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Free AccessMunich Re: Results Inline, Little To Question Recent Curve Tightening
Munich Re (MUV2 GY) 4Q23 results look credit neutral with results and outlook inline with expectations and key credit metrics little changed. Its EUR curve has tightened YTD and there's little here to question that.
- Key credit metrics: the solvency ratio is 267% (from 271% at Sep-23) and tangible book value is EUR20.96bn (cons: 21.52bn) so broadly neutral.
- Revenues were up 9.3% y/y and 3.5% ahead of consensus, the technical result was slightly behind consensus (EUR1,356m vs. 1,395m), the investment result looks very light meaning pre-tax missed. However, a big tax write-back meant net profit of EUR1,004m was bang in line with consensus. Could be some tax structuring issues here. EPS of EUR7.51 was marginally ahead (cons: 7.44).
- Outlook: the company pre-announced a EUR1.5bn buyback (last night), alongside a EUR15ps dividend (consensus was 12.4). Mgmt sees FY24 revenues of EUR59bn (lower than 62.7bn consensus) but net result of EUR5bn, similar to current consensus.
Conf call is 0830 London time at https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2024/media-release-2024-02-27.html
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