Munich Re may pay out more than planned 8 bln eur to shareholders by end-2010 |
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Published
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Mon, 18 Jun 2007 12:23
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FRANKFURT (Thomson Financial) - Muenchener Rueckversicherungs AG may pay out more to its shareholders than the currently planned 8 bln eur by the end of 2010, chief financial officer Joerg Schneider told weekly Euro am Sonntag.'We are well-capitalised and if our revenues continue to develop favourably, we can pay out more than 8 bln eur,' Schneider said.He added that it is important for Munich Re to maintain sufficient capital, but not to hold on to more than necessary.Schneider also said that Munich Re plans to continue paying out 1 bln eur worth of dividend per year.The chief financial officer said Munich Re is well on its way of achieving its 2007 full year net profit target of 3.0-3-2 bln eur.Schneider also said he does not expect a wave of consolidation to take place in the insurance sector and added that there are currently no signs of a possible hostile takeover bid for Germany's largest reinsurance group.judith.csaba@thomson.comjcs/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Munich Re may pay out more than planned 8 bln eur to investors by end-2010 - CFO 