Munich Re’s AGM, which was held on 30 April, saw the reinsurance giant approve a dividend proposal of €9.25 a share – and Nikolaus von Bomhard take over as Chair of the Supervisory Board.
Von Bomhard and Karl-Heinz Streibich were elected to the firm’s supervisory board for the first time, while Bernd Pischetsrieder stepped down after 17 years on the board (six of those years in the role of chairman).
Speaking at the AGM, Chairman of the Board of Management at Munich Re, Joachim Wenning, said Munich Re had posted a positive performance last year.
“2018 was a good year for Munich Re. We increased our profit and achieved our result target. We intend to increase our consolidated result by €500m to €2.8bn by 2020. Along the way to achieving that goal, we expect to post a profit of around €2.5bn for 2019,” he said.
Wenning told shareholders that Munich Re’s business model delivers added social value – a key aspect of its mandate. “Munich Re plays a significant economic and social role,” he said. “After all, it is only because we make risks insurable that people are prepared and in a position to take on new challenges with an uncertain outcome. This benefits society and engenders progress. Without us, society as a whole would not enjoy as much prosperity. The very purpose of our undertaking becomes clear when disaster strikes: we alleviate human suffering.”
He also stressed the strategic importance of digital transformation, which he believes will enhance the company’s competitive strength while securing new revenue streams.