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FINANCIALS: Munich Re - Q3 Results - Hurricane affected, decent underlying

FINANCIALS

Credit neutral - Unlikely to move the credit this morning, headline figures pre-announced. Aside from the hit to P&C income, life reinsurance income was marginally below expectations, but still up significantly on 2023 so far this year.

  • Net profit of €0.9bn was pre reported, below the €1.4bn consensus number, but was driven by higher than anticipated losses from hurricane Helene and also Central European flooding and hurricane Beryl.
  • P&C reinsurance combined ratio up to 90.5%. Significant impact from hurricane Milton is also expected in Q4.
  • There should still be room to surpass management €5bn net income target for 2024, o/w 4.7bn has now been earned. Analyst consensus sits close to €6bn
  • Solvency II 292%

Call at 10am UK time - https://event.choruscall.com/mediaframe/webcast.html?webcastid=bpostBZi

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Credit neutral - Unlikely to move the credit this morning, headline figures pre-announced. Aside from the hit to P&C income, life reinsurance income was marginally below expectations, but still up significantly on 2023 so far this year.

  • Net profit of €0.9bn was pre reported, below the €1.4bn consensus number, but was driven by higher than anticipated losses from hurricane Helene and also Central European flooding and hurricane Beryl.
  • P&C reinsurance combined ratio up to 90.5%. Significant impact from hurricane Milton is also expected in Q4.
  • There should still be room to surpass management €5bn net income target for 2024, o/w 4.7bn has now been earned. Analyst consensus sits close to €6bn
  • Solvency II 292%

Call at 10am UK time - https://event.choruscall.com/mediaframe/webcast.html?webcastid=bpostBZi