Munich Re: stock down after disappointing results

(CercleFinance.com) - The Munich Re stock is in the doldrums this morning in Frankfurt, dropping 4.
1% following the group's announcement of virtually flat Q2 net profit at 728 million euros, while operating profit has slid 15% to 977 million euros, which is below the consensus.

The Bavarian reinsurer has seen its gross written premiums drop by 5.2% to just under 11.2 billion euros in the past quarter, albeit penalised by FX factors (without which they would have fallen by just 1.2%).

With H1 earnings of 1.6 billion euros, board chairman Joachim Wenning said that the group is almost certain of reaching its full-year target range of 2.1 billion to 2.5 billion euros.


Copyright (c) 2018 CercleFinance.com. All rights reserved.