The group, which covers insurance firms against their risks, reported a net profit of 4.6 billion euros ($5 billion), surpassing an initial forecast of four billion euros.
Revenues climbed by 4.5 percent to 57.9 billion euros, driven by growth across the reinsurance business as well as at its Ergo primary insurance division.
"We beat our annual profit target for the third consecutive time and delivered a strong performance across all business segments," said CEO Joachim Wenning.
Claims for major losses totalled nearly 3.3 billion euros, some 500 million euros less than a year earlier when Hurricane Ian devastated parts of Florida.
The costliest natural catastrophe in 2023 was the earthquake in Turkey, said Munich Re, costing around 700 million euros.
Claims for man-made losses meanwhile plummeted by more than 40 percent to 943 million euros.
Munich Re said it planned to offer a dividend of 15 euros per share, up from 11.60 euros a year earlier.
The group also plans to buy back shares for a total value of 1.5 billion euros, another way to reward shareholders, starting in April.
For 2024, Munich Re said it was aiming for a net profit of five billon euros, and revenues of 59 billion euros.
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