(Bloomberg) — Munich Re, the world's biggest reinsurer, plans to raise its dividend even after fourth-quarter profit declined 42% on investments and goodwill impairments.
Net income fell to about 700 million euros ($794 million) from 1.2 billion euros a year before, the Munich-based company said in a statement Thursday, citing preliminary figures. Profit missed the 805 million-euro average of seven analyst estimates compiled by Bloomberg.
The Munich-based reinsurer, led by Chief Executive Officer Nikolaus von Bomhard, proposed raising the dividend for last year to 7.75 euros a share from 7.25 euros in 2013. That exceeds the Bloomberg Dividend Forecast of 7.50 euros. At the same time, Munich Re still plans to buy back 1 billion euros of its stock by its annual shareholder meeting, scheduled April 23.
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