Munich Re : Nat cat and COVID might continue to burden 2021e results; outlook for 2022e and beyond continues to be strong
>New estimates following recent nat cat activity and updated COVID impact - We have revisited our estimates following strong H1 results (€ 1.7bn net profit vs. € 1.4bn consensus) and have factored in recent nat cat activity and increased COVID 19 loss estimates for L/H reinsurance. Our new 2021e net profit estimate stands at €2,695m, down from € 2,806m (guidance € 2.8bn). Our 2022e and 2023e estimates of € 3,359m and € 3,546m remain broadly unchanged. Underlying earn...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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