Munich Re is aiming to achieve a full-year net profit of €5 billion ($8.1 billion) in 2024, the reinsurer has announced, citing ongoing “favourable” market conditions. The business has a €4.5 billion ($7.3 billion) guidance for this year and will release its results on February 27. 

The reinsurer says group insurance revenue is expected to reach €59 billion ($95 billion) next year, supported by “consistently” good operational performance in all business segments. 

“In an ongoing favourable market environment, Munich Re will continue to leverage its strong position to spur profitable growth,” the reinsurer said in a statement. 

Munich Re expects its core reinsurance business to achieve an overall insurance revenue of €39 billion ($63.4 billion) and a net profit of €4.2 billion ($6.8 billion) next year.