit of €712m and intends to pay an unchanged dividend of €6.25 per share for the financial year 2011.
The reinsurer said the insurance industry faced an unprecedented cluster of severe natural catastrophes in 2011, as the financial crisis worsened, with interest-rate levels generally remaining low.
Von Bomhard, CEO of Munich Re, was optimistic regarding 2012, he said Munich Re had sufficient financial strength to exploit opportunities for growth and anticipated that demand for reinsurance solutions would continue to rise in the further course of the financial crisis and as a result of the introduction of Solvency II.
The firm's reinsurance combined ratio was 113.6% (2010: 100.5%), and the reinsurance operating result amounted to €714m (2010: €2,943m).
Altogether, the reinsurance field of business accounted for €774m (2010: €2,099m) of the group's consolidated result.
Torsten Jeworrek, CEO of Munich Re Reinsurance, said : "Reinsurance is an efficient and flexible option for protecting primary insurers against major claims and accumulation losses, or strengthening their capital base.
"And we partner our clients in the often challenging task of adjusting to changes in regulatory requirements, which are being extensively reformed in many countries."
Munich Re also sees growth opportunities in life reinsurance: "There is continuing demand for large-volume capital substitute solutions", added Jeworrek.
Munich Health's operating result amounted to €165m (131m), and contributed €45m (63m) to the Group's overall result. The figure was heavily impacted by foreign exchange losses.
