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Feb. 6, 2019, 2:01 a.m. EST

Munich Re profit falls, hikes dividend

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By Nathan Allen

Munich Re AG (MUV2.XE) on Wednesday reported a sharp drop in fourth-quarter profit, and proposed an increase to its dividend.

The German reinsurer said it will propose raising its dividend to 9.25 euros ($10.56) a share from EUR8.60 a share.

Net profit in the October-December period fell to EUR255 million from EUR530 million, the company said.

Gross premium revenue fell to EUR11.96 billion from EUR12.11 billion, while the group's investment result edged down to EUR1.66 billion from EUR1.98 billion.

Munich Re said it booked losses of around EUR430 million from the California wildfires in November.

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