Value-Accretive Premiums Harder to Find for Munich Re in 2Q
Munich Re reported net income for the second quarter of EUR 733 million and first-half profit of EUR 1,411 million, in line with our estimates. Numbers from ERGO look better, though this is essentially just a one-off tax credit. We will maintain our EUR 168 fair value estimate and no-moat rating.The property and casualty reinsurance division profit fell to EUR 517 million even though the combined ratio improved to 93.9%, ahead of our target of 96%. This figure was significantly supported by EUR...
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