Munich Re : Positive earnings momentum ahead; we downgrade to Neutral on valuation grounds
>Positive outlook provided for 2019 - Munich Re provided a positive outlook for 2019 alongside its final 2018 results, which were in line with preliminary reporting. For 2019, the company guides for € 2.5bn net income, up from its initial guidance for 2018 of € 2.3bn (midpoint). We see the company on track to deliver on its net profit target of € 2.8bn in 2020. We leave our slightly more optimistic estimates unchanged but downgrade our recommendation from Buy to Neutr...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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