(From Insurance Day)
Byline: Ilse Schlingensiepen
GERMAN insurance group Mannheimer suffered a sharp loss in 2002 and will not pay a dividend for that year.
Group results were hit by the poor performance of the life insurer, which, according to preliminary figures, recorded a loss of E60m.
Mannheimer said that the overall group loss is likely to total between E40m and E50m. In 2001, the group booked a E23.3m profit and Mannheimer AG Holding paid out E2.50 per share to its shareholders.
Mannheimer is one of the few German insurers which does not belong to a larger group.
A number of reinsurers and insurers have stakes in …