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 ...Muenchener Rueckversicherungs-Gesellschaft is engaged in reinsurance, primary insurance and asset management. Co.'s international life business is written in the Life Division. The Global Clients and North America division manages accounts with international insurance groups. The Europe and Latin America division manages property-casualty business in Europe, Latin America and the Caribbean. The Germany, Asia Pacific and Africa division conducts property-casualty business in Germany, Africa, Asia, Australia and the Pacific Islands. The Special and Financial Risks division manages the classes of credit, aviation and space, agriculture, enterprise and contingency risks.
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