Munich Re preparation for 2016 solvency rules to cost 100 mln eur-report
BERLIN Feb 8 (Reuters) - Preparation for new solvency rules due in 2016 will cost Munich Re, the world's biggest reinsurer, another 100 million euros ($136 million), Frankfurter Allgemeine Zeitung reported on Saturday, citing finance chief Joerg Schneider.
The new industry rules, known as Solvency II, aim to better protect consumers by requiring insurers to match their capital buffers more closely with the risks on their books.
Measures taken in preparation for Solvency II, such as upgrading the firm's IT system, have already cost Munich Re between 200-300 million euros in the past decade, the CFO told the newspaper in an interview.
On Feb. 4, Munich Re hiked its dividend to 7.25 euros per share from 7.00 euros previously, after unveiling a preliminary 2013 net profit of 3.3 billion euros that beat forecasts. ($1 = 0.7343 euros)
(Reporting by Andreas Cremer; Editing by Raissa Kasolowsky)
- Malaysian plane still missing; questions over false IDs |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysian plane crashed off Vietnam coast: state media