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FINANCIALS: Munich Re: Reassuringly In Line. Spread Neutral.

FINANCIALS

Munich Re (MUNRE: Aa3/AA/AA-) results headlines look broadly in line, little evidence of German flood impacts (nor more recent US hurricanes), FY24 guidance is reiterated but remains sub-consensus. Solvency II ratio is 287%, consensus: 286%. Spreads have moved almost exactly in line with insurance peers since last results, so these figures appear spread neutral, in our view.

  • “*MUNICH RE 2Q P-C REINSURANCE COMB. RATIO 79.6% VS. 80.5% Y/Y
  • *MUNICH RE 2Q NET INCOME EU1.62B, EST. EU1.56B
  • *MUNICH RE STILL SEES FY PROFIT EU5B [cons: 5.9bn]” - BBG

Conf call is 1000 (London time) at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=BXksMqTB

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