Munich Re's Results Set High Bar for Year Ahead -- Market Talk

Dow Jones11-13

0654 GMT - Munich Re's strong underlying performance despite heavy 3Q natural catastrophe losses bodes well for next year, RBC Capital Markets says in a research note. "This sets a high bar for FY25 which could be managed down when unveiled in December, given longer-term implications on the new strategic plan," analysts write. They estimate that the German reinsurer will report 5.7 billion euros in net income for 2024--against guidance of over 5 billion euros--and that this metric will rise to 5.9 billion euros in 2025. Munich Re's elevated 90.5% property-and-casualty combined ratio for the quarter amounts to an 81.3% ratio on a normalized basis, which is aligned with guidance of 82%, they note. Management has also flagged this as a fair starting point for 2025, they add. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

November 13, 2024 01:54 ET (06:54 GMT)

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