reports
- Henry Heathfield
- CFA
Munich Re is one of the best-quality reinsurers.
Munich Re reported net income of EUR 392 million for 2017. The result was heavily affected by large losses, equalling around 26% of net earned premium, 14 points above the expected 12% average. We maintain our EUR 205 per share fair value estimate, along with our no-moat and stable trend ratings. The business is still making progress on the ERGO restructuring programme. This is strongly orientated around investing in digital and cutting costs, which are both being aided by the overall business b...
- Henry Heathfield
- CFA
No Surprises in Munich Re's Fiscal 2017
Munich Re reported net income of EUR 392 million for 2017. The result was heavily affected by large losses, equalling around 26% of net earned premium, 14 points above the expected 12% average. We maintain our EUR 205 per share fair value estimate, along with our no-moat and stable trend ratings. The business is still making progress on the ERGO restructuring programme. This is strongly orientated around investing in digital and cutting costs, which are both being aided by the overall business b...
- Henry Heathfield
- CFA
Munich Re Reports Encouraging 1Q
Munich Re reported first-quarter net income of EUR 557 million, which was slightly below our expectations, though this was largely due to higher losses than we anticipated. Though the business’s Solvency II ratio declined 24 points to 243%, this is largely as a result of the dividend payment, buyback, and bond repayment. Accounting for these, the SII was flat during the period. Overall, we think this is an encouraging result from Munich Re, and we maintain our EUR 168 fair value estimate and n...
- Henry Heathfield
Munich Re Reports No Significant Surprises in Nine-Month 2016 Results
Munich Re reported nine-month and third-quarter results. Primary insurance division ERGO continues to be a drag on profits. We maintain our fair value estimate of EUR 163.00 and no-moat rating. Reinsurance Life reported a 5% decline in nine month premium largely due to renewal of a large treaty at reduced volume. However, the technical result of the life division was strong with an absence of large losses and some positive risk experience. North America and Europe reported good results and despi...
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