Munich Re Reports Steady Set of Full-Year Results
Munich Re reported full-year 2016 results slightly ahead of our expectations with restructuring costs in the ERGO primary insurance unit coming in a little better than we anticipated. Though these results are slightly above our net profit forecasts, we are holding our fair value estimate at EUR 163 per share and maintaining our no-moat rating as we prefer to see more detail on the ERGO restructuring from Marcus Reiss around the same time as the full-year results in mid-March.Net profit came in ...
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