Munich Re Reports No Significant Surprises in Nine-Month 2016 Results
Munich Re reported nine-month and third-quarter results. Primary insurance division ERGO continues to be a drag on profits. We maintain our fair value estimate of EUR 163.00 and no-moat rating.Reinsurance Life reported a 5% decline in nine month premium largely due to renewal of a large treaty at reduced volume. However, the technical result of the life division was strong with an absence of large losses and some positive risk experience. North America and Europe reported good results and despi...
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