Munich Re 1Q 2018: Very Little Color on Progression at ERGO
Munich Re reported first-quarter 2018 results of EUR 827 million. This is quite a good result, driven by low major-loss expenditure that we are seeing across the European reinsurance sector. The business is increasing its target combined ratio to 97% for the year, with its profit guidance of EUR 2.1 billion-EUR 2.5 billion unchanged. We retain our EUR 205 per share fair value estimate, along with our no-moat and stable moat trend ratings. These results essentially show the business to be fairly ...
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