Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Muenchener Rueckversicherung    MUV2   DE0008430026

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Muenchener Rueckversicherung : Munich Re Swung to a Loss in 3Q on Natural Catastrophes Claims

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/09/2017 | 08:37am CET
   By Sonia Amaral Rohter 
 

Munich Re AG (MUV2.XE) said on Thursday that it swung to a loss in the third quarter as a result of claims from natural disasters.

The German reinsurer reported a net loss for the three months ended Sept. 30 of 1.44 billion euros ($1.67 billion), compared with a net profit of EUR685 million a year earlier. The company's after-tax, or consolidated, loss for the quarter was EUR1.44 billion versus EUR684 million the previous year.

Gross premium revenue for the quarter was down 0.5%, at EUR12.28 billion, while net revenue was EUR1.59 billion, down 1.9% year-over-year, the company said.

According to a FactSet consensus forecast, the company was expected to report an after-tax loss of about EUR1.42 billion and gross premium revenue of around EUR12.35 billion. The consensus estimate for third-quarter net investment was EUR1.76 billion.

Munich Re's combined ratio for property and casualty reinsurance was 160.9%, compared with 92.5% a year earlier.

The company confirmed its 2017 forecast for a small profit, on the proviso that "business performs in line with expectations in the fourth quarter." It estimates the combined ratio for property-casualty reinsurance for the full year will be 112%.

In late October, Munich Re indicated that due to losses associated with hurricanes Harvey, Irma and Maria, it expected to report a loss in the third-quarter of EUR1.4 billion and as a result it cut its profit guidance for 2017, saying that it now expected to generate a "small profit" for the year. It had previously guided to a range of EUR2.0 billion to EUR2.4 billion.

Munich Re says that major losses in the third quarter, after retrocession and before taxes, had a EUR3.2 billion negative impact, of which the three hurricanes accounted for losses of EUR2.7 billion.

"The major losses from natural catastrophes in the third quarter have had a substantial impact on our result," said Joerg Schneider, chief financial officer at Munich Re. "Despite business being otherwise good, this means that we can only post a small profit in 2017."

Write to Sonia Amaral Rohter at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MUENCHENER RUECKVERSICHERU
01/10 ALLIANZ : to Buy DAS Switzerland From Munich Re's Ergo
01/08 MÜNCHENER RÜCKVERSICHERUNGS-GESELLSC : Release of a capital market information
01/05 MUENCHENER RUECKVERSICHERUNG : Daily Mail, London, Business Briefs column
01/05 MUENCHENER RUECKVERSICHERUNG : Insurers hit by record-breaking $135bn natural ca..
01/05 MUENCHENER RUECKVERSICHERUNG : Record bill for hurricane trio
01/04 Insurers to pay out record $135 billion for 2017 after hurricanes
2017 MÜNCHENER RÜCKVERSICHERUNGS-GESELLSC : Release of a capital market information
2017 MÜNCHENER RÜCKVERSICHERUNGS-GESELLSC : Release of a capital market information
2017 MÜNCHENER RÜCKVERSICHERUNGS-GESELLSC : Release of a capital market information
2017 MUENCHENER RUECKVERSICHERUNG : Marc-André Giguère to Lead Munich Re's U.S. Opera..
More news
News from SeekingAlpha
2017 Waymo teams with startup to offer rider insurance
2017 Muenchener Rueckversicherungs Gesellschaft's (MURGF) on Q3 2017 Results - Ear..
2017 Muenchener Rueckver Ges reports Q3 results
2017 The (Old) Young Investor's Portfolio - Overview
2017 MY PORTFOLIO : Beating The Index Without Tech
Financials (€)
Sales 2017 49 032 M
EBIT 2017 1 687 M
Net income 2017 693 M
Debt 2017 -
Yield 2017 4,65%
P/E ratio 2017 38,41
P/E ratio 2018 11,96
Capi. / Sales 2017 0,60x
Capi. / Sales 2018 0,59x
Capitalization 29 494 M
Chart MUENCHENER RUECKVERSICHERU
Duration : Period :
Muenchener Rueckversicheru Technical Analysis Chart | MUV2 | DE0008430026 | 4-Traders
Technical analysis trends MUENCHENER RUECKVERSICHERU
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 30
Average target price 198 €
Spread / Average Target 4,1%
EPS Revisions
Managers
NameTitle
Joachim Wenning Chief Executive Officer
Bernd Pischetsrieder Chairman-Supervisory Board
Jörg Schneider Chief Financial Officer
Henning Kagermann Member-Supervisory Board
Ron Sommer Member-Supervisory Board
Sector and Competitors