Munich Re : Q3 18 results ahead of estimates driven by technical profitability and a positive one-off in L/H Germany
>Q3 2018 exceeded estimates - Munich Re reported Q3 2018 net profit of € 505m ahead of both consensus (€ 444m) and our estimate (€ 315m). The positive deviation was mainly attributable to better than expected technical profitability in P/C reinsurance and at ERGO International. In addition, a substantial positive one-off in L/H Germany drove up earnings (positive net income effect of ~€ 170m). The Q3 2018 ROE stood at 7.2% annualised and the Q3 Solvency II ratio impro...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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