Munich Re - Better ERGO Turnaround Traction
Munich Re reported net income for the first quarter of EUR 635 million. This is slightly below our expectations and below the EUR 830 million in the comparable period a year ago. The market expects something in the region of EUR 2.5 billion for the full year. We think the sell-off after the results release is generally because the first three months are typically some of the best in terms of natural catastrophe for reinsurance businesses, and the market has been long this stock because of percei...
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