Munich Re upbeat despite €2bn profits dip

The group says reduced equity exposure in Q4 and increased equity hedging, as well as significant investment in government and corporate bonds, helped it achieve an estimated consolidated profit of €1.5bn. This represents a marked drop from the previous year's record €3.9bn total profit, although the group points out this had benefited from an "extraordinary" tax effect of €0.4bn. It adds profit for the fourth quarter alone totalled around €100m and pledges to distribute "a large part" to shareholders. The dividend will remain unchanged at €5.50 per share, it says. "In view of the fin...