Munich Re has posted a profit of €217m for the fourth quarter of 2019, a decline of 8.7% compared to €238m in the year-ago quarter.

The earnings per share (EPS) for the quarter dipped 12.5% to €1.52 from €1.74 in the fourth quarter of 2018.

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The reinsurer attributed the decline in the figures to natural calamities, especially the typhoons in Japan, and also to high man-made claims.

The gross premiums written surged 8.6% at €8.26bn in the fourth quarter as against €7.6bn in the parallel quarter of 2018.

Munich Re said it reinsurance unit contributed €116m to the consolidated result, which is a fall of 37% compared to €185m a year earlier.

Gross premiums written rose 8.6% to €8.26bn from €7.6bn in the fourth quarter of 2018.

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ERGO profits surged €101m in the latest quarter, which is a surge of 89.9% from €53m reported in the same quarter of the previous year.

The gross premiums written stood at €4.27bn in, which is 1.8% less than €4.35bn in the corresponding year-ago period.

Munich Re FY2019 results

Munich Re 2019 full-year profits grew 19% to €2.7bn from €2.27bn made in 2018 full year.

The reinsurance unit saw a 21.7% hike in profit at €2.26bn as against €1.86bn in the year before.

The gross premiums of the business stood at €33.8bn, up by 8.1%.

ERGO witnessed a 22.6% rise in profit at €440m compared to €359m in the year before.

The gross premiums written saw a drop of 0.7% to €17.65bn compared to the previous year.

Munich Re board of management chairman Joachim Wenning said: “A higher dividend, new share buy-back programme, and profits beating the guidance: Munich Re delivers.

“With this strategic progress, I am confident that we will reach the profit target of €2.8bn for 2020 that we set out in our multi-year ambition for 2018–2020.”