There are no signs of a crisis. The figures presented by Jörg Schneider, chief financial officer of the world’s biggest reinsurance company Munich Re, look pretty good at first glance. Profits well above his own forecasts, a higher dividend than the previous year – it wasn’t hard to see Munich Re’s 58-year-old numbers man was satisfied at the early figures of the insurance giant.
And yet even Mr. Schneider’s soft voice couldn’t hide the fact that the Munich-based company has seen better years. The company’s profits have decreased more than analysts expected and outgoing Chief Executive Nikolaus von Bomhard is leaving Munich Re with modest figures after more than 12 years at the helm.