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 ...
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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