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MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT

(MUV2)
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Muenchener Rueckversicherung : Munich Re 2020 profit plunges 55% as pandemic takes toll

02/25/2021 | 02:52am EDT
The logo of reinsurance company Munich Re Group is seen next to the entrance of their headquarters in Munich

FRANKFURT (Reuters) - German reinsurance group Munich Re expects net profit to bounce back this year after more than halving in 2020 as the coronavirus crisis helped drive claims to a near-decade high.

Major losses in 2020 for the virus and natural catastrophes totalled 4.689 billion euros ($5.71 billion), the highest level since 2011, when the firm had to make payouts for a tsunami in Japan, major earthquakes in New Zealand and the explosion of the Deepwater Horizon oil rig.

Pandemic-related claims alone amounted to more than 3.4 billion euros.

(Graphic: Profit plunge: 2020 marked the most major losses since 2011, https://graphics.reuters.com/MUNICHRE-RESULTS/gjnpwzklrvw/chart.png)

"In spite of the tremendous challenges posed by COVID-19, Munich Re closed out 2020 with a clear profit," Chief Executive Joachim Wenning said.

Net profit of 1.211 billion euros compares with 2.707 billion euros a year earlier, and is slightly below a consensus forecast of 1.261 billion euros.

Munich Re said it expects profit to rebound to 2.8 billion euros in 2021.

The insurance industry has faced large claims from the pandemic, such as those for cancelled events and postponed events including the Olympics, as well as losses from hurricanes and wildfires in the United States.

The virus uncertainty prompted the company to refrain from providing a full-year profit target and it will no longer insure against events cancelled due to pandemics.

Munich Re's results, while weaker in the aftermath of the virus, contrast favourably with those of competitor Swiss Re, which posted a full-year loss of $878 million, its first loss since the financial crisis in 2008.

(Reporting by Tom Sims; editing by Maria Sheahan and Carmel Crimmins)


© Reuters 2021
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Financials
Sales 2021 56 367 M 68 388 M 68 388 M
Net income 2021 2 802 M 3 399 M 3 399 M
Net Debt 2021 272 M 330 M 330 M
P/E ratio 2021 11,9x
Yield 2021 4,40%
Capitalization 33 028 M 40 054 M 40 072 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,57x
Nbr of Employees 39 741
Free-Float 100,0%
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Technical analysis trends MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 276,29 €
Last Close Price 235,75 €
Spread / Highest target 30,4%
Spread / Average Target 17,2%
Spread / Lowest Target -9,23%
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Managers and Directors
NameTitle
Joachim Wenning Chairman-Management Board
Christoph Jurecka Chief Financial Officer
Nikolaus von Bomhard Chairman-Supervisory Board
Nicholas John Gartside Chief Investment Officer
Frank Fassin Independent Member-Supervisory Board
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